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General Motors Files for IPO; Says Buh-Bye to Socialism |
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Aug 19, 2010 - 9:59 AM - by AutoGuide.com
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General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.
GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.
More: General Motors Files for IPO; Says Buh-Bye to Socialism on AutoGuide.com
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4 Replies | 240 Views
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Report: 46% Of Australia's Impounded Cars Are Holdens |
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Jul 29, 2010 - 11:28 AM - by AutoGuide.com
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General Motors' Australian Holden brand remains the choice of hooligans down under, as police in the Australian state of Victoria announced that 46% of cars impounded under their "hoon" laws. Ford is the second most popular with 16.7% of the impound share, while Nissan is third with 7.8%.
Holden's Commodore has been Australia's best-selling vehicle for decades, and the rear-drive chassis and plentiful supply of turbo six-cylinder or General Motors V8s means that cheap, powerful Holdens are easily affordable for young Australian enthusiasts.
Australian police have taken to crushing vehicles confiscated in cases of reckless driving if they are deemed "unsafe". One police officer cited a vehicle without "ABS brakes and airbags" stating "I cannot, in good conscience, send that vehicle back into the community." Many older Commodores (such as the VL series pictured above) did not come with these features, but remain immensely popular with young gearheads.
Despite their old-school muscle car flavor, North Americans stayed away from the two Holden models sold in North America, the 2003-2006 Pontiac GTO (based off the Holden Monaro) and the 2008-2009 Pontiac G8 (a rebadged Commodore SS).
More:... [Read More]
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7 Replies | 310 Views
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