Tag: escrow

By on November 2, 2009

\Stop me if you've seen this one... (courtesy:spillingcoffee.com)

GM was given its last $30B of taxpayer money as it entered bankruptcy in early June of this year. By the time GM exited Chapter 11 protection on July 10, there was only $16.4B left in its bailout escrow account. According to an 8-K form filed today with the SEC, GM now has only $13.6B remaining in that account, less than one-third of GM’s $50B total bailout (not counting assistance to GMAC). GM’s rescue of its major supplier, Delphi, consumed $2.8 billion from its escrow account. According to the form:

Approximately $1.7 billion was utilized to acquire a membership interest in the new Delphi entity and approximately $1.1 billion was expended in the acquisition of Delphi’s global steering business, certain domestic facilities and other related payments

(Read More…)

Recent Comments

  • Erikstrawn: Tax gas per gallon and electricity per kw/h. Done. It might even cause us to think a little more about...
  • FOG: We need someone from TTAC to go under cover at these events and get us the inside scoop. Or maybe hire someone...
  • Timothy Cain: Ah, the old pull half a quote out of context trick. I see what you did there.
  • cargogh: Unless they’re doing relay races, it sounds like not a single policeman in Detroit gets Saturday...
  • JerseyRon: Yes, I realized Doug posted this over 2 years ago so why comment now? I couldn’t help but be struck...

New Car Research

Get a Free Dealer Quote

Staff