Allan Streib wrote:
What I heard was that the UAW will have a 55% stake, Fiat 35%, and the
Government 10%. What happens to all the current shareholders I don't know.
I saw a plan for GM that issued approximately 100x as many shares as currently
outstanding to the UAW, govt, and lenders. After which the stock would be
reverse split 1:100 to restore the number of shares to its previous level.
The preexisting shareholders would then own about 1% of the new shares.
The existing bondholders would get a larger pittance, but the union and the feds
would end up with the vast majority of the ownership. I'd rather see them go BK
and the bondholders end up with it all.
Mitch.
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