Main Street Bondholders » bondholders

Washington Times: “GM retirees tried to play it safe”

admin — Thu, 18 Jun 2009 20:24:51 +0000

Continuing coverage of the GM small bondholders by Washington Times

By John P. Krudy

Bobby Work, 87, bought GM bonds with her husband 30 years ago and dearly misses the $20,000 they once yielded each year. Teresa Durhone, 50, put the profit from the sale of her house into the bonds so she could quit work and care for her sick mother. Now she’ll need to find work again.

Barron’s: “Big Wheels Keep on Rolling…Over Bondholders”

admin — Tue, 09 Jun 2009 21:27:25 +0000

The federal government may be lucky to get back half of the $50 billion owed by GM (ticker: GMGMQ), consisting of nearly $20 billion of existing loans and about $30 billion that Uncle Sam plans to extend through so-called debtor-in-possession financing in bankruptcy. (“Uncle Sam’s GM Follies”)

FOX Interviews with GM Small Bondholder Gary Thomas

admin — Tue, 09 Jun 2009 16:27:26 +0000

FOX News and FOX Business Interviews with GM small bondholder Gary Thomas from Kingston, TN

Click here to view the FOX News video

Click here to view the FOX Business video

A look at General Motors’ many lives: People across the U.S., from the factory worker to a Wall Street bond manager, describe what the end means

admin — Mon, 08 Jun 2009 16:33:50 +0000

Wall Street Journal profiles several of GM’s bondholders including Small Bondholder Gary Thomas

But I thought I was doing the right thing. I wasn’t investing in stocks. GM was a solid company. I had worked on more GM cars in my life than any other kind. I thought I could live off the interest from that and a rental house I have. When things started to go bad and the value started going down, I bought more at a lower price to try to recover some of the losses. I didn’t think it would end this way.

MarketWatch: “GM bondholders unlikely to get more say in reorganization”

admin — Wed, 03 Jun 2009 15:15:10 +0000

Advocacy group 60 Plus, which has been organizing individual GM bondholders, is attempting to gain that legal representation and seek status as an official committee in court, a spokeswoman said Tuesday. That would give it the standing to file such an objection to the company’s sale.

FOX Business Interview with GM Small Bondholder Mark Modica

admin — Tue, 02 Jun 2009 14:26:48 +0000

CNS News: “UAW Bondholders to Receive More Equity in GM than Others”

admin — Tue, 02 Jun 2009 14:07:27 +0000

CNS News coverage of GM bankruptcy and bondholder treatment

A coalition called Main Street Bondholders, supported by the senior advocacy group 60 Plus, continues to oppose the deal. William Zastrow, president & CEO of FileMark Corporation, a Boston software company, is one bondholder who says the numbers speak for themselves.

Bloomberg: “Americans ‘Don’t Care’ About GM, Bankruptcy-Stung Detroit Says”

admin — Tue, 02 Jun 2009 14:04:39 +0000

Bloomberg story with a quote from GM small bondholder Ted Dobski

“Bankruptcy is an incredible stigma,” said Dobski, 65. “I hate to see GM connected with that. GM is such an icon. GM is this area. It’s Detroit.”

Los Angeles Times: “U.S. role at GM to be passive, Obama vows”

admin — Tue, 02 Jun 2009 14:01:42 +0000

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.”

WKZO News: “GM Files for Bankruptcy”

admin — Mon, 01 Jun 2009 21:44:51 +0000

WKZO radio interview with small bondholder Mark Modica

“By the rule of law, creditors should be at least equal to the labor and other creditors, which would be the treasury. Somehow they’re putting this misperception out there that bondholders should be getting much less than every other party – I don’t understand why,” Modica said.