NEW YORK--(BUSINESS WIRE)--Greenlight Capital, Inc. and its affiliates (“Greenlight”), which own 3.6% of the common stock of General Motors Company (NYSE: GM) (“GM” or the “Company”), making it GM’s fifth largest public shareholder, commented on the preliminary results provided by its proxy solicitor at GM’s 2017 Annual Meeting of Shareholders, held today.
David Einhorn, President of Greenlight, said: “We decided to bring a creative idea to GM’s shareholders and nominate directors to help fix GM’s inefficient capital structure and unlock significant value for all shareholders. We are disappointed that shareholders have elected to maintain the status quo. We congratulate GM’s management on their win today.”
Einhorn added, “We would like to thank Leo Hindery and Will Thorndike for working with Greenlight to serve as nominees to GM’s Board. These individuals have exceptional capital markets expertise and would have been very fine additions to the Board. GM should consider adding these individuals or others with similar financial market expertise to the Board in the future.”
About Greenlight Capital
Greenlight Capital, Inc. (“Greenlight”), founded in 1996, is a value-oriented investment advisor that primarily invests and trades in long and short publicly listed equity securities, as well as distressed debt when cyclically attractive. Greenlight seeks to achieve capital appreciation by buying securities with trading values materially lower than their intrinsic values and by selling short securities with trading values materially higher than their intrinsic values. Greenlight aims to achieve high absolute rates of return while minimizing the risk of capital loss.