Main Street Bondholders » Main Street 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.

Washington Times: “GM workers trusted investment in product”

admin — Tue, 16 Jun 2009 14:04:28 +0000

Ted Dobski knew firsthand how solid General Motors Corp.’s cars were. He was a raw-materials buyer for the auto giant for three decades and believed in its future. So when he retired in 2001, he bought GM bonds to help fund his leisure years.

Hispanic Business.com: “GM’s Deal Affected Many Average Americans’ Savings”

admin — Tue, 16 Jun 2009 14:00:32 +0000

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.
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The AM Law Daily: “GM Dissident Bondholders Pick Patton Boggs over White & Case”

admin — Tue, 16 Jun 2009 13:51:02 +0000

The bondholders did consider Lauria, according to Bloomberg, but picked Richman. “[W]e just thought [Richman] was a better fit for us,” said dissident bondholder Mark Modica, a 48-year-old employee at a Saturn dealership. “It was a difficult decision.”

Washington Times: “GM’s deal erased many average Americans’ savings”

admin — Mon, 15 Jun 2009 13:03:39 +0000

Washington Times profiles GM small bondholders…

By William Ehart

When people think of “bondholders,” they imagine tycoons. J.P. Morgan. Warren Buffett. Even the fictional Gordon Gekko of “Wall Street” fame.

In fact, tens of thousands of the bondholders of General Motors Corp. are not rich at all – and never were, even before the value of their bonds collapsed in the months leading up to the giant automaker’s bankruptcy filing.

Read the full story here

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Bloomberg: “GM Individual Bondholders Seek Own Bankruptcy Panel”

admin — Wed, 10 Jun 2009 12:38:44 +0000

Individual General Motors Corp. bondholders, who say their interests are different from institutional holders who support the automaker’s plan to sell its best assets to a new GM, want to be represented by their own official committee in the company’s bankruptcy case.

Philadelphia Inquirer: “PhillyDeals: Bondholder activists”

admin — Wed, 10 Jun 2009 12:36:25 +0000

“We’ll seek equal standing with the institutional bondholders,” said Mark Modica, business manager at Saturn of Doylestown and an activist in the small-savers’ movement, which claims 1,500 members who hold around 10 percent of the nearly $5 billion in GM baby bonds.

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.”

Medical News Today: “GM Files For Bankruptcy, Union Health Plan Changes”

admin — Tue, 02 Jun 2009 13:50:46 +0000

“The ‘Main Street Bondholders,’ representing some of those individuals, said the deal unfairly gave the United Auto Workers’ retiree health-care trust fund 66 cents on the dollar, while offering bondholders 13 cents on the dollar, assuming the new GM is worth $25 billion. This group of bondholders vowed to fight back using a section of the bankruptcy code, which could give them their own standing” (Marr, 5/31).