GM In Penny Stock Land, Bankruptcy Planned June 1

I was wondering when the common stock would dip into penny land especially since bond holders are taking a haircut on the restructured equity (2). The S&P closed up 1.36% today and pierced the 200 day moving average.

GM 3 Month Chart (Stockcharts.com)

General Motors to File For Bankruptcy Protection

GM Bankruptcy Could Trigger Depression, Says Expert (MyFoxDetroit)

Fiat and Magna in running for takeover

News on GM:
Germany May Pick Magna If Prior Deal With GM Signed, State Says (Bloomberg)
GM Suppliers Face New Cash Threat as Bankruptcy Looms (Bloomberg)
GM to bring back plant for new small car (Detroit News)
GM Swaps Traders Prepare for Biggest Settlement Since Lehman (Bloomberg)
U.A.W. Members Easily Ratify G.M. Contract Concessions (NYT)