• The U.S. government bailed out GM to the tune of $50 billion and owns 61% of its common shares. At some point the government wants to sell 20%, or 10 to 12 billion shares.
• The governments of Canada and Ontario hold an 11.7% stake and plan to sell 20% of it.
• The United Auto Workers health care trust holds 17.5% of the old GM, now known as Motors Liquidation. It is unclear if it will sell its shares.
• GM reported its debt at $14.2 billion at the end of March.
• GM has a $27 billion dollar pension shortfall.
• The government has hired Lazard Ltd. (LAZ), a Boston consulting firm, as its adviser.
• The proceeds from the offering would have to repay debt and help finance GM's pension liability.

GM is not expected to sell shares immediately but plans to sell $3 billion in mandatory convertibles that convert into shares in the future.

With all of these variables at play, not only is the offering going to be complex, but the decision as to whether or not to buy the new GM shares is a difficult one.

Would you buy the GM shares?