Government's GM IPO Exit Strategy

Someone was asking for an exit strategy today. Here it is distilled:

So at this point, New GM, will be a privately-held company, not traded publicly on the New York Stock Exchange (or any stock exchange for that matter). However, it is the intention of the Obama administration to get New GM to become a publicly traded company as soon as reasonably possible. In this case, auto task force czar Steve Rattner, a private equity expert himself, believes that sometime in 2010 (probably mid-late 2010), New GM will have an "I.P.O." -- or an initial public offering. And it's at that point where the taxpayer can have an easier time tracking just what the U.S. government's shares are worth.

In fact, Rattner said it's very possible the first round of shares that the government sells will be at I.P.O. time, perhaps as much as 10% of the government's holdings. One thing Rattner and others on the task force assured reporters is that you wouldn't see the government sell its 60% stake in one fell swoop. It would be a gradual sell-off, starting at I.P.O. time and gradually getting out, which is why Rattner believes it's probably a 2-5 year process, AT BEST, for the government's investment. First Read