SHORT HILLS, N.J.--(BUSINESS WIRE)--Appaloosa Management L.P. today issued the following statement:
“Appaloosa supports the shareholder proposals from Harry Wilson as the Company’s best means of enhancing shareholder value and addressing an excess accumulation of unproductive cash on its balance sheet. We have in the recent past discussed a number of critical issues with GM’s management team, including the need for greater discipline and efficiency in allocating the shareholders’ capital. In addition, we highlighted the lack of transparency in GM’s executive compensation program and questioned whether it properly incents effective capital deployment. Finally, we pointed out the need for greater shareholder-oriented representation on its Board of Directors.
“We believe that Harry Wilson will be a highly effective advocate for shareholders on the Company’s Board of Directors. We invite and encourage GM to address these issues productively and refrain from acrimony.”
In connection with its solicitation of proxies for the 2015 annual meeting of General Motors Company, the Participants (as defined below) intend to file a proxy statement with the Securities and Exchange Commission (“SEC”). The Participants will furnish the definitive proxy statement to General Motors’ stockholders, together with a WHITE proxy card. GENERAL MOTORS’ STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY SOLICITATION. SUCH PROXY STATEMENT, WHEN FILED, AND ANY OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV.
The following persons are participants in the solicitation of General Motors’ stockholders (the “Participants”): MAEVA Capital Partners LLC; Harry J. Wilson; Appaloosa Investment Limited Partnership I; Palomino Fund Ltd.; Thoroughbred Fund L.P.; Thoroughbred Master Ltd.; Appaloosa Management L.P.; Appaloosa Partners Inc.; David A. Tepper; Hayman Capital Master Fund; Hayman Dialogo LLC; Hayman Capital Management, L.P.; Hayman Investments, L.L.C.; J. Kyle Bass; HG Vora Special Opportunities Master Fund, Ltd.; HG Vora Capital Management, LLC; Parag Vora; Taconic Master Fund 1.5 L.P.; Taconic Opportunity Master Fund L.P.; Taconic Capital Partners LLC; Taconic Associates LLC; Taconic Capital Advisors L.P.; Taconic Capital Advisors UK LLP; Taconic Capital Advisors (Hong Kong) Limited; Frank P. Brosens; Taconic Overdrive Fund L.P.; EnTrust Partners LLC and EnTrust Partners Offshore LP. Information regarding the Participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, to the extent applicable, will be available in the solicitation materials filed with the SEC under cover of Schedule 14A on or about February 10, 2015 and will be available at no charge on the SEC’s website at http:www.sec.gov.