The New GM is Official

The New GM is now official. Having been in court to determine the ownership of the company for mere weeks, the automotive giant now finds itself divided up between governments, unions, and creditors. Here’s the final breakdown:

For the $50 Billion US donated by the US government, the courts have decreed that 60% of the New GM will go to the federal government. Likewise, having forked over $9 Billion US, our own federal government is to receive a 11.7% stake. Oddly enough, the UAW, whom many blame for the collapse of the US automaker’s market, will receive a 17.6% ownership share, with the remaining 10% going to “old” GM and more importantly, “old” GM’s creditors.

Not surprisingly, by the time the dust has settled, we find the New GM to a vastly smaller company, with four less brands, countless less product, a smaller dealership network, far less employees, and a smaller presence in Europe. But with the problem of wanton needless brand and product overlap (Tahoe, Suburban, Avalanche, Tahoe Hybrid, Yukon, Yukon XL, Yukon Denali, Yukon Hybrid, Yukon Denali Hybrid, Cadillac Escalade EXT, Cadillac Escalade, Cadillac Escalade ESV, Cadillac Escalade Hybrid, etc etc) far from remedied, it would appear that the New GM still has its work cut out for it.