$13.6 Billion Remaining in GM's Bailout Escrow Account
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
The form also confirms that GM spent about $417M on GM-Daewoo’s recent rights offering, but notes:
GM has not finalized the accounting treatment for the participation in GM Daewoo’s equity rights offering.
I wonder if there was a Powerpoint presentation at the Consumer Reports subscription meeting? GM, please die immediately. I've had enough. Just when I think I've heard it all, something even more ridiculous is made public by one of your idiot executives. You have no plan to be successful any time soon, so you *will* fail. Just get it over with so the U.S. taxpayers will no longer be forced to give you money whenever it's requested. Everyone thought SNL was joking last year about the bailout situation, but they were actually predicting the future.
The picture quality is horrible, and so fitting.
@JSF22 That is a direct quote from the article, but not a direct quote from Docherty. She didn't say, "We had 12 in 2008 and less in 2009, see that is a gain." It would be interesting to note what the nameplates were. GM lost 4 brands, so any Pontiacs, Saturns, Hummers(ok, not likely a Hummer on the list), and Saabs will be off the list.