'Sources' familiar with the upcoming IPO say there are orders for 60-billion-dollars worth of common GM stock.
Probable buyers include GM's Chinese automaker partner SAIC and investment funds from the Middle East. That could create controversy for the IPO's largest seller, the U.S. Treasury, which is planning to use the sale to lower its stake in GM from 60.8% to slightly more than 40%. The treasury has said that some foreign investors would be allowed, but consumer advocate and former presidential candidate Ralph Nader cosigned a letter last week to President Barack Obama, urging him to suspend the IPO, partially because of the need to keep investment in the U.S. Nader was also concerned that the government plans to sell part of its stake at a loss. The government needs to average $43.67 per share to break even on its $50-billion investment in GM, above the likely range. The treasury is hoping GM's stock will grow in value over the coming months and years so it can make more money when it sells the rest of its shares.
Sources say..........
Trade it any way you like, m’friend...and my best wishes to you. I won’t be playing, except on the short side.