I cashed in my Ford (F: chart, web, Y!) shares today for a nice 40% gain.  I probably left some money on the table considering the new details of the Treasury’s plan for bad banks, but I had that uneasy feeling that the latest gains from the only well positioned U.S. car maker may have run their course.  For now.

I still feel strongly about Ford’s potential and it could very well be the sole survivor out of the Big Three, Alan Mulally has buy-in from the union and is mounting a strong effort to buy back debt.

I’ll continue to watch the stock and will get back in after a modest pull-back, whenever that happens to be.  Right now I’m looking at the $2.50 range for another trade.

Investing Alan Mulally, F, Ford

Ford CEO Alan Mulally produced a offering of good faith by reducing his own compensation by 30% along with Executive Chairman Bill Ford.

They’re also proposing another round of buyouts for 42,000 hourly workers and early retirement offers.  What better way to reduce the workforce by paying them to retire?  Performance bonuses for 2009 will also be eliminated for salaried employees and senior executives.

What’s most impressive is that the company has the UAW on their side in the effort to preserve the company without taking federal money.

Corner Office Comments

I’m pulling the trigger.  I’ve got a limit order in for 100 Ford shares at $2.10 per share.  I’m happy to see that Mulally is pulling out all the stops to save the company without taking money from the government.  If only the others in Detroit and elsewhere could do the same.

Investing Alan Mulally, Ford

Call me crazy, but I’m thinking about taking up a position in Ford (F: chart, web, Y!) again.  I’ve written in the past about my confidence in CEO Alan Mulally, and his handling of the company in this recent downturn only reinforces that confidence.

Mulally and company elected not to take any money from the government when GM and Chrysler had their hands out, begging for cash (and it appears that both are back for another round).

Ford sales are down, and as part of Mulally’s turn around plan the company has cut production and laid off workers.

From the stocks standpoint, the company is trading in a range between $1.50 and $3.50 per share, with a low of $1.26 back in November of last year.

I still have faith in the long-term prospects of Ford, and wonder if the stock is too cheap to pass on at these levels.  Sure, the company could still go under, and I wouldn’t write off the possibility of Mulally sucking it up and turning to the lender of last resort.

I’m still optimistic about our economic prospects over the next 6 months or so, as long as the government doesn’t try and “help” an more than it already has.

So do you take a flyer on Ford and pick up a few shares here?

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Investing Alan Mulally, F, Ford