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Thread: GM Posts Nearly $900 Million Profit in 1Q

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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Harry Guerrilla View Post
    GM repaid their government loan with TARP money.

    "The automaker, however, didn't repay any of the loans from its earnings. Repayments came from "other TARP funds currently held in an escrow account," according to a report by the special inspector general overseeing TARP funds.
    Federal investment"

    "The money in the escrow account was part of the government's equity investment in GM and "was going to be available for future problems with GM," Neil Barofsky, head of the inspector general's office, told Congress last week."

    GM repays federal loan with government money - SFGate
    The TARP money that was used was still at the time, GMs money. It was just being held in escrow until they needed it, and they ended up not needing it. It's not as great as paying off the money from profits, but better than not paying off the loans.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by RightinNYC View Post
    I'm sorry to have to do this, but...

    GM's Payback A Start, But An End Still Far Off : NPR



    They haven't even started to pay back the $60b they owe.
    The 60b was not a loan, but the government buying a stake in the company. Kinda a different thing.
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    Quote Originally Posted by Fiddytree View Post
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Redress View Post
    The TARP money that was used was still at the time, GMs money. It was just being held in escrow until they needed it, and they ended up not needing it. It's not as great as paying off the money from profits, but better than not paying off the loans.
    Yea but it kinda puts to rest the idea that they paid it off using their own hard work.

    They paid that loan off, with tax payer money.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Harry Guerrilla View Post
    Yea but it kinda puts to rest the idea that they paid it off using their own hard work.

    They paid that loan off, with tax payer money.
    Semi-sorta. They where able to pay off the loan with that money because they improved to the point there was no longer any realistic chance they needed the money to pay operating expenses. It's still a big positive, just not as big as it could have been.

    Edited to add: Think of it like this, you borrow 25k to cover costs of starting a new business. You manage to come in under-budget by 10k, and take the left over 10k and pay down on the debt. You are still using the money you borrowed to pay the debt, but it's a good thing since it meant you did better than expected.
    Last edited by Redress; 05-17-10 at 02:15 PM.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Redress View Post
    Semi-sorta. They where able to pay off the loan with that money because they improved to the point there was no longer any realistic chance they needed the money to pay operating expenses. It's still a big positive, just not as big as it could have been.
    It would of been fine if they were completely honest about it up front.
    I'm more than willing to put my principles away for honesty.

    The way it was sold was like they generated the money on their own, that's very wrong.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Redress View Post
    The 60b was not a loan, but the government buying a stake in the company. Kinda a different thing.
    True, but it's what most people refer to when they mention "paying back bailout money," e.g. the banks repurchasing their warrants over the past year.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Redress View Post
    The 60b was not a loan, but the government buying a stake in the company. Kinda a different thing.
    Since when does buying a stake give you the right to replace the CEO as well? Lets also not forget what the government did to the shareholders that were owed money.
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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by liblady View Post
    the loan has been repaid, i'm hoping the stock prices will rise so the gov't can start selling some off.
    GM does not currently have any publicly traded securities.

    Investing in a Bankrupt Company: A High Risk Venture

    The SEC and FINRA are issuing this Alert because we believe there may be widespread misunderstanding by investors that stock in the "old" General Motors Corporation (now known as Motors Liquidation Company) is related to the "new" General Motors Company (new GM). FINRA halted trading in old GM (which had been using the GMGMQ trading symbol) on July 10, 2009, and has since issued a new ticker symbol for the old GM stock—MTLQQ—to avoid having it confused with the new GM, which currently has no publicly traded securities.

    This Alert also reminds investors that holding shares of any company involved in bankruptcy, or buying shares in a bankrupt company in the hope that those shares will surge in value down the road, are highly risky courses of action.

    Furthermore, as with the GM situation, companies in bankruptcy are often the subject of rumors in fax or email newsletters, Internet message rooms or on Web sites offering online stock tips. Unfortunately, investors may have received confusing, potentially misleading, information about the old GM. As recently as last Friday (July 10, 2009), newsletters and other promoters have touted the purchase of the stock.

    Two Distinct Companies

    Motors Liquidation Company and the "new" GM are separate and distinct. As stated on the Web sites of both Motors Liquidation Company and the new GM, the new GM currently has no publicly traded securities, and none of Motors Liquidation Company’s publicly owned stocks or bonds are or will become securities of the new GM. Motors Liquidation Company is currently winding its way through bankruptcy court—and there is a real possibility that stockholders will receive nothing from these proceedings. While the common stock of Motors Liquidation has not been cancelled, investors should not interpret that as indicating the shares have any value.

    FINRA - Investor Alert - Investing in a Bankrupt Company: A High Risk Venture
    Investor Alerts

    None of the publicly owned stocks or bonds issued by the former General Motors Corporation, including its common stock formerly traded as "GM", are or will become securities in the General Motors Company ("new GM"), which is an independent company. All of these securities relate to Motors Liquidation Company and will be treated in accordance with the provisions of the U.S. Bankruptcy Code and the rulings of the Bankruptcy Court.

    Management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios. Stockholders of a company in chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. In this case, management strongly believes all such claims will not be fully satisfied, leading to its conclusion that the common stock will have no value.

    https://www.motorsliquidation.com/
    Investor Information

    General Motors Company (the "new GM") currently has no publicly traded securities. Please note that none of the publicly owned stocks or bonds issued by the former General Motors Corporation (now renamed "Motors Liquidation Company"), including its common stock currently traded on the Pink Sheets over-the-counter market under the ticker symbol "MTLQQ", are or will become securities of General Motors Company, which is an independent separate company.

    GM - Investor Information - Home
    The New GM's IPO is still months away, according to Reuters.

    U.S. to hire adviser for GM IPO: report | Reuters

    (Reuters) - The Treasury Department is interviewing Wall Street bankers to advise the government on an initial public offering of General Motors Co GM.UL, the Wall Street Journal reported on Saturday.

    ...

    The Journal said while an IPO is still several months away at the earliest the presentations by the investment banks were held this past week.

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    Re: GM Posts Nearly $900 Million Profit in 1Q

    well, they will realeasing the volt, which i think will boost sales yet again. the malibu is VERY successful, and with the union taking over healthcare for retirees they are saving a bit. i think they'll be alright.

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    Re: GM Posts Nearly $900 Million Profit in 1Q

    Quote Originally Posted by Jetboogieman View Post
    Sorry Sorry. On topic, I wonder how much this profit boost can last? Or when they'll be able to buy back the company from the Gov. Until then, I think the profits mean very little.
    With regard to the points you raise, my only interest would this one:-
    quote(Or when they'll be able to buy back the company from the Gov.)

    Who will (in your mind) be buying back this company.

    The reason I ask is because Governments that take over & Nationalize vehicle manufacturers typically after squeezing more money from greedy speculators, have in time to go back to the Nationalization process prior to seeing such Company's having to be (sold /given) to Chinese.

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