U.S. sells $877M in GM stock

August 12, 2013 at 7:42 pm
U.S. sells $877M in GM stock

David Shepardson
The Detroit News
The U.S. Treasury sold nearly $900 million in General Motors stock in July as it moves to exit its investment in the Detroit automaker by early 2014.

In a report to Congress on Monday, the Treasury said it sold $876.9 million in stock last month. GM stock traded between $34 and $37 a share in July. That indicates the government sold between 23 million and 26 million shares of its holdings.

Using those calculations means the government has 135 million to 137 million shares of GM stock remaining. At the current rate, it should take about six months for the government to exit. In total, the Treasury has recovered $34.6 billion of its $49.5 billion bailout of the automaker.

The U.S. Treasury Department, which initially held a 61 percent stake in GM as part of its $49.5 billion bailout, owned 500.1 million GM shares in December.

Details of the sale were released after markets closed Monday. GM stock fell 4 cents a share, or .1 percent, to $35.98.

Also Monday, the United Auto Workers health care trust officially closed on its sale of $171 million from the sale of warrants in GM it received as part of the automaker’s 2009 restructuring. The trust is selling 45.4 million warrants that allow the buyer to acquire shares of GM stock at $42.31 at any time before the end of 2015.

The offerings were priced at $3.85 per warrant, which lets the holder purchase one share.

From The Detroit News: http://www.detroitnews.com/article/20130812/AUTO0103/308120097#ixzz2btQ83Bna

Seniority Lists
Bargaining Committee

Mike Herron
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

Tim Stannard
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts

GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Katherine McGaw
Retiree Chair
Mike Martinez