An excellent series by the Washington Times on GM Bondholders
"Plenty of GM's bondholders are Wall Street types. Most of the company's $27 billion in private debt is held by investment firms. But many of those firms are actually managing the money of individual investors. And fully 20 percent of the bonds are owned personally by roughly 100,000 mom-and-pop investors across the country, according to Main Street Bondholders, a group organized to lobby on their behalf. "
"Paralegals, pilots, small-business owners and lots and lots of retirees have poured their life savings into the bonds of GM, once a blue-chip company so blue that it was considered safe for widows and orphans to own."
GM's deal erased many average Americans' savings
http://washingtontimes.com/news/2009/jun/15/gms-deal-erased-many-average-americans-savings/?feat=home_cube_position1
See Who the are, what they lost .....
http://washingtontimes.com/news/2009/jun/15/bondholders/?feat=article_related_stories
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These are great articles. It illustrates the loss suffered by the average people who trusted the system. The GM bankruptcy that rewarded the UAW with preferential treatment over Bondholders is the perfect example the Obama administration tramping on the laws that govern bankruptcy. I’m sure the GM Bondholders do not want a liquidation, they only want an equitable and fair repayment of their loans to GM. Give the GM Bondholders same recovery percentage as the UAW.
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