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AutoBlog: REPORT: Execs including Bob Lutz, Troy Clarke dump GM stock

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Filed under: Etc., GM, Earnings/Financials

lutz_kaching.jpgAs General Motors teeters on the brink of bankruptcy, several major executives have just taken advantage of an opportunity to sell their stock shares just after the company's quarterly earnings report came out in May. Among them, Bob Lutz, Troy Clarke, Thomas Stephens and several others decided that it was better to cash out and get something, no matter how paltry.

As the June 1 deadline for a workable restructuring plan or bankruptcy filing looms, the suits grabbed what may be their last chance to get rid of their holdings. Departing Vice Chairman Lutz took in $130,989.60 from the sale of his 81,360 shares. GM North America President Troy Clarke sold 21,380 shares for a return of $31,001 - not exactly a ringing vote of confidence in the automaker, but you'd expect so many thousands of shares would bring more money. Ouch.

CEO Fritz Henderson keeps intimating that bankruptcy is where General Motors is headed, and the stock has taken a 90+ percent beating this past year, making all financial activities look like preparation for a bankruptcy filing. Or just an example of rearranging deck chairs on the Titanic. Thanks for the tips, everyone.



[source: Bloomberg]

REPORT: Execs including Bob Lutz, Troy Clarke dump GM stock originally appeared on Autoblog on Tue, 12 May 2009 09:28:00 EST. Please see our terms for use of feeds.

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Departing Vice Chairman Lutz[/url] took in $130,989.60 from the sale of his 81,360 shares.

Wow, just think, when GM stock was up around $40 a share that was worth $3.2 million!

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Wow, just think, when GM stock was up around $40 a share that was worth $3.2 million!

I'm reading a book right now about the Bear Stearns collapse called House of Cards. One of the long timers had stock in the company worth $1.2 BILLION at one point. I don't recall what he got in the end, but I think it was "only" in the 100 million range.

It must have been tough for these guys knowing for perhaps a year or more that GM was going to go bankrupt and they "had" to sit on their shares.

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I'm reading a book right now about the Bear Stearns collapse called House of Cards. One of the long timers had stock in the company worth $1.2 BILLION at one point. I don't recall what he got in the end, but I think it was "only" in the 100 million range.

It must have been tough for these guys knowing for perhaps a year or more that GM was going to go bankrupt and they "had" to sit on their shares.

Nah, they were well compensated for their time and trouble. What is "tougher" is knowing they could not do more and the comparatively 'paltry' sum is the consolation for their efforts as noble or genuine as they may well have been at the time.

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Nah, they were well compensated for their time and trouble. What is "tougher" is knowing they could not do more and the comparatively 'paltry' sum is the consolation for their efforts as noble or genuine as they may well have been at the time.

Oh, I wouldn't say that they actually did anything that caused them any "trouble". :P

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