Ally Bank 2012 Annual Report Download - page 33

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Following the transactions described above, Treasury currently holds 73.78% of Ally common stock and approximately $5.9 billion in
New MCP. As a result of its current common stock investment, Treasury is entitled to appoint six of the eleven total members of the Ally
Board of Directors.
The following table summarizes the investments in Ally made by Treasury in 2008 and 2009.
($ in millions) Investment type Date Cash investment Warrants Total
TARP Preferred equity December 29, 2008 $ 5,000 $ 250 $ 5,250
GM Loan Conversion (a) Common equity May 21, 2009 884 — 884
SCAP 1 Preferred equity (MCP) May 21, 2009 7,500 375 7,875
SCAP 2 Preferred equity (MCP) December 30, 2009 1,250 63 1,313
SCAP 2 Trust preferred securities December 30, 2009 2,540 127 2,667
Total cash investments $ 17,174 $ 815 $ 17,989
(a) In January 2009, Treasury loaned $884 million to General Motors. In connection with that loan, Treasury acquired rights to exchange that loan for
190,921 shares. In May 2009, Treasury exercised that right.
The following table summarizes Treasury's investment in Ally at December 31, 2012.
December 31, 2012 ($ in millions) Book Value Face Value
MCP (a) $ 5,685 $ 5,938
Common equity (b) 73.78%
(a) Reflects the exchange of face value of $5.25 billion of Perpetual Preferred Stock to MCP in December 2009 and the conversion of face value of $3.0
billion and $5.5 billion of MCP to common equity in December 2009 and December 2010, respectively.
(b) Represents the current common equity ownership position by Treasury.
Discontinued Operations
During 2012, 2011, and 2010, we committed to dispose certain operations of our Automotive Finance operations, Insurance operations,
Mortgage operations, and Commercial Finance Group, and have classified these operations as discontinued. For all periods presented, all of
the operating results for these operations have been removed from continuing operations. Refer to Note 2 to the Consolidated Financial
Statements for more details. The MD&A has been adjusted to exclude discontinued operations unless otherwise noted.
Sales transactions for our Automotive Finance operations are expected to close in stages throughout 2013. It is anticipated that there
could be significant gains or losses occurring during interim periods of 2013 as the various stages close. We believe that when all of the
various stages are closed, we will realize a gain on the sale of our Automotive Finance discontinued operations.
Table of Contents
Management's Discussion and Analysis
Ally Financial Inc. • Form 10-K