Main Street Bondholders » Philadelpia rally

Philadelphia Main Street Bondholder Rally – May 12, 2009

admin — Tue, 26 May 2009 23:11:08 +0000

Financial Times: “Private GM bondholders face large losses”

admin — Mon, 18 May 2009 19:18:00 +0000

Financial Times article which includes interviews with small bondholders Chris Crowe, Mark Modica and William Nast

Private GM bondholders face large losses

By Nicole Bullock

“Creditors have better memories than debtors,” says Chris Crowe, an electrician and home inspector from Denver, who stands to lose his son’s college fund on what has turned out to be a poor investment in the bonds of General Motors…..

At last week’s rally, Mark Modica took the podium and said: “I have more than one reason to hope that GM stays out of bankruptcy.” Mr Modica not only holds GM bonds; he is also a manager at a GM dealership.

Bloomberg “GM Retirees Bully Bondholders With Obama’s Help”

admin — Fri, 15 May 2009 21:27:35 +0000

Bloomberg piece highlighting Main Street Bondholders coalition

GM Retirees Bully Bondholders With Obama’s Help

By David Reilly

Then there are mom-and-pop investors, who may not be happy with the terms on offer. Some of them have gone so far as to create a Web site to air their grievances. This site is backed by the 60 Plus Organization, a senior advocacy group that bills itself as a conservative alternative to the AARP.

CNBC Power Lunch Interview with Mark Modica, Small Bondholder from PA

admin — Tue, 12 May 2009 19:13:54 +0000

“GM sinks to fresh low as Chapter 11 looms” – Financial Times

admin — Tue, 12 May 2009 19:00:34 +0000

Financial Times piece on GM bankruptcy with notable quote from Chris Crowe, small bondholder from Denver, CO.

GM sinks to fresh low as Chapter 11 looms

By Bernard Simon in Toronto and Nicole Bullock in Philadelphia

“I realise that we all have to make sacrifices, but bondholders have been singled out to lose the most,” Chris Crowe, an electrician from Denver, said at a rally in Philadelphia on Tuesday.

One bondholder held a sign reading: “We are individuals, not institutions,” to distinguish the group from hedge funds that have been criticised by lawmakers for precipitating Chrysler’s bankruptcy.

Click here for more

Philadelphia Inquirer – “For GM investors, a gathering of misery”

admin — Tue, 12 May 2009 18:59:58 +0000

Philadelphia Inquirer story on today’s rally in Philadelphia….

For GM investors, a gathering of misery

By Christopher K. Hepp

“We’ve been decimated,” said Modica, a retired employee benefits advisor, describing his family’s predicament.

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Philadelphia Inquirer “PhillyDeals: Plans for GM could hurt its small investors”

admin — Mon, 11 May 2009 14:01:15 +0000

Philadelphia Inquirer did a great story on small bondholders in advance of Tuesday’s rally….

PhillyDeals: Plans for GM could hurt its small investors

By Joseph N. DiStefano

“They’re asking us to sacrifice the most,” trading $27 billion in debts for one-tenth of an insolvent company, Mark Modica said. “If we refuse, they’ll file for bankruptcy and blame us.”

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“Main Street” Bondholders Gather in Tampa and Philadelphia Next Tuesday

admin — Fri, 08 May 2009 16:40:32 +0000

On Tuesday, May 12th, “Main Street” Bondholders from across the country will be gather in Tampa, FL and Philadelphia, PA to voice their concerns about being left out of the GM bankruptcy negotiations.

For more information on the Philadephia event, click here.

For more information on the Tampa event, click here.