Posted on 11/18/2010 2:55:51 AM PST by Scanian
DETROIT General Motors' common stock was priced at $33 a share this afternoon as the automaker returns to public ownership in one of the biggest initial public offerings ever.
The IPO brings the U.S. government closer to getting back part of the $50 billion it gave GM to help it through bankruptcy protection last year.
The government will sell 412 million shares and get $13.6 billion. It will still have about 500 million shares, or about 33 percent of GM. It would have to sell them for $53 a share, or $26.4 billion, for taxpayers to get back their $50 billion back.
The government and other GM owners will sell 550 million shares starting Thursday. The IPO will be worth up to $18.2 billion, making it one of the largest in U.S. history.
The stock offering is the latest in a series of head-spinning developments over the past two years for an American corporate icon.
In September 2008, to mark the beginning of its second century, the automaker celebrated in the grand three-story atrium on the ground floor of its Detroit headquarters. GM had seen a lot of changes in its 100 years, said then-CEO Rick Wagoner.
(Excerpt) Read more at nypost.com ...
Are they going to Pay back the bond holders they ripped off??
How can this stock sale be called an IPO? The company was founded over 100 years ago.
“Are they going to Pay back the bond holders they ripped off??”
Exactly...why isn’t the news all over this, where are the lawsuits?
I don’t see any pre-market activity. It must not be allowed.
I was wondering about that.
My guess is it either stays flat or goes down.
They want little kid's lemonade stands, for crying out loud!
Just for grinns, I put in a limit order to buy 10 shares of GM @ 26.00.
What a scam. If you aren’t George Soros or Warren Buffet, call your broker and try to pick up 100 shares and see what happens. You’ll find you don’t qualify according to the SEC. So this is only for the big boys even though they blatantly say on TV that it is for everybody. “We” bought the damned company, “they” gave the shares to the unions and canceled the previous individual investors’ accounts, now they are selling the union shares to the big boys ... who gets “rich” again ... the unions of course ... all done with our money.
The Democrats once again prove to the country which is the real “elitist” party.
Has anyone read any of the data from the IPO prospectus..like how much the investment banks are making on this?
So, I should start thinking about changing my mind about voting for Obama in 2012???
Still waiting for someone to explain to me why this wasn't a MAJOR news story.
This made Watergate look like jaywalking, which in actuality, it almost was anyway.....
Are they going to Pay back the bond holders they ripped off??
Exactly...why isnt the news all over this, where are the lawsuits??”
This has become sort of a Joke,complete violation of contract law, the basis of this country’s enterprise system and nothing is done!
“...explain to me why this wasn’t a MAJOR news story.”
Because Obama’s supposed to be the story?
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