TRAVERSE CITY, Mich. - Eager to get out from under government control, GM expects to sell its stock in one swoop when it offers shares to the public sometime later this year, its CEO said Thursday. Some experts had expected General Motors Co. to sell only a partial stake at first, followed by several smaller sales, but Ed Whitacre told reporters at an auto conference Thursday, "Our anticipation is we'd roll it out there all at once.
An ERISA fiduciary may be liable for allowing participants to invest in General Motors common stock when public information indicated that the car company was headed for bankruptcy, the 6th Circuit has ruled in reversing a dismissal. The defendant was the fiduciary for two Employee Stock Ownership Plans (ESOPs) offered by General Motors. The plaintiffs were plan participants who filed an ERISA class action, alleging that the defendant breached its fiduciary duty by continuing to allow participants to invest in GM common stock, even after it was becoming evident that the automobile manufacturer was headed for bankruptcy.
New GM stock closes higher on second day DETROIT (AP) -- General Motors' stock rose the second day it traded as it rebounded from an early swoon.
For many, the year that just ended might be characterized by one never-ending dark cloud, with the economy, employment, the housing market, General Motors stock, hopes for world peace, and dreams for a sound national healthcare policy all all crying out in pained anguish. To the Chinese, 2009 might have played out exactly as planned. While the year might not have been as profitable for most as it was for the top executives at the financial firms who lined their pockets with government bailout money earlier in the year, the speech industry's hard work in 2009 paid off. In fact, many would say it was a pretty darn good year overall for speech. For the most part, speech companies remained profitable, though profits were not as high as they had been prior to the recession. According to Drew...
The Democrats did good. Not in the election - they did pretty miserably there. But they did good for the country. They led America back from the brink of economic disaster. The lead story in the Election Day Wall Street Journal was about the impending sale of General Motors stock to private investors. The subhead read: "IPO Would Raise $10 billion, Cut U.S. Stake Below 50 percent; Value May Top Ford's.
DETROIT - Investor demand for General Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to 478 million common shares, a person briefed on the sale said Tuesday. The move could make GM's initial public offering the largest in history for a U.S.-based company. If GM's sale of preferred shares is included, the offering could have a total value of $21.6 billion, topping Visa Inc.'s $19.7 billion IPO in 2008, according to the IPO tracking firm Dealogic.
. Not in the election they did pretty miserably there. But they did good for the country. They led America back from the brink of economic disaster. The lead story in the Election Day Wall Street Journal was about the impending sale of General Motors stock to private investors. The subhead read: "IPO Would Raise $10 billion, Cut U.S. Stake Below 50 percent; Value May Top Ford's.
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