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).
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1. Name and Address of Reporting Person*
Thornton, John L.
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
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2. Issuer Name and Ticker or Trading Symbol
Ford Motor Company
F(Common), F.PR(Series A Pref.), F.PRB (Series B Pref.)
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3. IRS Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Year
05/31/1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
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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 |5/1/98 |P | | 200 |A | $46.875 | | I | 01 |
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Common Stock |5/1/98 |S | | 200 |D | $46.8125 | -0- | I | 01 |
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Common Stock(03) |5/11/98|X | | 35,578 |A | $32.769177| | I | 02 |
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Common Stock(03) |5/11/98|S/K| | 35,578 |D | $46.018425| -0- | I | 02 |
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Common Stock | | | | | | | 43.2 | I | 04 |
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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).
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<CAPTION>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1.Title of |2.Con- |3. |4. |5.Number of De|6.Date Exer |7.Title and Amount |8.Price|9.Number |10.|11.Nature |
Derivative Security|version |Transaction | rivative Secu|cisable and | of Underlying |of Deri|of Deriva |Dir|of |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Indirect |
|cise | | | red(A) or Dis|Date(Month/ | |Secu |Securities |(D)|Beneficial|
|Price of| | | posed of(D) |Day/Year) | |rity |Bene- |or |Ownership |
|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>
Equity Swap (oblig | $32.769| | | | | | | | | | | | | |
ation to buy)(03) | 177 |5/11/98| X | | 1 |D |5/11/98|5/11/98|Common Stock|35,578 | | -0- | I | 02 |
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Ford Stock | | | | | | | | | | | | | | |
Equivalents | 05 | | | | | | 05 | 05 |Common Stock| 2,300 | | 2,300 | D | |
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Ford Stock Units | 06 | | | | | | 06 | 06 |Common Stock| 4,439 | | 4,439 | D | |
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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. The Goldman Sachs Group, L.P.
("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.
03: The equity swap related 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 represents 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 became entitled to receive a cash payment from the
counterparty to the equity swap in an amount equal to $471,382, which is the
excess of (i) $1,637,244 (the product of (x) 35,578 (the number of shares of the
Common Stock in the equity swap) and (y) the product (such product being the
deemed sale price) of (a) $46.06449 (the market value of the Common Stock on May
6, 1998 for purposes of the equity swap) and (b) .999)over (ii) $1,165,862 (the
product of $32.769177 (the "Exercise Price") multiplied by 35,578). The Exercise
Price has been changed from the previously reported Exercise Price because of an
adjustment necessitated by the spin-off by the Issuer of its stake in Associates
First Capital Corporation, effective April 7, 1998. The deemed exercise of the
equity swap and the reported purchase of Issuer Common Stock in connection
therewith are deemed exempt from Section 16(b) of the Securities Exchange Act of
1934 pursuant to Rule 16b-6(b) thereunder.
04: The Reporting Person is a managing director of GSI and a member of the
executive committee of Goldman, Sachs & Co. Goldman Sachs and 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. 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.
05: 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.
06: 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.
**SIGNATURE OF REPORTING PERSON
By: s/ Hans L. Reich
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Attorney-in-fact
DATE
June 9, 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.
