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GM Reduces Size Of IPO To $8-10 Billion As Investor Euphoria Evaporates

Tyler Durden's picture




 

For now it is merely a reduction in the IPO size. Next it will be postponement due to "market conditions." And as a reminder Government Motors owes taxpayers $49.5 billion. "GM shares must be sold at about $133.78, before splits, if the U.S. is to recoup its investment, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, said in a letter, the Wall Street Journal reported today." Good luck with that, especially once the SEC announces HFT operations need to be curbed, if not pronounced outright illegal, in under 10 days.

More from Bloomberg:

Sept. 23 (Bloomberg) -- General Motors Co. will probably seek to raise $8 billion to $10 billion in an initial public offering in November, a smaller sale than the automaker originally targeted, said two people familiar with the matter.

The U.S. Treasury Department, which owns 61 percent of GM, is more interested in fetching a higher share price to eventually recoup its $49.5 billion investment than in cashing out a bigger portion of its position, said the people who asked not to be identified because the discussions are private.

A larger deal at a lower price would place more pressure on the government to win higher prices in future offerings, the people said. GM and its investment banks have been considering a deal as large as $16 billion, people familiar with the plans said in August.

“They’re taking a more sober view,” said Joe Phillippi, principal of AutoTrends Inc., a consulting firm in Short Hills, New Jersey. “The real question is what’s the price? There are questions in people’s minds about the market and the world’s economies.”

Chairman Ed Whitacre, who handed CEO duties to Dan Akerson on Sept. 1, had favored an IPO that would sell as much of the government’s position as possible, the people said. GM’s banks also sought a larger deal because it would generate higher fees.

Noreen Pratscher, a spokeswoman for Detroit-based GM, declined to comment.

                       Government Position

The department could offer as little as $6 billion in shares, though that is unlikely because the government and GM want investors to have more shares available for trading, the people said. Later offerings will be used to sell bigger portions of the government’s position, the people said.

GM will split the stock to a price around $20 a share as is routine in many IPOs, one of the people said.

China’s SAIC Motor Corp., which runs a joint venture with GM in Shanghai, is likely to buy a stake of 1 percent or less, the two people said.

SAIC would buy the shares to show support and firm up ties with GM. The Treasury Department wouldn’t be willing to sell the company more shares, the people said.

GM shares must be sold at about $133.78, before splits, if the U.S. is to recoup its investment, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, said in a letter, the Wall Street Journal reported today.

Including dividends and interest GM already has paid the government, the stock must sell for $131 before splitting for the U.S. to break even, a person familiar with the situation said.

 

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Thu, 09/23/2010 - 12:27 | 600066 Gordon Freeman
Gordon Freeman's picture

GM "stock": the ultimate refuse of a broken, corrupt system...

Thu, 09/23/2010 - 13:07 | 600171 MarketTruth
MarketTruth's picture

America is now all about socialism and contract law was deemed irrelevant by BHO during the GM/Chrysler debacle. Remember, BHO literally slandered on National TV good faith investors (teachers, etc) who had some of their retirement funds tied up in GM/Chrysler. As such, they wanted the legal % back per bankruptcy yet even the paltry 40 cents on the dollar was too much for BHO so he slandered them down far further, thus breaking laws of the USA to make things happen.

Only a total fool would believe that contract/bankruptsy law would be followed if once again these automakers go bankrupt.

Thu, 09/23/2010 - 13:28 | 600239 Red Neck Repugnicant
Red Neck Repugnicant's picture

...contract law was deemed irrelevant by BHO...

This is primarily a function of Obama's ethnicity. In Kenya, contracts are deemed irrelevant if both parties did not dance around a fire during the first full moon after the argeement was made.

We need to return Amerika to the laissez faire, free-market capitalism that was practiced by the Bush administration before January 20, 2009.     

Thu, 09/23/2010 - 13:31 | 600253 traderjoe
traderjoe's picture

Yes, RNR is tolling for an argument. He's just poking to see who he can get to react. That's his MO. Take it like an Andy Kaufman joke...

