• May 12th 2009 at 9:28AM
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As General Motors teeters on the brink of bankruptcy, several major executives have just taken advantage of an opportunity to sell their stock shares just after the company's quarterly earnings report came out in May. Among them, Bob Lutz, Troy Clarke, Thomas Stephens and several others decided that it was better to cash out and get something, no matter how paltry.
As the June 1 deadline for a workable restructuring plan or bankruptcy filing looms, the suits grabbed what may be their last chance to get rid of their holdings. Departing Vice Chairman Lutz took in $130,989.60 from the sale of his 81,360 shares. GM North America President Troy Clarke sold 21,380 shares for a return of $31,001 – not exactly a ringing vote of confidence in the automaker, but you'd expect so many thousands of shares would bring more money. Ouch.

CEO Fritz Henderson keeps intimating that bankruptcy is where General Motors is headed, and the stock has taken a 90+ percent beating this past year, making all financial activities look like preparation for a bankruptcy filing. Or just an example of rearranging deck chairs on the Titanic. Thanks for the tips, everyone.

[Source: Bloomberg]

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