Posted on 04/08/2010 7:51:51 PM PDT by Lorianne
General Motors Co. said Wednesday it planned to pay off its government loans by June five years ahead of schedule and could report a profit as early as this year.
GM, steadily returning to health after its bankruptcy filing last year, said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion. But things are on the upswing, the company says.
Sales and production have increased, and GM has gained U.S. market share since the start of the year.
The company also reported several indicators of improving health: It took in $1 billion more than it spent in the period and began this year with $36 billion in cash and $60 billion in debt. At the start of 2009, it had $14 billion in cash and $104 billion in debt.
General Motors should never again be in the financial position it found itself in last year, GM Chief Financial Officer Chris Liddell said during a conference call.
[buried way at the bottom]
GM owes an additional $45.3 billion to the government. That will be repaid when GM makes a public stock offering.
(Excerpt) Read more at kansascity.com ...
Here is the five year chart. Yikes.
Motors Liquidation Company.
Hmm. Maybe we should stop calling it Government Motors.
Will they be putting an MLC logo on their cars and trucks?
See #21. They DID have a chart. Now it’s called Motors Liquidation Company. I guess they didn’t want to mention that technicality in the article.
Let's cut to Wayne Campbell for his up to the minute comments.
"Okay - and monkeys will fly out of my butt!"
Since no one else responded:
You CANNOT buy stock in GM. What you’re looking at that had a trade at $.75 is extremely dated data. When the old GM went bankrupt they transferred their assets to the new GM, and renamed the old company “Motors Liquidation” which now trades as MTLQQ.PK . The $.75 trade was likely the last trade executed before the creation of the new GM and transfer of the assets.
The new GM is NOT publicly traded. You cannot buy stock in it, nor has its stock ever been available for purchase. It is also not listed on the stock exchange.
Motors Liquidation, MTLQQ.PK, is available for purchase, but you’re just buying the bankrupt shell of the old GM. The “CEO” of Motors Liquidation will be the first to tell you NOT to buy that stock, as there is no value for shareholders and all the company is doing is liquidating the remnants of the old GM that the new GM didn’t want.
Why stop?
GM is not the same thing as “Motors Liquidation”. Motors Liquidation is the old GM. That’s a separate company from the new GM, which is what is now losing money....
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