Financial Alchemy from General Motors and Uncle Sam
General Motors is expected to announce plans for an IPO that may take place quickly for up to 20% of the company as presently configured. They hope to raise between $10 – $20 billion which would value the company at a remarkable $50 – $100 billion implied market cap.
At the time of the bankruptcy filing that same equity was valued at $700 million. Taxpayers paid off the union health plan with about $30 billion of our money to help GM cut employee retirement costs. The UAW also received a large chunk of the new company’s shares even as unsecured creditors, ahead of many secured lenders.
US taxpayers also bailed out GMAC which has continued to facilitate GM’s sales with subsidized auto loans, often to buyers of dubious ability to pay back their debts.
Now, President Obama wants this IPO to go forward prior to the November elections so he can show that this was not wasted money. The U.S. Treasury owns 60.8% of the common shares as their stake for turning billions of bailout loans into equity.
Are you silly enough to buy into this IPO? Do you really think the new GM is worth $50 – $100 billion? Have you heard that the unions are already antsy to reclaim all the concessions they made to keep GM from being liquidated?
While I would love to see U.S. Taxpayers get their money back I can’t imagine who will be naïve enough to buy the IPO.
Caveat emptor.
Dr. Paul Price
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