This page has been archived and commenting is disabled.
GM Files For IPO
Lots of shit in there (250 pages in the body, 200+ F-pages - our condolences to the Morgan Stanley analysts who had to spend 2 weeks over at Bowne putting lipstick on this godzilla) not to mention that the company itself is just as replete with fecal matter, which once fleet sales are eliminated, will end up being held by the batch of new bagholders who are forced to invest other people's money in said excrement. The one thing we are focusing on are the Risk Factors, of which this particular one caught our attention:
We
have determined that our disclosure controls and procedures and our
internal
control over financial reporting are currently not effective. The lack
of effective internal controls could materially adversely affect our
financial condition and ability to carry out our business plan.
Our
management team for financial reporting, under the supervision and with
the participation of our Chief Executive Officer and our
Chief Financial Officer, conducted an evaluation of the effectiveness of
the design and operation of our internal controls. At December 31,
2009, because of the inability to sufficiently test the effectiveness of
remediated internal controls,
we concluded that our internal control over financial reporting was not
effective. At June 30, 2010 we concluded that our disclosure controls
and procedures were not effective at a reasonable assurance level
because of the material weakness in
our internal control over financial reporting that continued to exist.
Until we have been able to test the operating effectiveness of
remediated internal controls and ensure the effectiveness of our
disclosure controls and procedures, any material
weaknesses may materially adversely affect our ability to report
accurately our financial condition and results of operations in the
future in a timely and reliable manner. In addition, although we
continually review and evaluate internal control
systems to allow management to report on the sufficiency of our internal
controls, we cannot assure you that we will not discover additional
weaknesses in our internal control over financial reporting. Any such
additional weakness or failure to
remediate the existing weakness could materially adversely affect our
financial condition or ability to comply with applicable financial
reporting requirements and the requirements of the Company’s various
financing agreements.
Oddly enough there is no mention that the company could very likely be right back into President-subsidized bankruptcy status, within a few months of going fecal, er, public.
Full S-1:
»
- 4791 reads
- Printer-friendly version
- Send to friend
- advertisements -
Today, now GM files the new IPO is the most shamefull day for capitalisme as we knew it back in 2007.
It gets better: I have it on good authority that the Treasury is putting together the paperwork preparing additional IPOs for Social Security, Medicare, and the SEC.
The SEC forward-looking prospectus looks fantastic: It says they have nearly unlimited growth potential in securing fees and services from the banking industry. I hear that's a pretty big market-cap industry, too.
It's rumored these will be underwritten by the Fed, which will also be purchasing non-voting, non-secured, non-marketable junior shares.
Women in summer would like to become beautiful. Everything can grab other's eyes is their best friends.Products make them beauty and confident is their favourite. Look in the street,you can see many different types of make up to show women's personality.
Welcome to the shop, the following is our products, free shipping.
Soccer Shoes Cheap Soccer Shoes Nike Soccer Shoes Adidas Soccer Shoes Nike Soccer Shoes sale Adidas Soccer Shoes sale UGG UGGs UGG Boot UGG Boots UGG Boots Sale Cheap UGG Boots UGG Boots Cheap Women UGG boots ugg boots cardy ugg cardy boots Timberland Timberland sale Timberland boots Timberland boots online Timberland on sale New timberland boots UGG UGG boots UGG boots sale UGG boots short Short ugg Short ugg boots Ugg boots tall Nike Air Nike Air Max Nike Air Max Shoes Nike SB Nike Dunk Nike Dunk SB Nike Dunk SB Shoes Nike Shox Nike Shox Shoes Women Bags Women Bags Sale Women Handbags Women Handbags Sale Women New Bags Cheap Bags Cheap Bags On Sale New women bags New women bags sale New women bags sale online Louis Vuitton Handbags Gucci bags Nike Nike Shoes Nike Shoes Sale Nike running Nike running shoes Nike trainers Nike trainers shoes Timberland Timberland boots Timberland boots sale Timberland boot Timberland boot sale Timberland boots cheap Men timberlands MBT MBT Shoes MBT Chapa GTX MBT Men Shoes MBT Women Shoes Discount MBT Shoes LV Handbags Gucci Handbags Chanel Handbags Chloe Handbags D&G Handbags Dior Handbags Fendi Handbags Hermes Handbags Jimmy Choo Bags Marc Jacobs Bags Miu Miu Handbags Mulberry Bags Prada Handbags Versace Handbags Yves Saint Laurent Balenciaga Bags Burberry Handbags LV Handbags Gucci Handbags Chanel Handbags Chloe Handbags D&G Handbags Dior Handbags Fendi Handbags Hermes Handbags Jimmy Choo Bags Marc Jacobs Bags Miu Miu Handbags Mulberry Bags Prada Handbags Versace Handbags Yves Saint Laurent Balenciaga Bags Burberry Handbags
Those who want to become most beautiful in the world should try them. Just ones can make you different. Girls who want to grab your boyfriends's heart is necessary to use them.
