On the General Motors S-1 Filing

Last night, we were treated to the filing of the General Motors S-1 notice, the precursor to an eventual IPO.  The timing is perfect for the Democrats to claim victory in their efforts to “save the auto industry” going into the November mid-terms.  The citizens of Detroit, America’s Own Little Sarajevo, shall rejoice and dance in the streets.  Or not.

My favorite part of the filing was the “Selling Shareholders” section in which The United States Treasury department is listed as having a 60% stake ready for distribution.  A farce of Shakespearean proportions.

First I’ll drop some data on you, then I’ll make with the funny…

What does the actual underlying “company” look like these days?  MarketBeat’s Matt Phillips has some numbers (as of June 30th):

  • Cash and cash equivalents on the balance sheet: $31.5 billion
  • Outstanding debt: $8.2 billion
  • U.S. dealers: Approximately 5,200, expected to decline to about 4,500 by the end of 2010.
  • Non-dealership U.S. footprint: 117 locations in 26 states and 93 cities or towns in the U.S.
  • North American manufacturing facilities: 59, down from 71 at ‘old’ GM in December 2008.
  • Employees: 208,000, of whom 144,000 (69%) were hourly employees and 64,000 (31%) were salaried employees.
  • Union representation: 53,000 U.S. employees (or 67%) were represented by unions.
  • Retirees: 400,000 U.S. hourly and 117,000 U.S. salaried retirees, surviving spouses and others.
  • Sounds super exciting.  Last night I set the Blogger Faculty Lounge ablaze with some of my offhand remarks on the forthcoming deal, please take them in jest – in truth I barely care about GM at all…

    * Each IPO unit of GM consists of 1 common share, 2 warrants and a bowl of soup

    * GM’s Board post-IPO: Ronald McDonald, Krusty, Bozo, Chuckles, Jack Welch and Captain Kangaroo

    * Underwriters for the GM IPO reportedly ordering lipstick by the metric ass-ton

    * GM due diligence meeting to be held at a bombed out Quizno’s in Kalamazoo

    * Chrysler is also going public.  Ticker will be CHR on the Calcutta Exchange, will trade alongside human teeth

    * This IPO will be GM’s greatest engineering feat in 50 years

    What's been said:

    Discussions found on the web
    1. new-kissanime commented on Sep 16

      … [Trackback]

      […] Read More to that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    2. https://eatverts.com commented on Sep 21

      … [Trackback]

      […] Read More on on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    3. btc loophole qatar commented on Sep 30

      … [Trackback]

      […] Info to that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    4. 먹튀검증하는법 commented on Nov 07

      … [Trackback]

      […] Find More here on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    5. td easy web commented on Nov 15

      … [Trackback]

      […] Find More here on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    6. DevOps strategy commented on Nov 18

      … [Trackback]

      […] Here you can find 89681 more Information to that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    7. regression testing commented on Dec 20

      … [Trackback]

      […] There you can find 983 additional Information to that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    8. rbc royal bank commented on Dec 28

      … [Trackback]

      […] There you will find 40609 more Info on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    9. Library commented on Dec 31

      … [Trackback]

      […] Read More here on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    10. buy track1&2 + pin commented on Jan 12

      … [Trackback]

      […] There you can find 55116 more Info on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    11. tangerine bank account online commented on Jan 20

      … [Trackback]

      […] Find More on to that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]

    12. Dell Inspiron 1318 manuals commented on Jan 21

      … [Trackback]

      […] Read More Information here on that Topic: thereformedbroker.com/2010/08/19/on-the-general-motors-s-1-filing/ […]