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Old 05-12-2009, 04:08 AM   #1
AVANTI R5
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Default GM's Lutz, five other executives sell all remaining shares

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DETROIT (Reuters) -- Six General Motors executives disclosed on Monday they sold almost $315,000 in stock and liquidated their remaining direct holdings in the struggling automaker.

In filings with U.S. securities regulators, the GM insiders led by former Vice Chairman and product chief Bob Lutz detailed stock sales on their behalf on Friday and Monday during a trading window for such transactions.

Lutz, who is now an adviser to the automaker, sold $130,989 worth of GM stock at the closing price of $1.61 on Friday.
That sale of the 81,360 shares cleared out all of Lutz's direct holdings of GM stock, according to his filing with the Securities and Exchange Commission.

According to the filings, the five other executives who sold all of their GM stock holdings were: Lutz's successor, Thomas Stephens; GM North America President Troy Clarke; Chief Information Officer Ralph Szygenda; manufacturing chief Gary Cowger; and head of European operations Carl-Peter Forster.

GM is headed for either a bankruptcy filing or an out-of- court restructuring that would wipe out current stockholders by flooding the market with new shares to pay off creditors.
The automaker's stock could be either worthless in a bankruptcy or worth less than 2 cents per share if it proceeds with its plans to issue shares to creditors led by the U.S. Treasury, the company has said.

Insider trading restrictions have prevented GM's senior executives from selling stock holdings for most of this year as the automaker has scrambled to restructure under the oversight of the Obama administration's autos task force.
But after the filing of its quarterly report with the SEC last week, GM executive officers and directors were notified a "trading window" had opened on Friday, spokeswoman Julie Gibson said.

The trading window remained open on Monday and could be open for Tuesday as well, she added
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Old 05-12-2009, 08:07 AM   #2
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something something rats leaving the sinking ship something something

As tough as everyone thinks this restructuring is going to be, in reality it's going to look like 1,000 trainwrecks, especially when the dealers/franchisees get into court...
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Old 05-12-2009, 08:38 AM   #3
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Writing on the wall...again.
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Old 05-12-2009, 08:43 AM   #4
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just a few short months ago everyone was screaming we could NEVAR let this happen...it is going to happen anyway.
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Old 05-12-2009, 10:01 AM   #5
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Denial is not just a river in Egypt. Now everybody wave goodbye to the 15 billion we gave them, just like Chrysler.

I mean I am glad for one, ALL our taxes are about to go up, as the government uses the money so wisely.
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Old 05-12-2009, 11:22 AM   #6
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They all made out like bandits. Too funny that among all the top execs, they only had 315K in stock. Probably equal to a day's pay between all of them. LOL.
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Old 05-12-2009, 02:17 PM   #7
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GM down 22%.
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Old 05-12-2009, 02:46 PM   #8
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Originally Posted by SCRAPPYDO View Post
Denial is not just a river in Egypt. Now everybody wave goodbye to the 15 billion we gave them, just like Chrysler.

I mean I am glad for one, ALL our taxes are about to go up, as the government uses the money so wisely.
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Originally Posted by E. Nick View Post
They all made out like bandits. Too funny that among all the top execs, they only had 315K in stock. Probably equal to a day's pay between all of them. LOL.
+1. They planned their exit strategy months ago, this move is just the final chapter. The Obama team knew what was going on---hell even the Bush people knew what was really happening. Both camps were sandwiched in between letting companies utterly fail and public opinion/the opposite party saying "we are letting millions Americans down." All the companies that were grabbing at the TARP funds knew this, and played it to the hill. Money pissed away.
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Old 05-12-2009, 04:44 PM   #9
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I can understand their decision to sell the shares, but I'm wondering about the poor fool who bought them. If you're on a plane and the pilots are trying to buy your parachute...that's a pretty good reason not to sell right there.
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Old 05-12-2009, 04:52 PM   #10
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I can understand their decision to sell the shares, but I'm wondering about the poor fool who bought them. If you're on a plane and the pilots are trying to buy your parachute...that's a pretty good reason not to sell right there.
It's like betting on the long shot. You can bet those execs have lost more money on those things than the guy who bought them ever will.

Plus they can still be traded on pink sheets if they file for bankruptcy.
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Old 05-12-2009, 05:54 PM   #11
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Quote:
Originally Posted by matt30 View Post
It's like betting on the long shot. You can bet those execs have lost more money on those things than the guy who bought them ever will.

Plus they can still be traded on pink sheets if they file for bankruptcy.
So true.


Once a stock reaches this level it transitions from being a financial instrument of value to a ball on a roulette wheel.

Once GM enters bankruptcy court, the stock is delisted and goes pink there will be some money to be made short-term trading it.
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