SEVERE THUNDERSTORM WATCH

Until 10 PM

The National Weather Service in Grand Rapids and northern Indiana issues a SEVERE THUNDERSTORM WATCH for Van Buren, Kalamazoo, Calhoun, Berrien, Cass, St. Joe, and Branch counties until 10 PM.  Damaging wind gusts of 60 mph or greater are the primary concern.  Large hail of 1" in diameter or larger is a close second.  We'll be tracking storm development with Live Doppler Radar throughout your afternoon and evening.  Storm motion is easterly at 30 to 50 mph.  Stay with wwmt.com for the latest weather information!

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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

GM to sell notes, buy back preferred stock

DETROIT (AP) - General Motors says it will spend $3.2 billion to buy preferred stock from a union trust fund that pays retiree health care bills.

The company says it's buying 120 million shares at $27 per share. The deal is contingent on the company closing a sale of senior notes by the end of this month. GM says in a statement that the note sale's proceeds will fund the buyback and be used for other general corporate purposes.

The size of the note sale wasn't revealed. But GM says the closing will take place on or before Sept. 30. The notes will come with five-, 10- or 30-year terms.

After the buyback, the trust will hold 140 million GM preferred shares. The company currently pays 9 percent interest on the shares.