Wish I did, however, have some GM stock (No I don't) - All I can think of is the next oil change, and paying for it. Anyway here is the report for your review:
FROM REUTERS:
"Sources have previously told Reuters that a follow-on share sale could be worth about $10 billion -- but since GM shares have dropped below their $33 IPO price, some have suggested that the sale could be smaller.
GM's shares are now at their lowest since their IPO. They closed at $29.97, or 9.2 percent below the IPO price on the New York Stock Exchange on Monday.
If the stock doesn't recover, a share sale now would add to the government's losses on the $50 billion it poured into GM during the financial crisis to help the one-time blue-chip avoid liquidation.
The government lost money on the IPO but had hoped to recover the money in follow-on offerings.
The government is willing to take a loss on its investment in GM because the Obama administration wants to end its involvement with the automaker ahead of the 2012 U.S. elections, the Wall Street Journal reported.
The government would need to sell its remaining 500 million or so shares at $53 apiece to break even, the paper reported.
GM is expected to report a profit in the first quarter, the paper said, citing unnamed sources.
June would be the earliest a share sale could take place. It could also happen in the first half of August or after Labor Day, one source told Reuters.
An additional share sale could happen in November or December, that source said."
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