Last week, we reported that UBS had been kicked off the General Motors IPO as a result of a senior high-yield analyst sending out a note to a bunch of clients that included his musings on the valuation ahead of the IPO. In a filing today, GM confirms our story.
P. 33: Prior to the effectiveness of the registration statement of which this prospectus forms a part, an employee of a previously-named proposed underwriter for the common stock offering and Series B preferred stock offering distributed an unauthorized e-mail to various potential institutional accounts. We were not involved in any way in the preparation or distribution of the e-mail by the employee of the previously-named proposed underwriter, we had no knowledge of the e-mail until after it was sent, and the e-mail does not reflect our views. In addition, this previously-named proposed underwriter will not participate as an underwriter in the common stock offering or the Series B preferred stock offering. The e-mail message may constitute a prospectus that does not meet the requirements of the Securities Act. Any potential investor who received the e-mail should not rely upon it in any manner in making a decision whether to purchase our securities in this offering. We, the selling stockholders in the common stock offering and the underwriters in the common stock offering and Series B preferred stock offering disclaim all responsibility for the content of the e-mail.
If the distribution of the e-mail did constitute a violation of the Securities Act, the recipients who purchase our securities in the common stock offering or Series B preferred stock offering may have the right to obtain recovery of the consideration paid in connection with their purchase or, if they had already sold the securities, sue us for damages resulting from their purchase. If any liability is asserted, we intend to contest the matter vigorously. We do not believe that we will be subject to any material liability as a result of the distribution of the e-mail.
I had this story too, I just chose not to report it.
-ARS
Dealbreaker > MSM
In addition, this previously-named proposed underwriter will not participate as an underwriter in the common stock offering or the Series B preferred stock offering, as we have determined that they suck.
The General Motors IPO was MY idea!
God, you are doing god’s work. Keep it up.
Has this dude been shitcanned yet? UBS can hardly afford to start giving deals away.
So who among the readers of DB recently took a job with the Bank of Suck? Admit it.
I would soooo work there
“When you want to fuck up a sure thing.”
Keep on fuckin that chicken!
Anyone hiring a high yield analysts with superb IPO valuation skills? I have twenty years of experience at a Swiss bank and recently decided to look for new opportunities.
+1
I worked there recently, got let go for sucking.
Sucking at UBS = DE Shaw Material.
so the question here is…dumb mistake by a first year analyst, or premeditated attempt at client fellatio by a seasoned vet…either way UBS sucks
Something is odd with that story – sell side guys have exactly 0 access to the banking data across the “chinese wall” and mail blasts like that all go through compliance. I would bet it had some disappointing valuation estimate contained therein and GM wasn’t all too pleased.
UBS not firing this guy… but deciding to fire someone because they used someone else’s seamless web is perfect.
seamless web abuse… costs UBS 25 dollars
GM IPO loss.. millions of lost revenue and future damage because of the inability to show a serious equity league table ever again
lets see… UBS fires the kid who used 25 dollars to order a few extra bottles of water… GOOD WORK UBS… GOOD WORK
So you’re the fucker that kept stealing my dinners!
UBS sucks
Uni-Brow Soviets?
Uni-Brow Soviets?
Agreed
ugh thats so last month…
ugh thats so last month…
It was me!!!
It was me!!!
This is how I lost out on the Med Patent IPO
This is how I lost out on the Med Patent IPO
Besides, I’m getting married next week. You’ll read about it in NY Times.
Maybe they just wanted to get out of the whole IPO and got themselves kicked out on purpose.
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Did you read the report about this in the New York Post last week? It truly is remarkable to me that it has taken this long for people today to take notice.
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