Yea, all the banks have their work cut out for them. They have to hump this POS for Uncle and thanks to GS they have to do it for 30c on the $.
No worries.....the doomasses in the public pension funds will scoop up the whole steamer. Think of it as a transfer from one gubermint dumpster to another.
The GM saga has nothing to do with "capitalisme".
This is all about Obama puppeteers from Wall-Street trying to run a "government centrally run" economy.
We need the dues.
IPO that POS.
Awesome, great now someone else can piss their money away.
They should have at least changed the name or moved head quarters.
This is not even funny. Just sad. The unsexiest IPO of all time. But with the White House pumping this bitch of a stock, and GE promo 24/7 it could go ballistic.
The Fed and the Treasury will make sure it sails perfectly, any loss on equity later will be subsidized.
AND they will ensure that all subsequent reports on any subsidy show no loss on investment, rather a small tidy gain of which the MSM will buy hook, line and sinker. All praise Lord Ben!
If only they would have done a legal bankruptcy, shed the union obligations and provided DIP financing to a conglomerate who would have agreed to keep the manufacturing in North America I would have cheered this company. Now I hope this Vile, illegal, tax-payer subsidized union pension/health-care fund dies a horrible death and gets sold off for scrap.
you can bet this pos will skyrocket long enough to be touted as a success for the mid term elections. easy money, but i'm not taking part of that shit.
sure next round of suckers are just waiting in line
btw something else is going on, risk is taking a nove dive in ah... any clues ?
Now we understand why there's been an all out effort to push this market higher. Gotta put on a brave face for the GM IPO. After all, it's the public's money we're talking about here, right? I mean, if this sucker fails, can I expect a $50 Billion dollar bill payable within 30 days in the mail come Christmas?
Thank God it doesn't actually need to be floated until the (do or die for the Democrats) elections. What? Who's brilliant idea was that? :>)
Astute observation...
It will be interesting to see a) what level of opinion the auditors give; b) what level of opinion the underwriters' counsel gives and last but not least c) if the SEC greenlights this tar baby with material accounting defects written all over it.
Welcome to the recovery, bitchez.
GM will never see my money from a car sale or the IPO! Oh wait they already got a lot of my tax money! Doh!
No one in their right mind would buy this POS. 51% owned by the Gubmnt and 49% owned by the unions (the very ones largely responsible for bankrupting GM the first time around). So, after the bamma boy and his merry henchmen threw out the Constitution and Commercial Law, running a bus over the original legitimate stock and bond holders are you going to give these F%&#@&$ more of your hard earned money??
Certain banks (domestic and international) will be obligated to subscribe. All it will take is 1 phone call from Hank the Hammer Paulson.
You seem to be forgetting who runs the show here. I haven't seen any signs form the financial industry that it has any interest in GM, so the "gubmint" has been instructed by its financial paymasters to take the majoity stake.
+1, F#@$$#@ GM
+1
Indeed.
51% Fed + 49% Unions?
This may just be the first IPO to go to zero on opening day.
I would rather buy shares of the IPO of a company that sold cigarettes which used TNT for tobacco.
