In 2002 the company had done a reverse merger with ProHealth Medical, an o-t-c bulletin board stock, that resulted in Langley's RHL Management getting 5.5 million shares.
But Whitacre's departure won't change the risk--"a big risk in my mind, " says O' Keefe's Coulter--that the IPO could turn into a PR nightmare for GM if its opening price is too low.