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A General Motors bankruptcy would be devastating to GM employees, hundreds of thousands of people employed by suppliers, dealerships, bondholders and our economy as whole.  Unions and large investors have a seat at the negotiating table, but what about the average Americans that have played by the rules and now face a devastating loss, particularly seniors and soon-to-be seniors?

The 60 Plus Association is urging bureaucrats in Washington to stand up for these small GM bondholders who played by the rules and now face losing their GM bond financed retirement funds.

The Administration’s offer to “Main Street” bondholders is unfair - cents on the dollar - for individuals relying on these bonds to finance retirements, college tuition and medical expenses. It is disheartening that the Obama Administration is driving GM into bankruptcy.

On Thursday, April 30 the Ad Hoc Bondholder Coalition presented a counter-offer to the Administration’s Auto Task Force - an offer far better for all stakeholders involved. The counteroffer proposed that bondholders retain 58 percent of GM’s ownership and the union-backed Voluntary Employee Beneficiary Association (VEBA) would retain 41 percent ownership - a higher stake for the union than what the Obama Administration’s Auto Task Force proposed on April 27. Most significantly, the offer would save GM from bankruptcy. By keeping GM solvent and privately owned, the offer saves US taxpayers $10 billion and avoids nationalization by the Government. Small bondholders need a seat at the negotiating table to encourage this proposal.

By admin 2:39 pm

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