Anyway..Mulligans Bitchez
I wonder if 'they' will try to pump the market before and leading into the IPO.
I sort of think the Ag bank (China) IPO was the start of the most recent dead cat rally, and China stocks zoomed the day pricing was being bandied about...
Reads like an honest attempt.... a buy. Go GM!
http://www.google.ca/finance?q=NASDAQ%3ATSLA
That's a hell of a risk factor.
No risk. Your government's got your back man. All's well. Chill dude and have some shrimp.
Obummer endorsed Gulf BP shrimp...
On sale now. Hurry! While supplies last!
I guess 33 Liberty will be switching from buying SPOOS to buying GM futures to be under the symbol POOS.
+1
So let me get this straight. GM makes crap cars for a couple decades and gets in really bad financial trouble. Then the government gives them tens of billions of dollars in bailout money, and explicitly tell the public this bailout is to prevent GM from going bankrupt. But GM files anyway in a government fast-tracked pseudo-bankruptcy which preserves union obligations but stock goes to zero. And barely a year later they get to file a new IPO, including in Canadia, and repay their bailout that way?
This is appalling...
For the love of all that is clean, good, and pure:
Ask anyone that still has money in equities mutual funds to please reallocate to a money market fund, even temporarily, lest they become an unwitting owner of this shit.
And this is going on my email signature!
That's one hell of an escape hatch, effectively nullifying the rest of the document.
My sympathies to whoever got eyebleed reading closely enough to find it.
Any decent church would have burned those bastards years ago.
Welcome to the recovery.
At least the pre mid-term election teleprompter in chief recovery.
Nothing better than shorting an auto company into the second leg of a double dip depression.
It is not a double dip...
It is a giant single dip with phony numbers and two big ass double scoops on top...
I'm loading my printer with Charmin...
I can't let a wonderful comment like yours go bye bye without a high five and a big ten four.
My only problem is HP doesn't sell Weimer Ben green. What brand do you use? Yes, I already know about the Charmin. What Printer and ink? :>)
I wasn't planning on any Fiat reproductions. I merely wanted to print out the IPO (with standard Officejet inks) and thought that it would be carbon neutral to leave the document as "functional reading material" in the guest bathroom. LOL
Ah the new penny trade stock under full control of the govt.. The school of stocks that move as one to be controlled by an ever tightening govt control circle.
Audacity of Hope!
Government sponsored Pension fund files for an IPO!
Bet all other pension funds will invest in this!
Long live Ponzi -Father of new Age economics!
We have IPOs, M&As, obviously the economy is surging.
So from what I am hearing since the filing, the US Taxpayers will be taking at minimum a 50% haircut on their initial investment. Something really stinks about this sudden urge to push through an IPO and the CEO decided to GTFO. This IPO is too premature since GM still has not turned around much. This IPO is the flaming bag of poo on our porch.
The President says we just need to hope for better and that will be enough.
The only way to save America (its founding principles not the gov't or economy) it for a total collapse. However after the collapse we must make sure we don't get swept away into some other sort of Statism.
"The President says we just need to hope for better and that will be enough."
Hopey McChange, bitchez...
Unfucking believable
Again
Can you say extortion? Democrats and Obama going to the financial institutions saying "We saved your goddam asses now its payback time...you will buy this POS hand over effing fist"
Gotta look good to the unions and the voters, it's election time.
Going Fecal is going to be my new catchphrase...embodies everything that could possibly (and will) go wrong.
Examples include:
Yum, should I eat this GOM shrimp? Sure, if you want your health to go fecal.
Hey, GS just put out a new reco for clients, should I follow it? Sure, if you want your portfolio to go fecal.
LOL!
General Cupholders is back from the dead. Lazarus!
Let me guess, IPO proceeds will be used to fund pension and healthcare obligations to the UAW, upon which GM will assume a 10% perpetual return on assets, thus delivering billions in FAS 106 and FAS 87 "operating income".
