An interesting statement from an analyst

Analyst WSJ: Traders Kill Undervalued Investment Strategy Long Before 1 June, dates, to which General Motors was officially declared bankrupt, it became clear, that nothing can save the American auto giant. Nevertheless, the company's shares all this time were traded in the area $1 for pike. Wall Street Journal Analyst David Weidner (David Weidner) wonders, why this happened and GM securities did not lose all their value.