WSJ Reports GM To Put Up Rest Of GMAC As Collateral For $4.1 Billion Loan

Well, they already sold off 51% of GMAC to Cerberus, why not mortgage the rest of it on the turnaround effort...err...sorry, "general corporate purposes including working capital needs." Those "general corporate purposes" are why the General's claiming it needs "a supplemental revolving credit facility in an aggregate amount of" around and close to exactly $4.1 billion. They'll get the "supplemental revolving credit facility" by putting up the remaining 49% of GMAC they've still got in the safe deposit box. Although the Journal makes it seem akin to what Ford did earlier this year in mortgaging off the entire company including the big blue oval, we're not so sure we'd agree — at least not until we can buy the golden key to the exec washroom at the RenCen at auction. In addition to pawning GMAC, they'll be replacing $1.1 billion in convertible securities it put up in March of this year to "bolster liquidity at a time when the capital markets present an attractive opportunity to do so." We're assuming the "attractive opportunity" has something to do with...err...umm...OK, my brain hurts, so I'm just going to curl up into a ball now and scream about how I want a cookie and ice cream! [Hat tip to SwatLax!]

GM Taps the Well Again (sub. req.) [Wall Street Journal]

Related:
Going For Broke! I'll Pay Fifty Bucks For The Big Blue Oval; GM, It's Time To Decide: Deal Or No Deal? [internal]