GM was a piece of shit twenty years ago, it was a piece of shit right before it went bankrupt, and it's still a piece of shit today.
I think GM still owes the UAW VEBA a nice chunk of change. If so, my guess is that will get funded quicker than you can say "UAW took their vacation resort in northern Michigan off the market."
If it's anything like the TSLA IPO, I'm in and out like a schizophrenic gigolo.
Does anyone know if this IPO includes GM's Asian (SGM) subsidiaries? I'd like a piece of that US taxpayer theft job.
TSLA was a trial balloon.
A "private" company backed by massive government loans and tax credits.
Cheer the glorious march of fascism!
US Government = Wall Street's HELCO / ATM machine...
Even at the high end of the IPO range, say $18 billion, the stock price would be in the $35-$36 neighborhood......Old GM Bonds (unsecured) will share in 50 million shares (worth $1.78 bn at $35.50), an estimated 2.9 "allocation" shares (worth $103 mm), 45.5 million warrants struck at $30 (in the money portion worth $250 million) and 45.5 million warrants struck at $55 (out of the money).
The total unsecured claims pool is estimated to be $37 billion and adding up the value to be received : Stock $1.9 bn (5.75% recovery) + Warrant A In the money $250 mm (0.68% recovery) + Warrant B (out of the money)........implies total value to be received (ex-out of the money warrants) of $2.13 bn (or 5.8%)......yet the bonds are trading around 35%......WHY? The option value is really worth 29-30 cents?
Even at the high end of the IPO range, say $18 billion, the stock price would be in the $35-$36 neighborhood......Old GM Bonds (unsecured) will share in 50 million shares (worth $1.78 bn at $35.50), an estimated 2.9 "allocation" shares (worth $103 mm), 45.5 million warrants struck at $30 (in the money portion worth $250 million) and 45.5 million warrants struck at $55 (out of the money).
The total unsecured claims pool is estimated to be $37 billion and adding up the value to be received : Stock $1.9 bn (5.75% recovery) + Warrant A In the money $250 mm (0.68% recovery) + Warrant B (out of the money)........implies total value to be received (ex-out of the money warrants) of $2.13 bn (or 5.8%)......yet the bonds are trading around 35%......WHY? The option value is really worth 29-30 cents?
You're missing the point: Those numbers aren't real. They are mis-representing assets and liabilities, and you're assuming the dealer won't re-shuffle the deck at the dealer's whim (no matter what contractual rights you think you have).
Fundamentally, as a shareholder, if you give GM $1, will they be able to provide some product-or-service that ultimately results in a $1.01 (for a $0.01 net return)?
No.
There will be no dividends (except for those that might be gifted by the taxpayer due to some temporary political crisis), and the company will continue to decline to zero. They have no business model that permits them to service their liablities, let alone result in productive returns.
And, of course, you're not giving $1 to GM. By buying a share, you're purchasing the future dividend stream based on GM's future productivity. Good luck with that.
But, I admire your ability to dream.
As many of you know, I am immune to e coli. Therefore, it would seem that this could be a winner for me.
But with Bennie Shalom's latest free money ramp up... Isn't it now or never for GM's IPO shit-mobile?
Glad to see that the iconic GM ticker is still available the second time around. Too bad GS couldn't have taken General Malaise, Inc. public and stolen the symbol.
Ok, maybe this is too simplistic a question, but if they're flat out admitting their procedures and control over financial reporting are not effective, how do they know if they actually made a real profit, as they just reported??
Thanks in advance.
I just hope I can beat Goldman Sachs to the short side.
Lol, I'll be rooting for you and hopefully right behind you.
The ticker should be DTF (destine to fail).
Was the hilarity intentional?
I love the chart shows growth in all OTHER (non-na) markets. Let's invest where the growth isn't!
My favorite:
But of course. I bet your nine cohorts helped you with that data.
Apparently, a double dip is a 'risk factor' for GM:
"CURRENTLY" underfunded. Your GM IPO should pump up the market which pumps pensions which pumps GDP which pumps employment which should pump up the market WHICH SHOULD PUMP UP THE MARKET BUY MARKET BUY STOCKS OMG BUY STOCKS BUY!!! BUY STOCKS NOW!!!!Calpers might snatch the whole thing...
