May 23rd, 2009 - Reuters
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NEW YORK (Reuters) - General Motors Corp's bondholders on Friday said they remained opposed to the company's proposed bond exchange, a position which threatens to send GM into bankruptcy soon, while the Obama administration said it would not extend talks.
A day after the automaker reached a preliminary restructuring deal with unions, GM's biggest bondholders, with some $27 billion in unsecured debt, still intend to reject GM's offer for a 10 percent equity stake, a spokesman for the creditors said.
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1:44GM: Bankruptcy "more probable"
No surprise here, unless of course you faithfully followed the advise of your stock broker purchasing stocks of GM on the diluted - naive and at times fanatical perception that there would be some miraculous economic recovery later this year ...
2:41GM bondholders likely in for big payday
For those who follow finance it's no surprise that the bondholders denied the negotiations. There's no incentive for the bondholders to take any action because there's a good chance they'll get paid in full no matter what happens to GM.
11:00Patriot Radio News Hour 1/4:GM"Goodbye America"Hello China & Brazil !!
www.allamericangold.com Main Street takes a hit in GM bankruptcy The loser in a General Motors Corp. bankruptcy would be Main Street, not Wall Street, said a lawyer who represented Chrysler LLCs dissident lenders and is trying to organize bondholders who hold up to $7 billion in GMs debt ...
10:31Patriot Radio News Hour 2/4:GM"Goodbye America"Hello China & Brazil !!
www.allamericangold.com Main Street takes a hit in GM bankruptcy The loser in a General Motors Corp. bankruptcy would be Main Street, not Wall Street, said a lawyer who represented Chrysler LLCs dissident lenders and is trying to organize bondholders who hold up to $7 billion in GMs debt ...
