The payout line says that it must be announced that they will receive additional funding to push it over the $15B threshold. This morning's press conference said that yes GM will receive additional funding if they restructure to Obama's liking.

IMHO, since the announcement is conditional, that it doesn't meet the payout statement.

Thoughts?

www.whitehouse.gov/blog/09/03/30/GM-and-Chrysler/

From a transcript of Obama's speech on GM's plan:

"my administration will offer General Motors adequate working capital over the next 60 days. And during this time, my team will be working closely with GM to produce a better business plan."

So if the "working capital" pushes the amount to $15 billion or more, this prop should payout long.

Since no dollar amount has been set, and this prop ends tomorrow; this should pay out short.

So far, GM has received $13.4B, so that is $2.6B short of fulfilling this prop. Yes, Obama mentioned supplying GM with "adequate working capital", but this was done to simply motivate GM into coming up with a better restructuring plan. Plus, how do you not know he wasn't simply referring to the $13.4B already promised? In the same speech, he also threatened GM with a government forced bankruptcy if they didn't get their stuff together.
Assuming no firm number is garaunteed to GM in the next 2 days, here is what GM will have been already given or promised: $13.4 billion, plus "adequate working capital". You tell me, does that sound like the payout criteria of $16 billion? I didn't think so either...

Nope. If a spacefic amount is said, well that would be the icing on the cake but with out that it is just a close miss.

The prop says 15 billion, so they are only 1.6 billion away from meeting that. I think as long as the "adequate working capital" goes undisclosed this stays short.

one thing though Taylor stated earlier that monies that were directed to GMAC mortgage wouldn't count towards that prop and if i remember right GM itself has only received around 7 billion. So that leaves them needing about 9 billion to meet the prop.

Does anyone has a confirmation that GM received 15 billion or more as of today at 15:00 hrs EST?. I guess not.
Has an amount been given as to how much they will get? I guess not.
What I see is that GM is now bankrupt and in a controlled way being run by the government. This is the only way to get rid of the the unions and pension plans and allow GM to reemerge as a new corporation in our socialist country.

This one went short.

so I guess grusso7 is not UAW. haha

Grusso, you're such a greedy capitalist!
:)

I guest my comment has been misinterpreted. I’m a capitalist but most of all I like the protection that the old constitution used to give us. I’m not happy that unions are gone. On the contrary the middle class used to exist on this country thanks to the unions who were the last line of defense against the greedy corporations. I hate that faggot actor Reagan who force the air traffic controllers to go to work when they demanded more money. That was an outrage at that time but none of the other unions steep in to help. Since then is sad what has happened to this country. Unless we return to our old ways of doing business and running the government by the statues of the constitution we will be a 3rd world country with the rest of them. For what I’m see all I’m waiting now is for the monkey in the suit to wave a red flag I don’t want to change I want the old true ways back!

I believe it is short, too .. Unless there is a some way to confirm this without an "announcement" as confirmation of the $15B "...bailout to avoid bankruptcy..."

I don't think the "operating capital" would count .. the amount is unspecified, and it can't be spent yet .. certainly not the $1.6B shortage for this prop ..

"This proposition will pay off at POP$100 per share if GM receives confirmation that it will receive $15 billion or more in U.S. government funding )a “bailout”) to avoid bankruptcy at any point before March 31, 2009 at 3 p.m. EST. "

Ronald Reagan was gay?!?!?

Bi, but that was in his later years, and he wasn't really aware of what was happening...