GM Files IPO Paperwork: Automaker Will Be Listed On U.S. And Canadian Exchanges

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AP News Story...


DETROIT -- General Motors has filed the first batch of paperwork needed to sell stock to the public.

GM filed the paperwork for its initial public offering with the Securities and Exchange Commission on Wednesday.

The company says the U.S. government and other stakeholders will sell common shares worth $100 million.

GM will sell preferred shares worth $100 million. Those numbers are rough estimates and the amount raised in the actual stock sale is expected to be much higher.

GM got a $50 billion government bailout last year to stay in business.

In exchange, U.S. taxpayers now own 61 percent of the company.

CEO Ed Whitacre says government ownership has hurt GM's sales and public image.
  • Profile picture of the author seasoned
    WOW! As far as I am concerned, it is FRAUDULANT! I can understand the US letting them on the stock exchange, but I heard that canada won't even accept a lot of our wood! But they accept THIS!?!?!?

    If they want to file an "IPO", let them pay off the REAL stockholders, and bondholders FIRST!

    Steve
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    • Profile picture of the author TLTheLiberator
      Originally Posted by seasoned View Post

      WOW! As far as I am concerned, it is FRAUDULANT! I can understand the US letting them on the stock exchange, but I heard that canada won't even accept a lot of our wood! But they accept THIS!?!?!?

      If they want to file an "IPO", let them pay off the REAL stockholders, and bondholders FIRST!

      Steve

      That was predictable.

      I thought it would be the bailout/loan itself that you would strongly disagree with.

      So...

      Who are these real stockholders and bondholders that should be paid first and in your opinion what's wrong with GM's IPO???

      TL
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      "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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      • Profile picture of the author seasoned
        Originally Posted by TLTheLiberator View Post

        That was predictable.

        I thought it would be the bailout/loan itself that you would strongly disagree with.

        So...

        Who are these real stockholders and bondholders that should be paid first and in your opinion what's wrong with GM's IPO???

        TL
        OH YEAH, I hate THAT also! How about those that bought the stock and bonds the company had when they first started, and hadn't sold it! WELL, since they didn't really pay back investors, etc... what do they have to offer!

        ALSO, if it happened ONCE, what is to prevent it from happening again. Frankly, it is almost surprising the stock market even still exists.

        Steve
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      • Profile picture of the author Paul Myers
        That was predictable.
        Just as it was predictable that a thread started by you in OT would likely be bait for political discussion. You are way past the point at which you could claim anything remotely like ignorance of the rule, or the outcome of posting these things.

        Knock it off, unless your goal is to get any and all new threads on current events deleted on sight.


        Paul
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        Stop by Paul's Pub - my little hangout on Facebook.

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  • Profile picture of the author seasoned
    One time some over zealous salesman actually tried to pressure me into trading in my RENTED car as a trade-in to buying a new car for me. GM is almost acting the same way, but THEY are trading in the car.

    Steve
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