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Loan Modification

: Mortgage Lender Implode-o-Meter

GM Is Officialy Wiping Out Common Shareholders

By Implode-Explode Heavy Industries

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" In a filing today with the SEC, GM announced that it would issue 60 billion new shares, in order to "pay off" debts to the government, its bondholders and the UAW. And since the government would end up being the majority owner, only the approval of the US Treasury would be needed (talk about a gating factor)."

Full post as published by Mortgage Lender Implode-o-Meter on May 06, 2009 (boomark / email).

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