Tag Archives: gm bankruptcy

Treasury Selling More GM Common Stock

Posted on 5 June 2013 by Ken Zino

The U.S. Department of the Treasury today announced that it would sell another 30 million shares of General Motors Company common stock in a public offering in conjunction with GM’s return to the S&P 500 index. Continue reading →

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Treasury Now Selling More General Motors Stock at a Loss

Posted on 18 January 2013 by Ken Zino

The U.S. Department of the Treasury announced today that it is starting to sell its 300.1 million remaining shares of General Motors common stock with the initiation of a pre-arranged written trading plan. Under the unpublished plan, Treasury will proceed with its December 2012 announcement that it will sell its GM shares “in an orderly fashion” and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions. Continue reading →

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Ally Financial to Sell Mexican Insurance Business

Posted on 18 October 2012 by Ken Zino

Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.

The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading →

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Milestones: GM Tonawanda Builds 4.2 Million Ecotec Fours

Posted on 25 September 2012 by Ken Zino

The General Motors Tonawanda Engine Plant has built its final 2.4-liter Ecotec four-cylinder engine, 13 years after production began in 1999. Since the New York State GM plant opened in 1938, more than 70 million engines have been assembled there. Continue reading →

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Ex President George Bush Endorses Federal Auto Bailouts

Posted on 7 February 2012 by Ken Zino

Former President George W. Bush received large ovations as he addressed the National Automobile Dealers Association Convention yesterday in Las Vegas. Bush’s message on the controversial government bailouts of the U.S. auto industry was simple “I’d do it again,” he told standing-room-only crowd of mostly affluent auto dealers. Continue reading →

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The Film – Chevy 100, An American Story – Debuts in Detroit

Posted on 4 November 2011 by Ken Zino

Do not confuse this Chevy 100 infomercial with other serious documentaries sponsored by GM and produced by Ken Burns during his long association with the largest automaker in the U.S. Chevy 100 lacks an organizing theme – other than it’s time to sell more Chevrolets. Instead, Chevy 100 is comprised of sporadic observations along with snapshots of the history of the brand, supplemented with large amounts of quick-cut contemporary footage from collectors clubs and fawning owners. Be forewarned, you will not see the history of Chevrolet, or the history of the automobile in U.S.A. that Chevrolet is such a significant part of, given justice in this treatment. Continue reading →

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Milestones: Chevrolet Officially Celebrates 100 Years

Posted on 3 November 2011 by Ken Zino

Chevrolet is officially recognizing its 100th birthday today by offering deals across the United States. The latest birthday or rather marketing activity ends a year-long Chevy Centennial celebration that began last January at the North American International Auto Show in Detroit. Chevrolet’s history is tangled, and its beginnings were subject to Wall Street maneuverings that are wearily similar to recent financial history. Continue reading →

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Ron Bloom Resigns as Assistant to the President for Manufacturing Policy. Was Key Player in Auto Bailouts

Posted on 9 August 2011 by Ken Zino

Bloom was part of a team headed by Stephen Rattner at the U.S. Treasury Department that was responsible for forcing drastic bankruptcy restructurings and CEO firings at General Motors and Chrysler as they were on the verge of being liquidated in 2009. Continue reading →

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Akerson Praises GM at Annual Meeting as Stock Languishes

Posted on 8 June 2011 by Ken Zino

The weaknesses at GM remain in its sales of traditional trucks, with a 110 days supply of full size pickups; it’s heavy use of incentives, which remain higher than the industry average, (but are lower than the levels that drove it into bankruptcy); and gaps in updating the product line because of delayed programs at the end of the last decade when cash was short. Continue reading →

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CAR on U.S. Economy Impact of GM’s Plant Investments

Posted on 10 May 2011 by Ken Zino

In an analysis of General Motors’ newly announced plant investments, the Center for Automotive Research (CAR) today said that more than 28,000 jobs will be retained or created, and will contribute almost $2.9 billion to the U.S. Gross Domestic Product. Continue reading →

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GM to Invest $2 Billion in U.S. Plants, Depending on Tax Breaks

Posted on 10 May 2011 by Ken Zino

Critics, of course, say the cost per job – when you total all the loans and tax breaks – is exorbitant, especially since what is mostly going on these days is the retention of existing jobs long after jobs move South to non-union transplants. Continue reading →

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Ex General Motors Chairman Bob Stempel Dead at 77

Posted on 10 May 2011 by Ken Zino

Stempel was an engineer by training with an analytical, easy going disposition who was accessible to the media. On many occasions I listened as he patiently explained complex manufacturing and development processes that he was instituting first as president of GM during the late 1980s, then as chairman. All to little apparent good effect, and far too slow in producing results for the Board of Directors. Continue reading →

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GM Says No To More Taxpayer Funding. Withdraws Federal Loan Application for Advanced Technology Vehicles

Posted on 27 January 2011 by Ken Zino

General Motors today announced it is withdrawing its $14.4 billion application for direct loans from the U.S. Department of Energy (DOE) that it submitted in October of 2009 after it had emerged from bankruptcy. Continue reading →

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General Motors Declares Quarterly Dividend on Preferred Stock

Posted on 26 January 2011 by Ken Zino

General Motors Company (NYSE: GM, TSX: GMM) today announced that its Board of Directors declared a quarterly dividend of $0.647 per share on its Series B mandatory convertible junior preferred stock. Continue reading →

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Akerson Reorganizing GM Again! Product Development Split. Vice Chairman Stephens Moved to Chief Technology Officer

Posted on 19 January 2011 by Ken Zino

The new CTO position was said to be a “major element of Akerson’s goal to make the company more customer driven and technology focused.”

However, the previous GM technology position occupied by Larry Burns was in practicality more of academic exercise that produce reams of press releases extolling the virtues of fuel cells and other advanced technologies that had no immediate production prospects, and did not connect GM to customers or advance sales as the company sped toward bankruptcy. Continue reading →

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