U.S. To Begin Selling GM Stock

[Purveyor]

WASHINGTON -- General Motors will start the process of putting its shares up for sale by August, with an eye on launching the sale by mid-November, according to two people familiar with the plan.

But no firm decisions have been made about how many of those shares will be drawn from any of GM's owners -- including the federal government and the UAW trust fund for retiree health care.

Analysts have speculated the sale could generate $10 billion or more, placing it among the largest U.S. corporate share offerings.

To help lay the groundwork for the sale, GM plans to hold a daylong meeting with financial analysts and investors next Tuesday at the Warren Tech Center.

The event is to include comments from CEO and Chairman Ed Whitacre and a ride-and-drive of new models.

President Barack Obama has long said getting rid of the 60.8% stake in GM owned by the government was a top priority, and Treasury officials have indicated that they would sell the stake even if it meant sacrificing some return on the $50.7 billion spent rescuing the automaker.

More...

http://www.freep.com/article/20100624/BUSINESS01/6240420/1210/Business/U.S.-to-begin-selling-GM-stock

[NoNothing]

1. Selling shares for 20 cents on the dollar?

That's a bitter pill to swallow. I'm hoping the anxiety to sell the shares at any cost is not because they expect them to go lower still.

[Purveyor]

3. 20 cents on the dollar? How to you figure? eom

[Oregone]

2. Why? Keep it. Profit from it

Again, the cliche is true: socialize the risk, privatize the profit