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Breaking News: CNBC's Phil LeBeau Speaks with Harry Wilson on Recent Proposal to General Motors

WHEN: Today, Tuesday, February 10th

WHERE: CNBC's "Fast Money"

Following is the unofficial transcript of breaking news from CNBC's Phil LeBeau. Following is the video from CNBC.com: http://video.cnbc.com/gallery/?video=3000353594.

All references must be sourced to CNBC.

PHIL LEBEAU: MELISSA, I JUST GOT OFF THE PHONE WITH HARRY WILSON. HE HAS BEEN IN THE NEWS ALL DAY LONG. FORMER MEMBER OF PRESIDENT OBAMA'S AUTO TASK FORCE AND HE IS ONE PERSON WHO IS OUT TODAY SAYING YOU KNOW WHAT? I SHOULD BE ELECTED TO THE GENERAL MOTORS BOARD BECAUSE I REPRESENT SHAREHOLDERS. IN FACT, WHEN I TALKED WITH HARRY WILSON ABOUT HIS PROPOSAL TO BE ELECTED TO THE BOARD, TO HAVE GENERAL MOTORS BUYBACK $8 BILLION IN STOCK, HE SAID THAT THIS IS A COMPANY THAT HAS A LOT OF SHAREHOLDER FRUSTRATION AND IT HAS NOT DONE A GOOD JOB. HE SAYS BY ANY METRIC, GENERAL MOTORS IS UNDERVALUED, THE COMPANY WILL HAVE MORE CASH ON HAND IN A COUPLE OF YEARS. I ASKED HIM ABOUT WHETHER OR NOT HE THINKS GENERAL MOTORS IS JUST MOVING TOO SLOW IN TERMS OF DIVIDENDS AND RAISING THE DIVIDEND THIS YEAR, HE SAID THAT THERE HAS BEEN INSUFFICIENT SPEED AND CLARITY OF MILESTONES WHEN IT COMES TO REPAYING SHAREHOLDERS WITH ALL OF THE MONEY THAT GENERAL MOTORS IS HOLDING RIGHT NOW. ONE LAST THING. HE MET WITH MARY BARRA LAST WEEK. ON TUESDAY THE THIRD, I THINK IT WAS THE THIRD. HE MET HER AT THAT TIME TO DISCUSS WITH HER HIS PROPOSAL. I ASKED HIM IF SHE WAS SURPRISED, HE SAID YEAH, I DO THINK SHE WAS SURPRISED BY WHAT I HAD TO SAY AND BY MY PROPOSAL. HE ALSO BELIEVES THAT GENERAL MOTORS DOES NOT HAVE ENOUGH AWARENESS ABOUT THE AMOUNT OF SHAREHOLDER FRUSTRATION OUT THERE. AGAIN, THAT IS FROM HARRY WILSON. HIS PROPOSAL ONCE AGAIN, HE WOULD LIKE TO BE ELECTED TO THE GM BOARD OF DIRECTORS. HE IS GOING TO NOMINATE HIMSELF. AND HE ALSO BELIEVES THAT THERE SHOULD BE A FRESH PERSPECTIVE – SHAREHOLDER PERSPECTIVE ON THE GM BOARD. HE WANTS THE COMPANY AT A MINIMUM TO START BY BUYING BACK $8 BILLION IN COMPANY STOCK. SO GUYS, THAT IS THE CONVERSATION I JUST HAD WITH HARRY WILSON, A BIG DAY IN TERMS OF GM SHARES MOVING HIGHER AS PEOPLE ARE SAYING IS IT TIME FOR GENERAL MOTORS TO FREE UP SOME OF THE $37 BILLION IN CASH THAT IT IS SITTING ON. GUYS, BACK TO YOU.

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