Did you see GM turnaround?

“GM hopes investors buy turnaround story

Automaker, leaning on overseas markets, plans $13 billion IPO

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By Paul A. Eisenstein

msnbc.com contributor

updated 57 minutes ago

Forget last week’s midterm elections. The biggest vote of the year in the automotive industry will come next week when General Motors asks potential investors for a vote of confidence in the amount of $13 billion to fund its return to public trading.

The precise date of the so-called initial public offering, or IPO, has not been confirmed, but it’s widely expected to happen Nov. 18. In the meantime, senior GM managers have fanned out across the globe, trying to win commitments from key investors — potentially including several sovereign wealth funds in the Middle East and even SAIC, GM’s Chinese partner for developing alternative-energy vehicles.

The sales pitch isn’t easy. Investors have long memories, and they remember the General Motors that filed for bankruptcy in June 2009, wiping out billions of dollars in stock and bondholder assets. But money managers are also loath to pass up a good deal, and when it comes to future opportunities GM has a very good story to tell.

the new GM is just that,” GM chief executive Daniel Akerson said in a video presentation posted on the Internet last week. “We can make significant profit even in today’s difficult environment.””