Thu, 09/23/2010 - 13:44 | 600302 Red Neck Repugnicant
Red Neck Repugnicant's picture

I'm simply agreeing with the post above mine, and the obvious mentality one must have to believe it.

Return the White House to its rightful owners - white Republicans!

Tea Party 2012

 

Thu, 09/23/2010 - 19:42 | 601220 euclidean
euclidean's picture

The is just more of the American dream = rinse and repeat. To remove the stigma of gross financial negligence, GMAC is now called Ally. You don't think Cerberus with exUS V.P Dan Quayle and US Treasury owning an unhealthy portion of GMAC is a coincidence do you?

Rinse and repeat. GM still need to sell cars to an ignorant audience. Can't have them being reminded of past attempts at duplicity now can we?

In order for Treasury to outrightly print money that helps the ignorant on main street, they must first help the ignorant on Wall Street. Family first.

Let the good times roll. I think they should be fast tracking this IPO to get the maximum pain from the next financing sting.

Thu, 09/23/2010 - 13:46 | 600327 MarketTruth
MarketTruth's picture

Red Neck:

We're all living in Amerika,
Amerika is wunderbar.
We're all living in Amerika,
Amerika, Amerika.
We're all living in Amerika,
Coca-Cola, sometimes WAR,
We're all living in Amerika,
Amerika, Amerika.

www.youtube.com/watch?v=6unDcYBQSpQ

Thu, 09/23/2010 - 21:43 | 601386 ZackLo
ZackLo's picture

Forget bush, we need to roll ourselves back to pre 1909  laissez faire.....and tell the banks fuck you we aren't backing your bullshit loans....and people need to be able bank run the banks...It's called a balance sheet check! you ain't got my doe all assets sold off and behind bars...Fuck the FDIC, you want to make a loan no bailout...no handouts..

Thu, 09/23/2010 - 21:45 | 601395 ZackLo
Thu, 09/23/2010 - 12:28 | 600068 pat53
pat53's picture

US taxpayers = bagholders  LOL

Thu, 09/23/2010 - 12:31 | 600074 Id fight Gandhi
Id fight Gandhi's picture

Why bother? Just send the investors some Astros glide while your at it.

Thu, 09/23/2010 - 12:32 | 600076 bullet
bullet's picture

care to elaborate on the SEC curbing of HFT in under 10 days...

Fri, 09/24/2010 - 02:02 | 601679 StychoKiller
StychoKiller's picture

Guess Zero Hedge finally poked enough sharp sticks into the SEC to get them to get off their pr0n-surfing butts and you know, actually investigate HFT practices to see if they really are good for the markets.

Thu, 09/23/2010 - 12:33 | 600080 Segestan
Segestan's picture

Globalization has been good for America.

Thu, 09/23/2010 - 12:40 | 600101 Bearster
Bearster's picture

Market goes up day after day due to QE, Fed, PPT, Treasury, POMO, and HFT, but mostly QE, Fed, PPT, Treasury, and POMO.

Regardless of what you think of the ethics of HFT, how can anyone think that HFT can cause the market to go up and up?  In order for the market to go up, there has to be either a big dearth of sellers or an even larger barrage of buyers.  Either way, it's not about sub-milliseconds, but about hundreds of billions of dollars!

Thu, 09/23/2010 - 12:41 | 600103 Dagny Taggart
Dagny Taggart's picture

Nadda problem. $8-10 billion is a POMO lite. Fed is ON IT.

Thu, 09/23/2010 - 12:43 | 600111 Bam_Man
Bam_Man's picture

$9/hour workers buying $40,000 Chevy Volts with "no money down financing" from GMAC.

Good luck with that business model.

Thu, 09/23/2010 - 13:01 | 600160 Cruel Aid
Cruel Aid's picture

How far can you go at night, with the high powered stereo blasting, in that thing?

Mileage in the 20's... no not MPG.

Thu, 09/23/2010 - 14:38 | 600511 Boilermaker
Boilermaker's picture

What?  Ughhh...ignorant.

