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General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.
GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.
GM might have dealt Pontiac a quick and undignified death, but the late performance oriented marque lives on. In classic car circles Pontiacs represent some of the most desirable vehicles of all, especially those from the muscle car era. And if perhaps to illustrate the point, on June 19th, RM Auctions will host it's Classic Muscle and Modern Performance sale, at the Town and Country Resort and Convention Center in San Diego, CA; the highlight of which will be an impressive number of primo Pontiac muscle cars, including a select number of GTOs and Firebird Trans Ams being offered for sale from the private collection of Jim Wangers.
For anybody with even a passing interest in muscle era Pontiac power; Wangers needs no introduction. Working at the Advertising Agency of McManus, John and Adams in the 1960s; Wangers, via his now legendary promotion techniques, helped cultivate a performance image for the Pontiac brand that resonates with enthusiasts to this very day.
Among the cars up for auction from his personal collection, include a 1965 GTO hardtop, a 1966 GTO convertible; two Carousel Red 1969 GTO Judge coupes, one of which is an original Drag Race dealer program car; a 1967 Firebird 400 magazine project car "Greenbird," an original 1969 Trans Am (one of just 697 ever built) a 1979 10th Anniversary Trans Am; 1989 20th Anniversary Turbo Trans Am and a 1999 30th Anniversary Trans Am that was featured in Car & Driver and Motor Trend magazines, back when it was new.
The Auction is one of the most highly anticipated of the year and is likely to draw substantial crowds and a ready number of potential buyers for these rare and desirable Pontiacs. Check out our gallery below or hit the link for full details and specs on all the cars. Plus, make sure you stick with AutoGuide for our follow up report to this one-of-a kind auction.
Pontiac owners are abandoning the brand when it comes time to purchase their next vehicle, according to a report in Automotive News.
Pontiac's moderately priced sedans like the G6, Grand Prix and G8 were affordable transportation for many consumers. With those products gone, all that GMC-Buick dealers (who formerly carried Pontiac products) can offer are more expensive fare like the Buick Lacrosse, which starts at $26,000.
Pontiac customers who do stick with GM tend to gravitate towards Chevrolet, which offers larger, moderately priced sedans that are a familiar transition for Pontiac owners. GM has offered a $1,000 rebate to Pontiac owners as well as four free oil changes as an incentive to stay with the company. GM spokesperson Tom Henderson said that "the loyalty rates of Pontiac owners are in line with our expectations," but declined to give any data.
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