Hertz sold $29 million in shares before the SEC stopped it from selling even more, despite filing for bankruptcy in May

Reuters

• Hertz sold $29 million shares before the Securities Exchange Commission stopped it from selling more. 
• The car rental company filed for chapter 11 bankruptcy protection in May. 
• It initially intended to sell up to $500 million in stock, but the SEC questioned the plan. 
• A number of day traders have been piling into worthless stocks such as Hertz, JCPenney, to name a few. 
• Visit Business Insider's homepage for more stories.

Hertz sold $29 million of its shares in the second quarter, despite filing for bankruptcy and despite the overwhelming odds that its shareholders would be wiped out, until the Securities Exchange Commission prevented it from selling even more.

The company disclosed in its second quarter earnings release Monday the results of its efforts to sell as much as $500 million in its shares. See the rest of the story at Business Insider

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