General Motors S-1 indicates all it will receive none of the proceeds from the sale of common stock. Potential beneficiaries are GM's current owners:
United States Treasury-- 304 million shares
Canadian Government-- 58 million shares
United Auto Workers-- 102 million shares
Motors Liquidation Company (old GM)-- 141 million shares
It remains to be seen who sells and for how much. The new GM will benefit from its Class B preferred stock offering. The old GM claims it has zero value, yet it controls 141 million shares of new GM.
The IPO will occur under the PEU leadership of CEO Daniel Akerson. PEU stands for private equity underwriter.
