Red GM's S-1 Filing Here
August 18th, 2010 5:09 PM Share
GM has filed its S-1 paperwork with the Securities and Exchange Commission. Read the entire document here.
Published August 18th, 2010 5:09 PM
Join the conversation
very first thing I see is "Deloitte and Touche". that alone tells me to stay far away...this firm has audited GM for over seventy consecutive years. during the reign of Red Ink Rick we had "material weaknesses" disclosed in the financials year after year. there is no arms' length in that relationship.
Sorry, I don't read prospectuses for less than $400/hr. Besides, I have to do the dishes.
tl;dr but did it mention the billions they stole from the US taxpayers?
"For example, we have announced that we intend to produce by November 2010 the Chevrolet Volt, an electric car, which requires battery technology that has not yet proven to be commercially viable. There can be no assurance that these advances will occur in a timely or feasible way, that the funds that we have budgeted for these purposes will be adequate, or that we will be able to establish our right to these technologies. However, our competitors and others are pursuing similar technologies and other competing technologies, in some cases with more money available, and there can be no assurance that they will not acquire similar or superior technologies sooner than we do or on an exclusive basis or at a significant price advantage." These may be stock weasel words, but it amounts to another admission by GM that the Volt may always be a money-loser. This doesn't seem like the winning strategy of a company determined to become profitable. The Volt's completion is simply the result of government mandate, empowered by its ownership.