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Tag: Stock

Hey.. Buy our stock, but...

By JGillman, Section News
Posted on Wed Aug 18, 2010 at 06:06:49 PM EST
Tags: GM, Government Motors, Stock, IPO, Disclosure (all tags)

Don't get your hopes up.

Not that anybody should expect an industry that still has a shock collar of union interest around its neck to do very well anyway. General Motors is selling some of its action to lucky buyers. In the filing of the IPO today, GM lowers your expectations:

"The ability of our new executive management team to quickly learn the automotive industry and lead our company will be critical to our ability to succeed.
Within the past year we have substantially changed our executive management team. We have elected a new Chief Executive Officer who will start on September 1, 2010 and a new Chief Financial Officer who started on January 1, 2010, both of whom have no outside automotive industry experience."

Per der kommisar's wishes, NO-ONE qualified to run the company need apply. In fact, even if they did, and got jobs, the discovery of whats under the hood might scare the lug nuts off em. Continuing:

"We have determined that our disclosure controls and procedures and our internal control over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our business plan."

So the filing for the IPO for the NEW Government Motors includes a disclosure that: A. They have potentially incompetent leadership, and B. No idea where the money gets spent and a lack of oversight for such things.?

As they say in the biz.. "Read the Prospectus." Ay yi yi..

(9 comments) Comments >>