Mexican Media Brands
Hedge Fund Nominates Three GM Board Members
New York City-based Greenlight Capital Inc. says it has nominated three independents to the General Motors Co. board, presumably to push for splitting GM shares into two classes.
#economics
Share
New York City-based Greenlight Capital Inc. says it has nominated three independents to the General Motors Co. board, presumably to push for splitting GM shares into two classes.
The hedge fund is headed by David Einhorn (pictured). Last month he proposed that GM continues to offer conventional shares that pay a dividend but add a second class of stock aimed at investors that would distribute earnings to its holders. Einhorn estimates the two-class strategy, which GM dismisses as “unacceptably risky,” would hike GM’s $52 billion market capitalization by as much as $38 billion.
Greenlight complains that GM is misrepresenting its proposal to rating services. The fund wants permission to present its case directly to those agencies. GM says it has portrayed the fund’s idea “fully and fairly.”
Greenlight’s nominees are Leo Hindery Jr., managing partner of InterMedia Partners and former CEO of Tele-Communications, Liberty Media and AT&T Broadband; Vinit Sethi, Greenlight’s director of research; and William Thorndike, chairman of Consol Energy and managing director of private equity investor Housatonic Partners.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.