G.M. Blocked from Restarting Employee Stock Plan - 25 Nov 2008

DW - Does anyone know any more about this specific issue?

G.M. Blocked from Restarting Employee Stock Plan

http://dealbook.blogs.nytimes.com/2008/11/25/gm-blocked-from-restarting-employee-stock-plan/

November 25, 2008, 2:27 pm

Amid its serious financial troubles, General Motors has run into yet another roadblock: It can’t restart its employee stock-purchase program, which was suspended in September.

The ailing auto maker said Tuesday that State Street Bank and Trust,
the program’s administrator, deemed the proposal “not appropriate”
given the company’s financial straits, Reuters reported. That means
that G.M.’s directors and executive officers can’t directly buy, sell
or transfer equity securities in the company. (Employees can sell,
however.)