Out of the $42 billion GM still has over $30 billion in cash. I think Rick Wagoner asked for about $16 billion in a Government loan.
GM received a $49.5 billion bailout from U.S. taxpayers. The U.S. Treasury owns 61 percent of GM, which it swapped for about $42 billion of its loans. GM has repaid its outstanding $6.7 billion loans and plans to mount a public offering later this year.
From The Detroit News: http://detroitnews.com/article/20100723/AUTO01/7230423/Obama-to-visit-two-Detroit-auto-plants--defend-bailout#ixzz0uY6XL4Lg
ObaMao took control of GM back in January, told ceo what to do and paid off his crony union friends. In bankruptcy common law contracts need to be honored.
Union healthcare and pensions were not debt. They should have been passed off to the gov't (pension benefit guarantee corp) just like was done to all the pilots during their bankruptcys. Besides they can all go on oba-mao-care now. No need for their Cadillac-silver-spoon-in-mouth health care plan.
Without government intervention GM would have simply declared BK earlier. US gov robbed the rightful holders. My only hope of justice is if we get close to par value for our bonds. I'm hoping for 75 cents on dollar. Plus 5-7 years down the line receive a settlement from the gov for the other 25 cents.
You morons keep posting and you have no idea what you are talking about and you are too stupid to learn.
Williambarty posts lies and other misleading info.He is of no value to people who are interested in GM bonds and neither are you.Right wing nuts,both of you.
If the Gov.had done nothing there would be no GM,stupid.Obama saved a million jobs.
You posted the sentiment "buy", buy what? this pos 40 cent stock?
And its nice to see that you are greentacup,box and slugphart too. Do you think by changing your alias that no one can tell that you're the same old loser?
GM is such a success in China that its sales on the mainland have now soared past the U.S. GM sales in the United States were 1.08 million during the first half, more than a hundred thousand units below Chinese volume. GM says this is the first time any overseas market has outsold GM's domestic market.
GM is expected to emerge from bankruptcy with an IPO near the end of the year. Fat profits from China could bolster its share prices. (GM's partner in China, SAIC, is traded only in Shanghai.)
<the IPO is going to be priced out @ 20 billion as per the link.The IPO was said to be 45 billion two months ago and now its been cut in half.Do YOU know what that means?>
You must be as dumb as a box of rocks boy...
The IPO was only ever going to be in the $20B range. That's all I ever saw. What you may be confusing is what the VALUE of GM was going to be and there were many opinions on that. Anywhere from that $40-45B you mentioned and all the way up to $80B ish. The company, after it has gone public, can ALWAYS offer more shares if it wants to. Secondly, if the initial IPO goes well and the shares appreciate, there will be little need to offer more shares if they represent the suspected value of the company (i.e. the shares get sold at $40 each and they double based on how well GM does - and they will). Then, the share owners (US and Canadian governments and the UAW) can sell their shares and THAT is how the governments (and the taxpayers) are made whole.
Now, please don't come back with a moronic post...
Jimmy Nelson san,the IPO is going to be priced out @ 20 billion as per the link.The IPO was said to be 45 billion two months ago and now its been cut in half.Do YOU know what that means?
Please tell us how GM will pay us back.
An Initial Public Offering usually refers to stock being sold from a NEW corporation. The NEW General Motors may be a NEW corporation which stole the name of another corporation.
It's not the same company. It's a new company with a stolen name. So they are not selling ADDITIONAL stocks, they are selling the INITIAL or first stocks to the bank which will loan them to the short sellers who will sell them to the public. Ponzi corporation are not allowed to sell stocks and bonds to the public. Short sellers may sell phoney stocks and bonds to the public because the short sellers GUARANTEE the value of the stocks and bonds with the funds in the SHORT SELLERS' accounts. The value of stocks and bonds sold by the short sellers is guaranteed by the short sellers NOT buy the named corporation, which may be a fake.