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WZTV FOX 17 - Top Stories
DETROIT (AP) -- General Motors will spend $5.5 billion to buy back 200 million shares of its stock from the federal government.
The government also plans to sell its remaining stake in the automaker within the next 12 to 15 months.
GM will pay $27.50 per share, about $2 more than Tuesday's closing stock price.
The government got its shares of the company as part of a $49.5 billion bailout of GM that began nearly four years ago.
The bailout saved GM from collapsing into financial ruin.
The move leaves the government with 300 million shares. GM says the government plans to sell them on the open market starting in January.
The deal still leaves the government $21.5 billion short of breaking even on its investment.
The government also plans to sell its remaining stake in the automaker within the next 12 to 15 months.
GM will pay $27.50 per share, about $2 more than Tuesday's closing stock price.
The government got its shares of the company as part of a $49.5 billion bailout of GM that began nearly four years ago.
The bailout saved GM from collapsing into financial ruin.
The move leaves the government with 300 million shares. GM says the government plans to sell them on the open market starting in January.
The deal still leaves the government $21.5 billion short of breaking even on its investment.
Wednesday, December 19 2012, 08:22 AM CST
Tennessee News
Man pleads guilty to Memphis officer's murder
May 21, 2013 22:22 GMT
MEMPHIS, Tenn. (AP) -- A former death row inmate is set to be released from prison after he pleaded guilty to second-degree murder of a Memphis police officer.
Shelby County District Attorney Amy Weirich said Tuesday that she has accepted Timothy McKinney's guilty plea.
McKinney was convicted of first-degree murder for the fatal shooting of Officer Don Williams. The officer was killed outside a comedy club in December 1997.
McKinney appealed and won a new trial, which ended with a deadlocked jury. A third trial earlier this year also ended in a hung jury.
The Commercial Appeal reports that McKinney was sentenced to 15 years in prison. Since he's already served more than 15 years -- including 11 on death row -- McKinney will be released this week.
Williams' family opposed the settlement.
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