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Non-Tech : GM - General Motors

GM 66.88

-2.0%

Nov 4 3:59 PM EST

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From: Green Receipt	9/4/2010 12:29:12 PM
	of 543

General Motors Upcoming IPO Has anyone looked into the details of this? So far I'm not too impressed. I read on reuters ( reuters.com ) the government wasn't planning of getting rid of any of its preferred shares in the IPO. I do not recall the details of the preferred shares at the moment. Perhaps someone can refresh my memory, but I think they have weighted voting rights. Such that its something like 10 votes per 1 common vote or something like that which if i recall still would give the government control over the company even if the public buys shares. It's gonna take some SEC browsing to dig out the details of the preferred share deal: sec.gov page 30 of the 8/18/2010 ipo prospectus is telling. In a report dated june 30, 2010 they admit their controls are weak: "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. ... 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." You should read that part. Seems like it's too early to IPO IMO. sec.gov

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