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

Friday, June 19, 2009

Mom and Pop trip up GM restruturing

The Chapter 11 proceedings of General Motors Corp. has hit a speed bump with bondholders -- but not from the hedge funds or pension funds that hold millions of dollars in its bonds. Instead the bankrupt carmaker faces off against a Connecticut accounting professor and his wife who hold $400,000 of GM's bonds...

GM had been doing a good job of neutralizing dissident bondholder groups until May, when the Main Street Bondholders Coalition, which advocates for the rights of GM's thousands of small bondholders, rejected the company's restructuring plan and began pressing Congress to get involved on behalf of individual investors. Additionally an unofficial committee calling themselves "family and dissident GM bondholders" on June 11 sought designation as a formal committee, arguing in a court filing that "there are significant questions about the economic realities" of GM's bankruptcy plan.

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