FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Thornton, John L.
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
2. Issuer Name and Ticker or Trading Symbol
Ford Motor Company
F(Common), F.PR(Series A Pref.), F.PRB (Series B Pref.)
3. IRS Identification Number of Reporting Person, if an entity (voluntary)
4. Statement for Month/Year
04/30/1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable) (X)
Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other (specify
below)
7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by
One Reporting Person ( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
| | | | | | | | | |
Common Stock | | | | | | | 10,400 | D | |
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Common Stock |4/14/98|P | | 100 |A | $48.875 | | I | 01
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Common Stock |4/15/98|P | | 100 |A | $48.875 | | I | 01
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Common Stock |4/15/98|S | | 100 |D | $48.875 | | I | 01
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Common Stock |4/16/98|S | | 100 |D | $49.4375 | | I | 01
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Common Stock |4/22/98|P | | 200 |A | $47.4375 | | I | 01
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Common Stock |4/23/98|S | | 200 |D | $47.3125 | | I | 01
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Common Stock |4/27/98|S | | 380 |D | $44.75 | | I | 01
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Common Stock |4/28/98|P | | 380 |A | $46.4375 | -0- | I | 01
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Common Stock | | | | | | | 43.2 | I | 02
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v).
<PAGE>
<CAPTION>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | | 2,300 | | 2,300 | | |
Ford Stock Equivalents| 03 | | | | | | 03 | 03 |Common Stock| (04) | | (04) | D | |
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| | | | | | | | | | 4,439 | | 4,439 | | |
Ford Stock Units | 05 | | | | | | 05 | 05 |Common Stock| (04) | | (04) | D | |
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Equity Swap obligation|$51.169 | | | | | |5/11/|5/11/| | | | 1 | I | 06 |
to buy) (07) |85577 | | | | | |98 |98 |Common Stock| 35,578| | | | |
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</TABLE>
Explanation of Responses:
01: The Reporting Person is a managing director of Goldman Sachs International
("GSI") and a member of the executive committee of Goldman, Sachs & Co. (alone
and together with its affiliates, "Goldman Sachs"). The shares reported herein
as indirectly purchased and sold were purchased and sold and may be deemed to
have been beneficially owned directly by Goldman Sachs. Without admitting any
legal obligation, Goldman Sachs will remit appropriate profits, if any, to the
Company. The Reporting Person disclaims beneficial ownership of these securities
except to the extent of his pecuniary interest therein.
02: The Reporting Person is a managing director of GSI and a member of the
executive committee of Goldman, Sachs & Co. Goldman Sachs and The Goldman Sachs
Group, L.P. ("GSG") may be deemed to own beneficially and indirectly 43.2 shares
of Common Stock which are beneficially and directly owned by the Greene Street
Exchange Fund, L.P. ("Greene Street"). Goldman Sachs is the investment manager
of Greene Street. An affiliate of Goldman Sachs and GSG is the general partner
of Greene Street. GSG is the 99% general partner of Goldman, Sachs & Co. The
43.2 shares reported herein as indirectly beneficially owned by GSG and Goldman
Sachs represents GSG's pecuniary interest in the shares of the Issuer owned by
Greene Street. The Reporting Person disclaims beneficial ownership of the
securities reported herein as indirectly owned except to the extent of his
pecuniary interest therein.
03: These Ford Stock Equivalents were acquired under the Company's Restricted
Stock Plan for Non-Employee Directors without payment by me. In general, 575 of
these Ford Stock Equivalents will be converted and distributed to me, without
payment, in shares of Common Stock on June 1 of each of the four years
commencing 6/1/98.
04: These numbers have been adjusted to reflect the issuer's spin-off of all of
its interest in Associates First Capital Corporation Common Stock. The record
date for the spin-off was March 12, 1998 and the distribution date was April 7,
1998.
05: These Ford Stock Units were acquired under the Company's Deferred
Compensation Plan for Non-Employee Directors. In general, these Ford Stock Units
will be converted and distributed to me, without payment, in cash, on January
10th of the year following termination of Board Service, based upon the then
current market value of a share of Common Stock.
06: The Reporting Person is a managing director of GSI and a member of the
executive committee of Goldman, Sachs & Co. GSG is the general partner of and
owns a 99% interest in Goldman, Sachs & Co. An affiliate of GSG is the
investment adviser to Goldman Sachs Global Alpha Fund, L.P. ("GS Global Alpha"),
and an indirect wholly owned subsidiary of GSG is the general partner of GS
Global Alpha. GS Global Alpha is the party to the equity swap reported herein.
GSG and the Reporting Person each disclaim beneficial ownership with respect to
the equity swap except to the extent of their pecuniary interest therein.
Without admitting any legal obligation, Goldman Sachs will remit appropriate
profits, if any, to the Company.
07: The equity swap relates to a non-standardized basket of stocks. However, the
following description relates solely to the effects of the Issuer Common Stock
component of the basket (as if such component were a stand-alone equity swap)
and disregards the effects of all other components of the basket. The 35,578
shares of Common Stock reported herein represent GSG's pecuniary interest in the
shares of Common Stock included in the basket. Under the equity swap, on May 11,
1998, GS Global Alpha will be entitled to receive a cash payment from the
counterparty to the equity swap in an amount equal to the excess, if any, of (i)
the product of the market value of 35,578 shares of the Common Stock on May 6,
1998 multiplied by .999 (such amount being the "End Amount") over (ii) the
product of the exercise price set forth above multiplied by 35,578 (such amount
being the "Initial Price"). If the Initial Price exceeds the End Amount, GS
Global Alpha will be required to pay an amount equal to such excess to the
counterparty. In addition, on May 11, 1998, the counterparty will pay to GS
Global Alpha an amount equal to the total cash dividends with respect to 35,578
shares of Common Stock for which the ex-dividend date has occurred during the
period from (but excluding) the trade date for the equity swap (February 6,
1998) to (and including) May 6, 1998. During the term of the swap, GS Global
Alpha will pay to the counterparty "interest" on the Initial Price at a rate
equal to three-month LIBOR minus a spread.
SIGNATURE OF REPORTING PERSON
By: s/ Hans L. Reich Attorney-in-fact
DATE
May 8, 1998
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Alternatively, this Form is permitted to be submitted to the Commission
in electronic format at the option of the reporting person pursuant to
rule 101(b) (4) of Regulation S-T.
