$13.6 Billion Remaining in GM's Bailout Escrow Account

Edward Niedermeyer
by Edward Niedermeyer


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.

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4 of 15 comments
  • Brettc Brettc on Nov 03, 2009

    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.

  • YZS YZS on Nov 03, 2009

    The picture quality is horrible, and so fitting.

  • Pch101 Pch101 on Nov 03, 2009
    it seems Fritzie is going to buy Consumer Reports for his executives, who don’t otherwise pay attention to it, and who apparently don’t know they’ve started selling it on newsstands and even making it available on that new thing called the Internet. More to the point, this tells you that dissent within GM has been unwelcome, and Consumer Reports represented unwelcome criticism. CR was ignored because it said things that nobody within the company wanted to hear. GM has spent decades responding to criticism by ignoring it, suppressing it and attacking it. You can see it on the fan boy forums, but it must happen at the corporate level as well.

  • Steven02 Steven02 on Nov 03, 2009

    @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.