GM's Next Shoe?

[Stuart F.]

Just got an email from GM for retirees advising of a special broadcast this coming thursday @ 9:15 to 9:35 AM on their website concerning retirees. Hummmm, is this another shoe to drop on our benefits or the offer of a new Corvette???

Stu Fox

[John H.]

Re: GM's Next Shoe?

Just got an email from GM for retirees advising of a special broadcast this coming thursday @ 9:15 to 9:35 AM on their website concerning retirees. Hummmm, is this another shoe to drop on our benefits or the offer of a new Corvette???

Stu Fox

Stu -

Probably a promo for the IPO - Akerson's going to ring the opening bell at the NYSE that morning.

[Stuart F.]

Re: GM's Next Shoe?

John;

Thanks. Makes sense (I think). I have not been following the IPO very closely, so I guess when I get a message of any sort I expect the worst. I guess we still have until next year to see if they will be able to fund the salaried pension fund. Can't keep passing it out for everything else including pensions before it eventually is depleted.

Thanks again.

Stu Fox

[Bruce B.]

Re: GM's Next Shoe?

The GM IPO which sells on Wednesday Nov. 17, is guesstimated to sell for $26 to $29 per share. The plan is to sell 365,000,000 shares.
The GM shares will start trading on Thursday.
It will be interesting to see if it goes crazy...
My Fidelity guy does not even know if they will get an allocation. Usually the bankers seem to allocate to the guys with the real big money.

[John D.]

Re: GM's Next Shoe?

Looks like GM is courting retirees and employees who have a shot at a small percentage of the shares in the IPO. I may wade in ....

http://www.nytimes.com/2010/11/15/bu...1&ref=business

[Richard J.]

Re: GM's Next Shoe?

They know that their retirees have enough money to be able to reinvest it...

[Bob H.]

Re: GM's Next Shoe?

It is supposed to be unfervalued at the IPO price. If you can buy in, I would at least for the short run.

[Ronald L.]

Re: GM's Next Shoe?

I'll trade some of those $75 per share pieces of paper I have in the drawer for what ever you buy Wednesday

[Stuart F.]

Re: GM's Next Shoe?

Richard;

What's with this "Retirees have lots of money". You must be speaking of the Union retirees. Us hard working salaried retirees have been on welfare ever since GM cut out the Foreman's Formula in the mid 80's or so. Seems too that whenever they needed to find more funds for another Union program, they took something back from us. The good old days of COLA are a faint memory. You don't see any salaried GM retirees on the Golf Links here in Florida, or driving new Cadillacs!

Stu Fox

[Stuart F.]

Re: GM's Next Shoe?

One correction: that should read "Lexus or Infinities". Salaried retirees, like myself, are just getting by with 10 year old Chevy Impalas.

Stu Fox

[Bruce B.]

Re: GM's Next Shoe?

Stu,

You hit the nail on the head, exactly!!!

My brother in law, GMI grad, 40 years with GM now gets about $300 a month for insurance from GM. That might buy a few weeks worth but don't forget the giant deductables.

But wait, obama will get to the union guys sooner or later.