EVcast #356. Brits Can Drag Too!

The US Federal Trade Commission might sue GM over claims of paying back their loans in full.

http://www.foxnews.com/politics/2010/04/23/gm-hot-water-ftc-truth-advertising/

• GM received $49.5 billion — $14.5 billion pre-bankruptcy and $30.1 during bankruptcy.
• Of the $30.1 billion, the $16.4 billion was placed in an escrow account.
• $2.8 billion in the escrow account was used to resolve Delphi’s bankruptcy reducing the escrow account to $13.7 billion.

In exchange for the disbursement of $49.5 billion, the government received:

• 60% stake in the new GM.
• $7.1 billion in interest bearing debt ($0.4 billion was paid back in July 2009).
• $2.1 billion of preferred stock.

GM use TARP money that was placed in escrow by the Treasury Department to repay the remaining interest bearing debt of $6.7 Billion. In other words, the Treasury approved the repayment of the loan with the escrow fund, which is similar to using credit cards to pay the monthly mortgage. 

The government hopes to recover the remainder of their investment by selling common stock after GM’s initial public offering that is intended to take place later this year.

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LEAF high speed charging is from high voltage (like 400 V) DC, not from triple phase 480 AC.

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I stand corrected on both counts :) 

Thaks, guys :)

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