How does the New GM IPO impact the New GM stock held by Motors Liquidation Company?
Motors Liquidation Company holds approximately 10% of the New GM common stock outstanding and warrants an additional 15% of New GM common stock on a fully diluted basis. In addition, if the total amount of allowed general unsecured claims against the Debtors exceeds $35 billion, Motors Liquidation Company may receive up to an additional 10 million shares of New GM common stock (on a fully diluted basis). The Debtors have previously indicated that such stock and warrants will be available for distribution to the Debtors’ general unsecured creditors pursuant to a plan of liquidation. Motors Liquidation Company had the right to offer some or all of its New GM common stock and/or warrants in the IPO and consulted with the Official Committee of Unsecured Creditors (a representative body for all unsecured creditors on which Wilmington Trust sits) on whether or not to participate. Based upon the then available facts and circumstances, and upon a review of the detailed analysis of its professi
Motors Liquidation Company holds approximately 10% of the New GM common stock outstanding and warrants an additional 15% of New GM common stock on a fully diluted basis. In addition, if the total amount of allowed general unsecured claims against the Debtors exceeds $35 billion, Motors Liquidation Company may receive up to an additional 30 million shares of New GM common stock (on a fully diluted basis). The Debtors have previously indicated that such stock and warrants will be available for distribution to the Debtors’ general unsecured creditors pursuant to a plan of liquidation. Motors Liquidation Company had the right to offer some or all of its New GM common stock and/or warrants in the IPO and consulted with the Official Committee of Unsecured Creditors (a representative body for all unsecured creditors on which Wilmington Trust sits) on whether or not to participate. Based upon the then available facts and circumstances, and upon a review of the detailed analysis of its professi
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