General Motors C.E.O. Fritz Henderson will speak at a press conference Friday morning. He is expected to announce the launch of “the new GM”.

This comes after a judge approved the sale of the company’s assets to a new corporation owned by the U.A.W retiree health fund, the U.S.A, and Canada, clearing the way for G.M. to emerge from bankruptcy. 

"I had a 401K, then a 201K, then a 101K," says General Motors retiree Richard McLean when asked about whether he is worried about his future as his former employer prepares to emerge from bankruptcy. 

Like many in Mid-Michigan, McLean relies on a G.M. pension, and at times invested in his company.

“We have this undying loyalty to a company that is unfortunately fractured,” says Sherry Stephens. She is president of Stephens Wealth Management in Mundy Township.

Stephens says she has seen a few too many folks come in after investing a lot in companies that they work for and rely on.  Here in Mid-Michigan, the company is often General Motors.  It used to be fine, until the company asked workers to take cuts, and the company’s value dropped. 

Those who still own General Motors’ stock are about to lose some of their wealth.  Even the General Motors website warns the company’s stock will soon be worth nothing.  It will be wiped out and replaced with a new stock when General Motors emerges from bankruptcy as a new company.

Financial experts like Stephens say this is a lesson in the importance of diversifying your portfolio in the future.  As for making up for the losses of the past, there is nothing to do but live on less, or work to make more money to invest.

Retirees say they are cutting back in preparation. 

Roy Pate retired from the automaker in 1987.  He fears more cuts to his benefits are ahead as General Motors emerges from bankruptcy, "I worry. Like I say, I had 32 years. You retire and they're going to see how fast they can take them away from you."