GM Prepares for Stock Sale

By: Associated Press
By: Associated Press

United Auto Workers President Bob King says that General Motors Co. will file paperwork in mid-August to start the process of selling stock to the public.

King says the paperwork will be filed with the U.S. Securities and Exchange Commission when GM releases its second-quarter earnings. GM has not announced an earnings release date or confirmed that it will file the paperwork.

King made the remarks in a statement Thursday applauding the union's cooperation with GM, Ford Motor Co. and Chrysler Group LLC.

The statement was issued a day before President Barack Obama is scheduled to visit GM and Chrysler factories in Detroit to tout the auto industry turnaround.


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  • by Anonymouse on Aug 9, 2010 at 05:36 AM
    Case in point here-why is the UAW making a GM announcement? They've no right-or shouldn't. Unions are an element in the reason of recession with their ridiculous contract requests and they are more powerful than they should be (ie; Obama's clear purpose of favoring unions for payback of presidential election). It's not about the people anymore-a union employee cannot even speak directly with their employer to have voice heard-it must go through the union-and believe me-your voice/concern(s) are rarely brought to the table-first hand witness here.
  • by Anonymous on Jul 30, 2010 at 06:22 AM
    i want my money back then and my rights to strike...
  • by Anonymous on Jul 30, 2010 at 05:51 AM
    Why would anybody buy GM stock? They still have to pay back the Govenment over $50 billion dollars! Even in the best years of GM the most they earn in 1 year was $2 billion dollars. At that rate it's going take about 100 years to pay back their loan.
  • by miKEhUNT Location: Jackson on Jul 30, 2010 at 02:00 AM
    Maybe bailing out GM was a good idea after all. They get back on their feet, Restructure, Pay back their loans, and now are ready to go back to being a Public company. All hail King Obama!
  • by hmmmm Location: here on Jul 29, 2010 at 04:13 PM
    Need any more proof of who runs the company? Shouldn't an announcement like this have come from Ed Whitacre? Maybe this will be the last time Ed shares sensitive info with a leaky bozo like King
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