U.S. Auto Bailout Team Member Seeks GM Board Seat

The head of a corporate turnaround firm who served on the government team that restructured Chrysler and General Motors wants a seat on GM's board.

Harry Wilson, chairman of Maeva Group LLC, says he also intends to propose GM buy back $8 billion of its stock in a move to build shareholder value.

Wilson, 43, is working with four investment funds that hold a combined 34.4 million shares in GM and says he would receive a share of their profits in a stock buyback. GM identifies the four investment groups as the Appaloosa, Hayman, HG Vora and Taconic parties.

The investors complain that GM is overcapitalized and its stock is "substantially" undervalued. The company's board says it will study Wilson's proposal. But GM has emphasized it is determined to maintain a "fortress" balance sheet to avoid future financial problems. GM currently has $25 billion in cash and securities and $12 billion in credit.