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General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.
GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.
We recently reported on rumors that Chevrolet is planning to bring back the Caprice full-sized sedan, based on the RWD Holden Statesman. This, however, is being denied by the folks at Holden, with Emily Perry, the Australian automaker's communications director, commenting that "We have no plans to export that vehicle as a civilian car at this stage."
GM had already announced a police interceptor based on the Statesman and sold as a Caprice to police agencies in North America, and recently even added the Caprice PPV (Police Patrol Vehicle) Detective Package to the list.
Interestingly, Perry wasn't as unequivocal when it came to the question of the Commodore returning to the U.S. (sold in North America as the Pontiac G8 from 2008-09). Former Holden marketing director Mark Reuss had commented in the past that the company was looking for ways to salvage something from the G8 program and it has been suggested that GM may be looking to build a small prestige brand of RWD cars within the larger Chevy brand, much like what Hyundai has done with the Genesis.
The entire return of the G8/Commodore seems extremely unlikely however, with an all new platform due out in 2012, meaning that GM would have to act soon in bringing a rear-drive Holden... [Read More]
Here's a great David vs Goliath story that's sure to get you all fired up at "the man" on a Monday morning. G8Board.com member "jackalope" was recently ticketed for having what a police officer deemed to be illegal tail lights. Knowing that the lights are factory equipment on his Pontiac G8 GT, and are certified by the DOT, he took the ticket to court, considering the whole thing to be some kind of mistake. Knowing he was in the right and had the law on his side, Jackalope was shocked when the judge found him guilty and upheld the ticket, meaning he had to pay the $85. Worse still, he was told by the judge (this time "the man" was actually a woman) that she would continue to fine him if he refused to pay. And to add insult to injury, the judge even went so far as to advise the defendant that he should consider selling his car as its not legal in Maryland.
The issue surrounding the tail lights on Jackalope's Pontiac G8 GT, involves the fact that the clear lenses on the G8 GT's lights means GM had to use reflectors on the bumper in order to meet regulations. The state law requires the reflectors to reflect the color red, which the officer who issued the ticket obvious felt he... [Read More]
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