Looks like the fight is over folks......

Monday, June 22, 2009

Late Objection Filing Notification

If you are an individual GM bondholder, sometimes people mistakenly think some issues are "preferred stock", but they are debt instruments or "baby bonds" as indicated on the GM investor website. You most likely received your notification of the bankruptcy filing and proposed sale of the good assets via a mailed notification. I have bonds in four brokerage accounts and ALL four notifications came to me on June 19, 2:00 PM PST. The objection deadline as indicated on the filing, after which NO OBJECTIONS WILL BE CONSIDERED, was June 19, 5:00 PM EST. They must be on file with the bankruptcy court by this deadline. Obviously, it was impossible to file an objection in a timely manner. GM has at every turn trying to circumvent the legal rights of individual creditors, this is no exception. I have been in contact with others who also received their filing notifications too late to meet the deadline.

What can you do--write to:

The Honorable Robert E. Gerber
United States Bankruptcy CourtSouthern District of New York
One Bowling GreenNew York, NY 10004-1408
Case No. 09-50026 (REG)

Phone: 212-668-2870
Fax: 212-668-3357

I just spoke with the bankruptcy court, you can still send your objections; include a cover letter indicating your notification was late.

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