Word: uaw
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...Voluntary Employee Benefit Association (VEBA), the UAW health-care trust...
...principle shareholders of any new GM - the U.S. Treasury, Canada's federal government and the United Auto Workers (UAW) - are keenly interested in getting GM stock back into circulation. "There is a lot of interest from the future stakeholders ... to start the process of selling down the shares. All agree that it's important to make General Motors a publicly traded company," says Ray Young, GM's chief financial officer. The earliest it would happen, Young projects, is around the first or second quarter of 2010. (See pictures of the remains of Detroit...
...Meanwhile, UAW president Ron Gettelfinger, who is concerned about the cash drain on the union's health-care trust, or VEBA, is eager to sell the shares as soon as possible. He may have to wait, however. The timing of the sale would be up to outside advisers, and there would be at least three - one for the U.S., one for Canada and one for the UAW - who would all have to reach consensus on a strategy for maximizing value. That most likely means a gradual release of the shares once an IPO of the new GM has occurred. After...
...stay at that level in the future. However, union leaders argued that GM should keep the plants as a hedge against a robust recovery in new vehicle sales, possibly next year or the year after. "We know they're not going to [be at] 10 million units forever," said UAW vice president Cal Rapson, and the White House apparently relented...
...Even within the UAW, that note of selfless sacrifice rings a little less than true: "The government made us do it," says a union official...