You know this is going to be the politically correct pump and dump du jour. After the inevitable 1-2 IPO bounce fueled by little more than fantastical political will, will it not be ripe for shorting?
I'd say short the shit out of it, but with government backing, it'll probably triple in 24 hours.
There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
virtual server hosting
windows 2008 vps hosting
mssql hosting
windows vps server
It’s a interesting news,i like it.Additionally,wellcome to my website prettyboots.org ,here are so many UGGS On Sale such as:UGG Elsey wedge|UGG Elsey wedge black|UGG Elsey wedge chestnut|UGG Elsey wedge espresso|UGG Langley|UGG Langley black|UGG Langley chestnut|UGG Lo Pro Button|UGG Lo Pro Button black|UGG Lo Pro Button blue|UGG Lo Pro Button cream|UGG Mayfaire|UGG Mayfaire black|UGG Mayfaire chestnut|UGG Mayfaire chocolate|UGG Mayfaire sand|UGG Mayfaire red|UGG Nightfall|UGG Nightfall black|UGG Nightfall chestnut|UGG Nightfall chocolate|UGG Nightfall sand|UGG Sundance II|UGG Sundance II black|UGG Sundance II chestnut|UGG Sundance II chocolate|UGG Sundance II sand|UGG Ultimate Bind|UGG Ultimate Bind black|UGG Ultimate Bind chestnut|UGG Ultimate Bind chocolate|UGG Ultimate Bind sand|UGG Ultra Short|UGG Ultra Short chocolate|UGG Ultra Short sand|UGG Ultra Short black|UGG Ultra Tall|UGG Ultra Tall chestnut|UGG Ultra Tall sand|UGG Ultra Tall balck|UGG Ultra Tall chocolate|UGG Suede|UGG Suede black|UGG Suede chestnut|UGG Suede sand|UGG upside|UGG upside black|UGG upside chestnut|UGG upside mocha|UGG Roxy Tall|UGG Roxy Tall black|UGG Roxy Tall chestnut|UGG Roxy Tall chocolate|UGG Roxy Tall sand|UGG seline|UGG seline black|UGG seline chestnut|UGG Corinth Boots|UGG Liberty|UGG Liberty black|UGG Liberty cigar|UGG Highkoo|UGG Highkoo amber brown|UGG Highkoo espresso|UGG Highkoo grey|UGG Highkoo black|UGG Knightsbridge|UGG Knightsbridge black|UGG Knightsbridge chestnut|UGG Knightsbridge grey|UGG Knightsbridge sand|UGG Knightsbridge chocolate|UGG Adirondack|UGG Adirondack brown|UGG Adirondack chocolate|UGG Suburb Crochet|UGG Suburb Crochet black|UGG Suburb Crochet chestnut|UGG Suburb Crochet chocolate|UGG Suburb Crochet grey|UGG Suburb Crochet white|UGG Kensington|UGG Kensington black|UGG Kensington chestnut|UGG Roseberry|UGG Roseberry black|UGG Roseberry sand|UGG Gaviota|UGG Gaviota black|UGG Gaviota chestnut|UGG Gaviota chocolate|UGG Desoto|UGG Desoto black|UGG Desoto chestnut|UGG Desoto chocolate|UGG Brookfield Tall|UGG Brookfield Tall black|UGG Brookfield Tall chocolate|UGG Gissella|UGG Gissella black|UGG Gissella chestnut|UGG Gissella espresso|UGG Payton|UGG Payton black|UGG Payton chestnut|UGG Payton red|UGG Bailey Button Triplet|UGG Bailey Button Triplet black|UGG Bailey Button Triplet chestnut|UGG Bailey Button Triplet chocolate|UGG Bailey Button Triplet grey|UGG Bailey Button Triplet sand|There are so much style of cheap uggs for sale ,so once you go to my website you will be very surprise.