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This is the first step in GM’s plans to buy back all of the shares held by the U.S. government within the
next 12 to 15 months. The buyback will reduce the government’s ownership in GM from approximately
19%, and GM will pay the U.S. treasury $27.50 per share, a 7.9% premium over the price of GM’s stock
price this morning.
This is good news to be sure, and there are other benefits as well…at least for GM’s executives. Once the
buyback is complete, the government will remove certain restraints placed on management, such as
disallowing the purchase of private jets and executive bonuses. That should make some of the top brass
plenty happy indeed, and hopefully this is the beginning of the end of the “Government Motors” stigma.
Stolen C4 With Dealer Stickers Still Intact Recovered 23 Years Later
Collector Corvettes are not that hard to come by – just
check the listings for Barrett-Jackson or Mecum
auctions if you don’t believe us. But it’s not too often
that you come across a collector car like the one that
Southern California’s Corky Rice recently got his
hands on, according to the LA Times. A standard 1989
C4 convertible from the factory, this seemingly lessthan-collector
vehicle may, in fact, be one of the lowestmileage
“new” C4 Corvettes in existence. But that’s
just where the story begins. In fact, the car was stolen
some 23 years ago and stashed all this time before
recently being discovered with the dealership stickers
still on it.
Every now and again you’ll see a story about a long-lost stolen car recovered in excellent shape decades
later. This car has a similar story, but the fact that it has just 67 miles on the odometer and dealer
stickers still intact makes this Corvette one heck of a find.
Back in 1989, the bright red C4 was delivered to what was the C&M Chevrolet dealership in San Diego at
the time. Perched on the new sales lot, the car didn’t stay long, however, being stolen right from the lot
and driven to a storage unit where it was locked away.
Known only by a recent Irish immigrant, at the time, and the men who pushed for him to steal the car,
the Corvette remained in the storage locker for 23 years.
It was only after the rent on the storage unit increased to over $300 a month last summer that the car was
finally revealed. After he stopped paying for the unit and contacted his attorney, the man who hid the car
for so many years (who has not been identified) confessed his crime. Having the knowledge that the
locker would soon be liquidated, the man’s attorney contacted the San Diego Police Department to
inform them of the whereabouts of the car. Given the circumstances, the man’s cooperation with police
and the time that had lapsed since the crime, the man was not charged.
San Diego Police Detective Andrew Spear quickly made his way to the self-storage facility, finding that
the lock on the unit had already been cut. What he found inside was the bright red C4 under layers of
dust and sitting on four flat tires. Remarkably, the dealership stickers were still on the car, and using a
tow driver’s air compressor, Spear found the tires would hold air. The car was towed away, as it had no
keys with it, and was sold to a specialist in repossessed vehicles. It was from this person that Rice
acquired the car.