Yesterday afternoon, General Motors filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of GM common stock to be sold by certain GM stockholders, and the issuance by GM of newly issued shares of Series B mandatory convertible junior preferred stock. The U.S. Treasury, which owns 60.8% of the common stock of GM as well as $2.1 billion of GM's Series A preferred stock, has agreed to be named as a selling shareholder for the proposed offering, but emphasized that it has not determined whether or at what level it will participate in the offering.