Old General Motors To GM Sell Stock, Warrants 5-24-2011 - WNEM TV 5

Old General Motors To GM Sell Stock, Warrants 5-24-2011

The company that got stuck with General Motors Co.'s debts and bad assets says it will begin selling stock and warrants in the new GM.
Motors Liquidation Co. says in a regulatory filing that the stock and warrants being sold starting Tuesday are worth a total of $5.7 million. Motors Liquidation was split from the new GM by a bankruptcy judge in 2009.
The company says it will sell 87,000 shares of GM worth $2.7 million. It also will sell 158,000 warrants to buy GM stock.
Half the warrants allow people to buy new GM stock for $10 per share and the other half for $18.33 per share. The company says the warrants are worth $3 million.
Money from the sale will help pay old GM's debts and other obligations.
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