Ford takes the dilution road

Ford (F) as much as admitted that it needed cash today. While the money may not go toward operations, the car company has other obligations that will require access to capital.

Ford today announced that it planned to sell 300 million shares. The majority of that will almost certainly go toward funding the firm's obligations to it employees as part of last year's contract with the UAW which created a retiree trust fund, commonly known as a Voluntary Employee Beneficiary Association, or VEBA.