Cars
We think that the phrase that sums up the story here is 'jump ship before it sinks to the bottom of the sea'. As General Motors heads towards bankruptcy or a restructuring that would ultimately wipe out existing shareholders, everyone is looking to dump their stocks. Just a day after it became known that six high-ranking GM executives including former vice chairman and product chief Bob Lutz and his successor Thomas Stephens sold their shares and liquidated their remaining direct holdings, the company's stock sunk more than 22 percent or 31 cents at $1.13 on Tuesday, the lowest since 1933.
- Guess Who’s Back Again? Bob Lutz Returns To Gm As Advisor
No matter the age, a petrol head like Bob Lutz can't stay away too long from the car industry. In fact, even though GM's former vice president and product czar had retired in the May 2010, the 79-year-old has been providing advice to the firm's...
- Gm's Bob Lutz Says That Auto Execs Are "way, Way, Way Underpaid"...
Yes, you read correctly; auto executives earning six- or seven-figure salaries to run a company that went bankrupt and had to be bailed out by the government, (partially due to the incompetence of some of its high-ranking/paid officials), should be filling...
- Tata Motors Hires Ex-opel Boss, Carl-peter Forster As Group Ceo
The former boss of General Motors Europe, Carl-Peter Forster, has been hired by India's largest automobile manufacturer, Tata Motors, as the group's Chief Executive Officer with overall responsibility of Tata Motors Operations globally, including...
- Gm: Volt To Hit The Market As Scheduled In November 2010, One More Brand To Get Plug-in Hybrid
Despite the looming bankruptcy and the other serious issues facing the company, General Motors' global product development chief, Tom Stephens told journalists on the sidelines of an event at the University of Michigan that the American automaker...
- Gm Shares Fall 16% On Reports For Bankruptcy
As if General Motors isn't in enough trouble already, the company's shares took a steep fall today after several reports including one from the New York Times late on Sunday, claimed that the Obama administration wants the automaker to begin bankruptcy...
Cars
GM Shares Sink to 76-Year Low after Lutz, Stephens and Other Execs Sell Stocks
We think that the phrase that sums up the story here is 'jump ship before it sinks to the bottom of the sea'. As General Motors heads towards bankruptcy or a restructuring that would ultimately wipe out existing shareholders, everyone is looking to dump their stocks. Just a day after it became known that six high-ranking GM executives including former vice chairman and product chief Bob Lutz and his successor Thomas Stephens sold their shares and liquidated their remaining direct holdings, the company's stock sunk more than 22 percent or 31 cents at $1.13 on Tuesday, the lowest since 1933.The other executives who followed in the footsteps of Lutz and Stephens were GM North America President Troy Clarke, Chief Information Officer Ralph Szygenda, manufacturing chief Gary Cowger and the firm's head of European operations Carl-Peter Forster.
The two remaining solutions for GM is either a bankruptcy filing by a government-imposed deadline of June 1 (that's only two weeks from now), or an out-of-court restructuring plan that will essentially eliminate the firm's current stockholders as the company would have to issue new shares to pay off its creditors.
Via: Yahoo Finance
- Guess Who’s Back Again? Bob Lutz Returns To Gm As Advisor
No matter the age, a petrol head like Bob Lutz can't stay away too long from the car industry. In fact, even though GM's former vice president and product czar had retired in the May 2010, the 79-year-old has been providing advice to the firm's...
- Gm's Bob Lutz Says That Auto Execs Are "way, Way, Way Underpaid"...
Yes, you read correctly; auto executives earning six- or seven-figure salaries to run a company that went bankrupt and had to be bailed out by the government, (partially due to the incompetence of some of its high-ranking/paid officials), should be filling...
- Tata Motors Hires Ex-opel Boss, Carl-peter Forster As Group Ceo
The former boss of General Motors Europe, Carl-Peter Forster, has been hired by India's largest automobile manufacturer, Tata Motors, as the group's Chief Executive Officer with overall responsibility of Tata Motors Operations globally, including...
- Gm: Volt To Hit The Market As Scheduled In November 2010, One More Brand To Get Plug-in Hybrid
Despite the looming bankruptcy and the other serious issues facing the company, General Motors' global product development chief, Tom Stephens told journalists on the sidelines of an event at the University of Michigan that the American automaker...
- Gm Shares Fall 16% On Reports For Bankruptcy
As if General Motors isn't in enough trouble already, the company's shares took a steep fall today after several reports including one from the New York Times late on Sunday, claimed that the Obama administration wants the automaker to begin bankruptcy...