Thu, 09/23/2010 - 12:53 | 600133 hedgeless_horseman
hedgeless_horseman's picture

"My investment in GM," are more words that I will never say, along with, "I think I will consider a GM."

Thu, 09/23/2010 - 12:55 | 600141 Dismal Scientist
Dismal Scientist's picture

Why bother IPOing it, since it'll never make a profit ? Oh yes, to screw investors and get some cash in, rather than haemorrhage even more taxpayer cash, that'll be it.

Thu, 09/23/2010 - 12:56 | 600144 IrrationalMan
IrrationalMan's picture

the only way this ipo would go up on the first day of trading is due to a short squeeze

Thu, 09/23/2010 - 13:38 | 600286 ZeroPower
ZeroPower's picture

What?

For the majority (read: retail) you cant short until after the 3day s/s ban on IPOs. PMs of course do what they please with the shares, but its not typical to have your desk short on the 1st trading day.

Thu, 09/23/2010 - 12:58 | 600148 Sudden Debt
Sudden Debt's picture

who the hell will buy that?! It's like buying pinksheets!

After the launch, they'll just print extra shares untill the counter hits a trillion!

Thu, 09/23/2010 - 13:44 | 600322 cowdiddly
cowdiddly's picture

Exactly, every share you buy in a IPO will be constantly watered down with every wave of new stock issue. Not to mention the 19bil in remaining pension liability or the fact that car manufacturers are not a particularly good business model to begin with. Profit margins must be forever be spent on designing next years models. Look at Ford stock for the last 20 years. Usually making profits but the OS continues to go up every year for decades. SUCKER PLAY. 

Thu, 09/23/2010 - 15:07 | 600607 Sudden Debt
Sudden Debt's picture

Good point, GM is the first carmaker owned by pensions funds and unions...

talk about managment... oposition turns navigator...

Thu, 09/23/2010 - 13:05 | 600159 Rainman
Rainman's picture

...

Thu, 09/23/2010 - 13:05 | 600172 Rainman
Rainman's picture

Government Motors is Government Broken. They broke it and we now own it.

Who would lay claim to this corpse with the hangman's noose still wrapped around its neck....namely the UAW ??

Thu, 09/23/2010 - 13:13 | 600195 bigking12345
bigking12345's picture

if Blinder Robertson did this deal and raised $10 million the sec would shut them down again.

Thu, 09/23/2010 - 13:17 | 600206 carbonmutant
carbonmutant's picture

Ninja Motors...

Thu, 09/23/2010 - 13:25 | 600232 carbonmutant
carbonmutant's picture

Coming... Government authorized HFT...

Some investment banks wil be more equal than others...

Thu, 09/23/2010 - 13:29 | 600241 The Rock
The Rock's picture

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E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  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S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M  F U C K  T H E  C R O O K S  A T  G M 

Thu, 09/23/2010 - 13:32 | 600259 traderjoe
traderjoe's picture

I assume this is some sort of word hunt. What words am I supposed to find? You should leave a key...

Thu, 09/23/2010 - 14:04 | 600398 ZeroPower
ZeroPower's picture

When you find it let me know; i too ponder.

Thu, 09/23/2010 - 22:00 | 601407 euclidean
euclidean's picture

maybe it's a word jumble; "i too ponder" can be changed into "o i trend poo", which in jeopardy might be something like "that which is done over at GM finance".

The keywords are - recovery, strong, buy, opportunity, not.

 

Thu, 09/23/2010 - 15:08 | 600613 Sudden Debt
Sudden Debt's picture

I somehow feel anger in your comment. What's your point?

Thu, 09/23/2010 - 20:09 | 601254 Rainman
Rainman's picture

naw, he's just got too much t & t ......time and testosterone.

Thu, 09/23/2010 - 23:39 | 601541 The Rock
The Rock's picture

I wish. I'm very busy and it only took me 5 seconds to create that post.

Thu, 09/23/2010 - 23:47 | 601549 The Rock
The Rock's picture

Yes I was a sucker bagholder of that POS Company!

