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General Motors Chairman and CEO Rick Wagoner has said his struggling company has plenty of liquidity. But the way Cramer sees it, that liquidity would come at a cost.
The CEO’s only option is to cut GM’s [GM
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] dividend, Cramer said, "and then bury your common stock with preferred."
Erin Burnett suggested a merger of GM with Ford [F
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] or Chrysler as a possibility since such a move would streamline the companies and there’d be no anti-trust concerns from Washington.
Cramer urged investors looking for a play here to remember that “the issue again is the common stock," he said. "That's not the right instrument to be able to be involved in these."
"If I were in my hedge fund business, I would be selling the common stock, or at least trying to set it up for when the preferred piece is issued,” Cramer continued. “Maybe if I really like GM, buy that then."
Lastly, Cramer reiterated his call on Research in Motion [RIMM
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] despite the stock’s tumble following 1Q earnings Thursday.
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