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I am in need of some help from Fools out there.

I read in Barrons about 12 months ago that GM was trading at around 3x eps if Hughes's share price (GMH) was deducted from the GM share price.

Now my understanding of "tracking" or "letter" stock is that is has the economic benefits of a subsidiary without any legal right to the assets. The corollary of this is that the "rump" or core shares (in this case GM) do not have any exposure to the tracking stock (in this case GMH).

I therefore put last years Barrons article down as an unfortunate editorial error.

I was therefore very surprised to see in this weeks Barrons ("The Trader") that GM was again being discussed in terms of splitting off GMH.

Can anyone please help me.


A Very Confused GM investor.
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