Thu, 09/23/2010 - 15:43 | 600716 Jim B
Jim B's picture

WOW....  I want to buy the IPO to be a junior shareholder to Obama and the UAW or NOT!

  If you buy the IPO you are asking to be screwed like the GM bond holders were....

 

Thu, 09/23/2010 - 13:29 | 600245 sweet ebony diamond
sweet ebony diamond's picture

Who is buying the IPO?

The Fed?

The Chinese Central Bank?

Or some other megalomaniacal Central Banker?

Thu, 09/23/2010 - 14:12 | 600334 hedgeless_horseman
hedgeless_horseman's picture

Your 401k will buy, and Cramer, too, or else Feds will push the SEC case against his company, TheStreet.com.

 

In the word search, below, find the following phrases:

Cramer is Tyler

Bald is beautiful

long only

bear stearns is fine

honk if you are under SEC investigation

Make up!

more fore-arm curls 

___________________________________________

"EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM?  "EVERYONE GETS LONG AND NOBODY GETS HURT," RIGHT JIM? 

Thu, 09/23/2010 - 13:37 | 600282 Prof Quagmire
Prof Quagmire's picture

 

"$9/hr workers buying $40,000 Chevy Volts....."  And the $9/hr workers, who have no insurance, are expected to pay extra taxes to support multi-millionaire GM management and also UAW workers being paid triple what they're worth. What a country.

Thu, 09/23/2010 - 13:41 | 600305 piceridu
piceridu's picture

Off topic but has anyone tried to SELL any ETF on BofA/Merrill online trading platform?

You can only BUY online and no SELLing allowed on any ETF...was told won't be fixed until April 2011.

Of course...no selling allowed, I didn't didn't get the memo...

 

Thu, 09/23/2010 - 18:18 | 601103 MacHoolahan
MacHoolahan's picture

Ermmmm... serious? And since when? If it's true I'd flag that a bit harder to Tyler et al.

 

The wheels had to come off ETFs at some point (much more paper representing commodities, than held commodities) - could easily soon become a swan of the Afro-Caribbean variety ;)

Thu, 09/23/2010 - 13:42 | 600307 Slartibartfast
Slartibartfast's picture

The government didn't break GM. GM broke itself by putting its head in the sand and refusing to face its many, many faults. The US government's mistake was in propping it up and letting GM blackmail it by threatening to bag its remaining workers. Up here in Canada, Honda and Toyota are expanding yet again...the US still doesn't understand that having a basic healthcare package is good for business, not bad. Or at least the only business it is bad for is Big Healthcare and Big Pharma, which are ripping you off nine ways til Sunday anyway. 

Fri, 09/24/2010 - 02:08 | 601682 StychoKiller
StychoKiller's picture

Sorry, but Govt needs to keep it's greasy, slimy hands OUT OF EVERY MARKET!  End of story.

Thu, 09/23/2010 - 13:43 | 600313 tony bonn
tony bonn's picture

plow under gm for fertilizer....its time has come and gone....a once proud legacy gave way to incompetent management, governmental greed, and union criminality....

Fri, 09/24/2010 - 02:11 | 601683 Mark Beck
Mark Beck's picture

I think the deal should be big, and let the IPO fall where it may. The whole deal is unworkable on so many levels, the taxpayer will never become whole. The government should negotiate a price for guarantee sale of all of its shares up front with the banks and GM as part of the IPO. Convert and be done with it. There would no longer be any Treasury cost of administration or government participation in GM stock ownership or affairs. Done and out. Better for everybody.

----------

But, why IPO?

With the low rates we have today, GM could offer the US Government a set price for all of its shares in a private exchange. Keep the company private. This would reduce pressure on the IPO. The taxpayer would take a loss, but the pain would be a one time event, not drawn out perpetual company backlash. The time will never be right for a taxpayer loss. So get it over with.

The real danger to GM in offering public shares, is having to submit their financials. GM may be better off remaining private for another two years.

Mark Beck

Sat, 09/25/2010 - 22:53 | 604995 CL1
CL1's picture

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