Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Harry Wilson to the Rescue of GM— or UAW?

Submitted by Mark Modica on Wed, 02/11/2015 - 07:20

Harry Wilson

Harry Wilson, the nemesis of General Motors bondholders who were wiped out in the government-orchestrated GM bankruptcy, is back on the scene. On the front page of today's Wall Street Journal, Wilson is portrayed as an "activist" investor, who seeks to maximize shareholder value. While his suggestion that GM buy back $8 billion of common shares would give a temporary boost to share price, Wilson's motivations may not be entirely pure. His real agenda could be to expand the already-favored position of UAW shareholders, and to bolster the political fortunes of unions in general.

Wilson was a retired banker elected to serve on President Obama's Auto Task Force and was the driving force behind preventing old GM bondholders from receiving due process during the GM bankruptcy process. His involvement led to his current status as a "restructuring expert" and CEO of the MAEVA Group. It now seems that our friend Harry is back to make lots of money for hedge funds, as well as for himself.

Here's the deal, GM has announced that Wilson is nominating himself for a seat on GM's Board of Directors "and bring before the annual meeting a proposal that the company commit to completing $8 billion of share repurchases on or before the first anniversary of the 2015 annual meeting." I'll bet that most of those shares will be bought, likely at a premium, from the UAW, which still holds about 140 million shares (over $5 billion worth).

Continued

1 posted on 02/12/2015 11:29:10 AM PST by jazusamo
[ Post Reply | Private Reply | View Replies ]


To: jazusamo

The entire GM bankruptcy was a giant govt. manipulated pay off to the UAW.


2 posted on 02/12/2015 11:31:24 AM PST by circlecity
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


4 posted on 02/12/2015 11:38:06 AM PST by Nachum (Obamacare: It's. The. Flaw.)
[ Post Reply | Private Reply | To 1 | View Replies ]

Please bump the Freepathon or click above to donate or become a monthly donor!

5 posted on 02/12/2015 11:44:26 AM PST by jazusamo (0bama to go 'full-Mussolini' after elections: Mark Levin....and the turkey has.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: jazusamo

I think I’ll go down to the Chevy Dealer and get my Taxpayer Subsidized Pickup for two hundred bucks.

What?

So SOMETIMES they don’t believe in government buyouts. What if I started a union?


6 posted on 02/12/2015 12:03:15 PM PST by blueunicorn6 ("A crack shot and a good dancer")
[ Post Reply | Private Reply | To 1 | View Replies ]

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson