Los Angeles Times story with a quote from GM small bondholder Mark Modica
But Mark Modica, 48, business manager at a Saturn dealership in Doylestown, Pa., said he thought the UAW did better than small bondholders like him. He rejected the final debt-for-equity offer made by GM in conjunction with the Obama administration last week because it did not offer an acceptable return on the $150,000 worth of GM bonds he bought two years ago.
“We have retirees on our side who are losing their retirement, but it seems like the retirement of the people in the union is being protected,” he said. “I don’t think there’s a doubt there was preferential treatment.”
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