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http://www.courier-journal.com/article/2...efore+June

"Once the loans are paid back, GM would still owe $45.3 billion to the government. That will be repaid with the stock offering, which GM Chief Financial Officer Chris Liddell said would take place “when the markets and the company are ready.”

Liddell said earlier this month that GM could report a profit as early as this year. GM said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion.

The U.S. government owns about 61 percent of the Detroit automaker, which came in exchange for the aid."

This reads that loans are paid back, but the government still owns 61% and if the other $45B is repaid in stock the government will increase its ownership. Paying back the loans is like paying back bonds. And to get the bond-like loans GM had to give the Federal Government contolling interest. As I read the article the Federal Government will continue to have controlling interest.