I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
Now that the newly restructured General Motors has posted its first profitable quarter in three years and looks to be on its way back to stability, the U.S. Treasury Department is preparing to sell off its stake in the company sometime after it makes an Initial Public Offering of stock.
The Detroit News reports that the agency has hired an investment firm to advise them on how to handle the divestment of that stake:
The U.S. Treasury Department hired New York investment bank Lazard Frères & Co. to advise it on General Motors Co.’s initial public stock offering.
The Treasury signed the contract with Lazard on Monday and made it public Friday. Lazard will counsel Treasury on selling its stake in the automaker.
The government owns 61 percent of GM, which it swapped for about $43 billion of the $50 billion it loaned to the automaker. GM has repaid $6.7 billion. The advice also may cover the Treasury’s investments in Chrysler Group LLC and Ally Financial Inc., formerly GMAC Inc.
That IPO might happen before the end of this year. The government will have to wait for the market to set a fairly stable price, then sell its shares of stock slowly in order to avoid depressing the value by flooding the market. It will probably take a year or two before all the stock is sold off.
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