Bob Lutz And Five Other Execs Cash In Their GM Stock

GM World Headquarters







These six executives disclosed that they sold their GM shares this past Friday and Monday. This is an obvious sign of a GM bankruptcy. After all the free money they received from the government, GM simply could not make it work. Once they fold, Ford will be sole survivor of the "Detroit Three" to survive without bankruptcy. Chrysler is currently in the midst of their bankruptcy proceedings.

According to the filings, the five other executives who sold all of their GM stock holdings were: Lutz's successor, Thomas Stephens; GM North America President Troy Clarke; Chief Information Officer Ralph Szygenda; manufacturing chief Gary Cowger; and head of European operations Carl-Peter Forster.

In filings with U.S. securities regulators, the GM insiders led by former Vice Chairman and product chief Bob Lutz detailed stock sales on their behalf on Friday and Monday during a trading window for such transactions.

Lutz, who is now an adviser to the automaker, sold $130,989 worth of GM stock at the closing price of $1.61 on Friday.

That sale of the 81,360 shares cleared out all of Lutz's direct holdings of GM stock, according to his filing with the Securities and Exchange Commission.

GM is headed for either a bankruptcy filing or an out-of- court restructuring that would wipe out current stockholders by flooding the market with new shares to pay off creditors.