Message Font: Serif | Sans-Serif
 
No. of Recommendations: 3
A General Motors stockholder representing four investment funds has told the company he'll seek a seat on its board at the annual meeting this summer and will push for an $8 billion stock buyback to take place next year.

Harry Wilson, a former hedge fund manager and one-time member of the Obama administration task force that helped to restructure GM and Chrysler in 2009, disclosed his plans in a meeting with GM CEO Mary Barra on Feb. 3.


...

Wilson, according to the GM statement, represents Taconic Parties, Appaloosa Parties, HG Vora Parties and Hayman Parties, which together own 34.4 million GM common shares, or 2.1 percent of the company.

Wilson, 43, of Scarsdale, New York, is seeking the board seat and stock buyback because he believes GM's stock is undervalued and the automaker is "substantially overcapitalized," according to his notice letter to GM. The share repurchase will create shareholder value, the notice said.



This seems a bit ironic to me.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.