GM may seek 1-for-100 reverse stock split - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

alienjimmy · 05-05-2009, 05:55 PM

GM may seek 1-for-100 reverse stock split

DETROIT (AP) -- General Motors Corp. says it may offer current shareholders a reverse stock split that would give them one share of new stock for every 100 shares they currently own.

The automaker says in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department to swap at least half of GM's debt to the government for company shares.

The filing says both sides are still negotiating the terms of the debt swap, but the government would own at least 50 percent of the company.

GM has received $15.4 billion in government loans and faces a June 1 deadline to restructure or be forced into bankruptcy protection.

UPDATED:http://finance.yahoo.com/news/GM-may...&asset=&ccode=

qbert48 · 05-05-2009, 05:58 PM

ohhh dear GOD

i pray there isn't a plant stoppage

Iwantone2 · 05-05-2009, 06:01 PM

Quote:

Originally Posted by alienjimmy

...says it may offer current shareholders a reverse stock split that would give them one share of new stock for every 100 shares they currently own.

kdoske · 05-05-2009, 06:03 PM

Quote:

Originally Posted by Iwantone2

lol, generous...

cam2fst4u · 05-05-2009, 06:05 PM

the gov is going to own 50% of GM?

qbert48 · 05-05-2009, 06:07 PM

Quote:

Originally Posted by cam2fst4u

the gov is going to own 50% of GM?

as it appears,can you fathom a green camaro no motor to speak of,half made of wood,runs on batteries and peddle powered the rest of the time

alienjimmy · 05-05-2009, 06:13 PM

Link has been updated. It works now.

cam2fst4u · 05-05-2009, 06:14 PM

Quote:

Originally Posted by qbert48

as it appears can you fathom a green camaro no motor to speak of,half made of wood and peddle powered the rest of the time

is right..... I hope it would only be temporary and after they get back on their feet that they would be able to buy the stocks back.

Tom_K · 05-05-2009, 06:23 PM

I hope GM can buy the stock back too. I'd hate to go to my local dealer to find Pres. Obama there ready to take my order.

TJ91 · 05-05-2009, 06:25 PM

lmao "Do the Obama"
I cant wait to see GM get back on their feet.
Notice my confidence?

alienjimmy · 05-05-2009, 06:40 PM

Shares of GM rose 4 cents Tuesday to close at $1.85.

alienjimmy · 05-05-2009, 06:59 PM

I guess if the gov. owns 50 percent, that is better than 100 percent

John Farnen · 05-05-2009, 07:05 PM

No sweat, if I ever get my Camaro delivered and have a problem, Obama said he would fix it. Guess that's what Hlllary meant about the president's phone ringing at 3 am. Does anyone have his 800 number?

dkb · 05-05-2009, 09:40 PM

Quote:

Originally Posted by Tom_K

I hope GM can buy the stock back too. I'd hate to go to my local dealer to find Pres. Obama there ready to take my order.

hey guys ... the brilliance (I'm being sarcastic) of what obama is doing is GIVING the majority of ownership to the UAW in both the case of Chrysler and what they're talking about for GM. So the unions will own both companies and you can be assured that they will NEVER sell. A future admin might sell off the gov stake but those companies are going to be union owned for the rest of time ... why would the unions sell out so they can start negotiating contracts with hard nosed new owners instead of themselves ...

It doesn't bode well ... that's for sure ..

05-05-2009, 05:55 PM	#1
alienjimmy Drives: G5 Join Date: Apr 2009 Location: arlington Posts: 33	GM may seek 1-for-100 reverse stock split GM may seek 1-for-100 reverse stock split DETROIT (AP) -- General Motors Corp. says it may offer current shareholders a reverse stock split that would give them one share of new stock for every 100 shares they currently own. The automaker says in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department to swap at least half of GM's debt to the government for company shares. The filing says both sides are still negotiating the terms of the debt swap, but the government would own at least 50 percent of the company. GM has received $15.4 billion in government loans and faces a June 1 deadline to restructure or be forced into bankruptcy protection. UPDATED:http://finance.yahoo.com/news/GM-may...&asset=&ccode= Last edited by alienjimmy; 05-05-2009 at 06:14 PM. Reason: update link

05-05-2009, 05:58 PM	#2
qbert48 Drives: 2SS SIM Join Date: Apr 2009 Location: texas panhandle BFE Posts: 1,128	ohhh dear GOD i pray there isn't a plant stoppage __________________ 2SS RS SIM gray leather stick shift ground FX thank you gary richards @ classic chevy in sugarland welcome home 1100 4-27-09 6000 6-27-09 yes i got to the dance late don't hate me

05-05-2009, 06:40 PM	#11
alienjimmy Drives: G5 Join Date: Apr 2009 Location: arlington Posts: 33	Shares of GM rose 4 cents Tuesday to close at $1.85. Last edited by alienjimmy; 05-05-2009 at 06:54 PM.

05-05-2009, 06:05 PM	#5
cam2fst4u Drives: 08 SS trailblazer,08 Silverado Join Date: Mar 2009 Location: stanley va Posts: 6,268 View My Garage	the gov is going to own 50% of GM?

05-05-2009, 06:13 PM	#7
alienjimmy Drives: G5 Join Date: Apr 2009 Location: arlington Posts: 33	Link has been updated. It works now.

05-05-2009, 06:23 PM	#9
Tom_K Drives: 1968 Camaro SS Join Date: Oct 2008 Location: Wisconsin Posts: 46	I hope GM can buy the stock back too. I'd hate to go to my local dealer to find Pres. Obama there ready to take my order.

05-05-2009, 06:25 PM	#10
TJ91 :chevy: Drives: 2LT/RS Join Date: Jun 2008 Location: Toronto Posts: 13,033	lmao "Do the Obama" I cant wait to see GM get back on their feet. Notice my confidence?

05-05-2009, 06:59 PM	#12
alienjimmy Drives: G5 Join Date: Apr 2009 Location: arlington Posts: 33	I guess if the gov. owns 50 percent, that is better than 100 percent

05-05-2009, 07:05 PM	#13
John Farnen Drives: 1969 RSSS Convertable Join Date: Mar 2009 Location: Belpre, Ohio Posts: 228	No sweat, if I ever get my Camaro delivered and have a problem, Obama said he would fix it. Guess that's what Hlllary meant about the president's phone ringing at 3 am. Does anyone have his 800 number?