In Short The Situation : A proposal by activist investment fund Greenlight Capital sought to divide General Motors's common stock shares into two classes. The Result : Proxy advisory firms ISS and Glass Lewis recommended against Greenlight's proposal, which shareholders soundly defeated by a tally of more than 9 to 1. Greenlight's proxy contest for three seats on the GM board was also unsuccessful. Looking Ahead : Greenlight and other activist shareholders will likely continue to push new proposals aimed at "unlocking shareholder value." Earlier this month, General Motors ("GM") won a decisive victory in a proxy contest waged by Greenlight Capital, the activist fund headed by David Einhorn. Greenlight claimed that GM's shares, which were trading at a price barely above their 2010 IPO price, were significantly undervalued because the market was not properly assessing the sizeable cash dividends paid on the shares.