U.S. Treasury Sells More GM Stock
Last month the U.S. Treasury Department sold $877 million in General Motors stock, keeping it on track to unburden itself of all its GM shares by early 2014. According to a report sent to Congress by the U.S. Treasury this past Monday, the Treasury traded the stock between $34 and $37 per share in the month of July, showing that between 23 and 26 million shares were sold. Between 135 to 137 million shares of the automaker's stock remains in the government's hands, and with the rate that the stocks are selling, it should only take another six months before the U.S. Treasury no longer has any stake in the company. Already, $34.6 of the $49.5 billion has been recovered from the General Motors bailout. This past December, the government owned 61 percent of the company with just over 500 million shares. The United Auto Workers health care trust closed this past Monday, with a sale of $171 million from GM warrants it acquired thanks to the restructuring back in 2009. Currently, the trusts contains 45.4 million warrants that it is selling, letting buyers purchase GM stock at $42.31 before the end of 2015. Warrants can be bought as $3.85 per warrant, which lets the buyer purchase one GM share. Also on Monday, GM stock sales were down .1 percent at $35.98.Source: Detroit News
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