With some 17.5 percent of GM owned by the UAW’s VEBA trust, workers have been finding that their union has a hard time juggling its ownership and union responsibilities. And since workers have no real recourse against their union, GM is giving them the opportunity to profit from their sacrifices… and pay back taxpayers in the process. Automotive News [sub] reports that
GM is offering [a directed] share program as part of an IPO scheduled for November… giving about 600,000 employees and retirees [and dealers] in the United States and Canada the chance to buy stock in the company’s upcoming initial public offering at the IPO price.
The only downsides: you have to register by the 15th, and the minimum buy-in is “expected to be greater than $1,000.” Otherwise, getting in on the ground floor of GM’s IPO is a swell opportunity to keep GM’s merry-go-round spinning. Sure, the UAW VEBA fund is likely to dump all its stock at the first possible opportunity, likely driving down post-IPO values. And yes, the government will eventually have to sell off its entire stake in The General as well, meaning another 60 percent of the company’s equity will also be up for sale in the short-to-medium-term, likely depressing prices even further. Still, GM is going to need all the help it can get if it wants to be valued at or above the $50b taxpayers put into it. It’s time for the employees, retirees and fanboys to step up, put their money where their pro-bailout rhetoric is, and take their beloved company off the taxpayers’ hands.
Yeah, wonderful. Let’s chat about the IPO, as the Volt’s sales prospects burn in the background.
So, would this be an example of GM:
-Desperately trying to change the Google News cycle from “Volt” and “lies,” or…
-Exhibiting still more horrible PR timing?
Either way, you couldn’t make this sh!t up if you tried.
Let’s put the lipstick on the pig & sell it. Wake up!
The federal terrorists will retain at least 20% stake in GM so that they have a controlling interest. I don’t know why you would think that the pirates-of-the-potomac would give up control after they successfully stole GM from the rightful owners. You Americans will be driving tin cans in the future…Those who can afford to drive at all. Resistance is futile.
Yeah. Rightful owners of a bankrupt company. Rightful owners of negative asset value…
“You Americans will be driving tin cans in the future”: Sorry to bust your bubble, GM has been owned by the gov for quite some time now, yet they are still producing ZR1 Corvettes and big honking Suburbans with 6l engines.
Methinks your tinfoil hat is sitting a little tight…
future rebates will be issued in stock certificates redeemable at your local dealer.
GM has become nothing but a sick joke. there is no leadership. they screw employees while buttressing bonuses, can’t put together an honest financial statement, continue the same Red Toe Tag incentives, have no clue what a brand is, and play musical chairs to cover the ineptitude.
at General Motors the results don’t change, just the excuses.
I am still doubting they’ll actually do an IPO anytime soon.
Maybe they’re concealing the real IPO truth due to “competitive threats”: https://www.thetruthaboutcars.com/the-chevy-volt-as-efficient-as-you-want-it-to-be/
They will do an IPO because Wall Street wants it . The bonuses and fees are huge for Goldman and the like. Wall street has to have new paper to sell. Thats what they do. Washington desperately wants it to get their money back as the public pressure will continue to grow. As to timeing they will force it out sooner rather than later before the prospect of a second bankruptcy becomes more widely known. For petes sake boycot this offering. Do not touch shares in this company. They will not price them low enough and the companys prospects are still dismal. They screwed the old shareholders and got away with it and now they are looking for new suckers to join the game. I retired from a large GM store after 35 years , the last ten as General Manager and have nothing but contempt now for the lack of integrity and general dishonesty with which they treat their dealers, customer and their own employees. To me they still are the Heartbreak of America. ——To Buickman I love your last sentence it really sums up the company ” At General Motors the results don’t change just the excuses” ———— BRAVO!
I didn’t object to the bailout, but this is just flat-out disgusting. Let’s face it, the fix has been in for quite a while and Akerson’s the bagman.
There’s no greater proof of P.T. Barnum’s marketing philosophy than anyone who takes the bait on this IPO. Step right up, folks.
They will do an IPO because that’s the easiest way to sell GM to the ChiComms.