Wilmington Trust, a bank owned by New York-based M&T Bank Corporation, has initiated the liquidation of Motors Liquidation Co. by selling off its 87,182 shares of common stock, valued at $2,718,334.76 according to a Securities and Exchange Commission filing. In addition, Wilmington Trust was granted about 158,000 in warrants to buy “New GM” stock, with 79,256 of the warrants allowing the bank to purchase the stock at $10 a share, with the rest locked at $18.33 per share, well below the current trading price.
All remaining assets of “Old GM” are expected to be sold off by year’s end.
Source: SEC
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