TOP 100 TRANSPORTATION AND LOGISTICS SITES
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| GM Liquidates Two Employee Benefit Plans Tyler Durden submits: In an 8-K released on Friday, GM announced that it has liquidated two key employee benefit plans (the Savings-Stock Purchase Program and the Personal Savings Plan). The plan custodian State Street started selling the plan assets, consisting entirely of GM stock, on March 31 and reinvesting proceeds into fixed-income investments and money market funds. The plan liquidation is permitted if State Street determines one (or both) of the following: "((A)) there is a serious question concerning General Motors Corporation’s (“GM” or the “Company”) short–term viability as a going concern without resorting to bankruptcy proceedings; OR ((B)) there is no possibility in the short-term of recouping any substantial proceeds from the sale of stock in bankruptcy proceedings."Complete Story » seekingalpha.com |
Porsche Still Scrambling to Raise Cash Tyler Durden submits: Zero Hedge favorite soap opera extraordinaire is about to enter the final season. Porsche, which as we noted in the past doesn't have either the cash to exercise its massively profitable Volkswagen options, nor the cash to actually stave off bankruptcy for long, has bypassed the hedge fund investor rescue route completely (no surprise there) and instead is trying to sell an unknown stake (likely at least 25%) to the Qatar Investment Authority. Quote Bloomberg: Stuttgart-based Porsche may conclude an accord with Qatar by the end of June, said the two people, who spoke on condition of anonymity because the discussions are private. Negotiations about the sale, held exclusively with the Persian Gulf state, are proceeding “in a good atmosphere,” said Porsche spokesman Albrecht Bamler. He declined to comment on a price. Complete Story » seekingalpha.com |
DynCorp Takes Afghanistan Increasingly frozen out by the U.S. military, KBR concedes the Afghan battlefront. forbes.com |
Southwest’s Ratings Go South Zacks.com submits: Standard & Poor's Ratings Services has lowered its ratings on Southwest Airlines Co. (LUV), lowering the debt ratings to 'BBB' from 'BBB+’ and placing it with negative implications. However, Southwest has retained its investment grade rating.The downgrade reflects lower operating cash flow caused by record high fuel prices, low global demand for air travel and weak prices. The travel downturn has eroded the airline's flow of cash at a time when the airline faces substantial fixed obligations and declining cash balances. Southwest's cash balance fell to $902 million in the third quarter from $1.4 billion at the end of 2008.Complete Story » seekingalpha.com |
Soros Quadruples Dana Holdings Stake, Cuts Global Ship Position Market Folly submits:George Soros' hedge fund firm has recently filed two separate 13G's with the SEC to update some of its positions. Firstly, we see that Soros Fund Management has disclosed a 5.26% ownership stake in Dana Holding Corp (DAN) with 7,331,132 shares. The filing was made due to activity on November 20th, 2009 and represents a massive increase in Soros' position in DAN. As per its last 13F filing where the fund disclosed its positions as of September 30th, Soros owned only 1,500,000 shares of DAN. This means Soros has heavily boosted its equity stake in the past two months.Additionally, we see that George Soros has also continued to sell down his stake in Global Ship Lease (GSL). His hedge fund now owns a 1.82% ownership stake in GSL with 864,500 shares as per an amended 13G filing with the SEC on November 24th, 2009. Do note that these shares are represented by warrants that Soros owns on GSL.Complete Story » seekingalpha.com |