General Motors: Thanks David Einhorn. But We Have a Better Idea.

A humble recommendation for David Einhorn : Your plan for unlocking value from General Motors' ( GM ) shares sounds bold and exotic, but maybe try it out first on a stock that’s not up 29% in nine months. Einhorn’s Greenlight Capital wants to split GM shares into two classes , one for dividend-seekers and another for those looking for gains. In a television interview Tuesday afternoon, Einhorn called the plan the “least invasive” way to give two types of shareholders what they want, thus perhaps attracting a higher overall company value than GM carries now. He also says it would lower GM’s cost of capital. GM responded with a press release saying the move would create an “unacceptable level of risk,” including the loss of the company’s investment-grade credit rating...