Bob Lutz, Gary Cowger and other GM execs unload stock
General Motors’ former Vice Chairman and product chief Bob Lutz, his successor, Thomas Stephens, manufacturing chief Gary Cowger, GM North America President Troy Clarke and Chief Information Offices Ralph Szygenda have sold all their GM stock.
The five disclosed the sales, which took place last Friday and yesterday, in filings with the SEC. The senior GM executives netted about $315, 000.
Lutz sold 81,360 shares at $1.61 each for a total of $130,989.
The five obeyed all laws regarding insider trading and sales, but the transactions could be taken as a sign GM is headed for bankruptcy, which could have rendered the shares worthless. Even if GM avoids bankruptcy, the existing shares could be worth as little as two cents after GM completes a 60 billion share issuance in accordance with its plans for reorganization.
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