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General Motors

|Includes: General Motors Company (GM)

The story has just been released that the UAW's VEBA has agreed to accept 17.5% of General Motors stock as part of their concession to lower General Motor's ongoing financial burden.

This deal does not improve the outlook for General Motors' current common stock. Bankruptcy is still a definite possibility and, at the very least, massive dilution is a near certainty.

Just sold the September $2 calls on GM at $0.33.