6 GM executives sell more than 200,000 shares

DETROIT: Six General Motors Corp. executives recently sold more than 200,000 shares of the automaker as GM moves toward issuing new equity to give large stakes to the US government and a United Auto Workers retiree health care trust fund.

Four group vice presidents and two vice chairmen sold nearly 205,000 shares Friday and Monday at prices ranging from $1.45 to $1.61 per share. GM shares closed Monday down 17 cents at $1.44.

Spokeswoman Julie Gibson says the sales don't show a lack of faith in the company. She says GM has disclosed publicly that shareholders run the risk of significant dilution or possibly losing their investments in a potential bankruptcy filing.



"They're not operating with any knowledge that other people don't have," she said. The executives had a short window of Friday through Tuesday to sell the shares, she added.

Executives selling stock include retiring Vice Chairman Bob Lutz, who disposed of 81,360 shares at $1.61 each for a total of $130,990. Vice-chairman Thomas Stephens and group vice-presidents Carl-Peter Forster, Ralph Szygenda, Gary Cowger and Troy Clarke sold smaller amounts.

GM has received $15.4 billion in government loans and faces a June 1 deadline to finish restructuring or head into bankruptcy protection.