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General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in... [Read More]
General Motors' Australian Holden brand remains the choice of hooligans down under, as police in the Australian state of Victoria announced that 46% of cars impounded under their "hoon" laws. Ford is the second most popular with 16.7% of the impound share, while Nissan is third with 7.8%.
Holden's Commodore has been Australia's best-selling vehicle for decades, and the rear-drive chassis and plentiful supply of turbo six-cylinder or General Motors V8s means that cheap, powerful Holdens are easily affordable for young Australian enthusiasts.
Australian police have taken to crushing vehicles confiscated in cases of reckless driving if they are deemed "unsafe". One police officer cited a vehicle without "ABS brakes and airbags" stating "I cannot, in good conscience,... [Read More]
We recently reported on rumors that Chevrolet is planning to bring back the Caprice full-sized sedan, based on the RWD Holden Statesman. This, however, is being denied by the folks at Holden, with Emily Perry, the Australian automaker's communications director, commenting that "We have no plans to export that vehicle as a civilian car at this stage."
GM had already announced a police interceptor based on the Statesman and sold as a Caprice to police agencies in North America, and recently even added the Caprice PPV (Police Patrol Vehicle) Detective Package to the list.
Interestingly, Perry wasn't as unequivocal when it came to the question of the Commodore returning to the U.S. (sold in North America as the Pontiac G8 from 2008-09). Former Holden marketing director... [Read More]
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