If you recall, the U.S. bailed out some of Detroit’s big three including General Motors Co. While this may have only been a memory to some, the U.S. Government is far from forgetting the massive debt. According to AutoEvolution.com, the U.S. Treasury department has reported that it sold 17.2 million shares of the General Motors Co. stock in February. This, in an effort to exit it’s hold of the Detroit automaker by 2014.

As AutoEvolution.com reports, “The Treasury said it had raised $489.9 million from the sale of GM shares last month, without revealing the actual number of shares sold. However, based on February stock prices, some 17.2 to 18.1 million shares have ‘left’ the Government building.”

This process will allow the Government to refine its remaining shares, in which case the Government needs to gain $72 per share. The Treasury name Citigroup Inc. and JPMorgan Chase & Co. has been managing the GM stock sale and its plan to complete the sale by March 2014. As DetroitNews.com accounts, “Treasury has sold at least 22.6 million shares – or at least 7 percent of its 300 million shares it is selling off.”

The Treasury said last month it had net proceeds of $156.4 million in January for the sale of GM stock during eight full trading days of the month.

On Monday, the GM stock closed up to $0.31 a share to $28.31, which equals a 1.1 percent increase; a heavier than normal trading session. Although the Treasury as recouped $29.8 billion of its $49.5 billion bailout, it swapped most of its bailout to GM awarded in ’08 and ’09 for a 61 percent majority stake in 2009.

DetroitNews.com continued, “The Treasury said it intends to sell its shares into the market in an orderly fashion and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions.”

So, what’s it all mean? “To break even on the whole infamous bailout, the Government needs to gain $72 per share for its remaining shares, which means that current stock prices could dig a Michigan-sized $12 billion whole.” What can Detroit do to get GM back to the forefront of American Automakers? Will the new Vette and Camaro be enough?