From the Financial Times: GM creditors watch Chrysler lawsuit (ht jb)
General Motors bondholders ... will be watching a New York court on Tuesday as a group of Chrysler creditors tries to block the imminent emergence of GM’s smaller rival from bankruptcy protection.So Chrysler will probably emerge from bankruptcy this week - and GM will likely file for bankruptcy by next Monday, June 1st.
GM’s offer to the bondholders of a 10 per cent equity stake in the restructured company expires at midnight. The bondholders, with $27bn in unsecured claims, are widely expected to reject the proposal, setting the stage for GM to file for bankruptcy protection by June 1.
...
The bankruptcy court is expected to approve the deal tomorrow, paving the way for the new company to emerge from Chapter 11.
I am a more than 60 year old Bondholder and actually I am living in Europe...
ReplyDeleteI have a substantial amount of the 7,25% Notes due 15/7/2041
and other Bonds too!
I would like the opportunity to tell all the persons in the same situation that I had paid for some of the Bonds up the face value price as I had them for a long time ago...
Basically as many others I thought that I could cover part of the education of my Seven American grandchildren... and one more on the way!
I AM NO GOING TO GIVE THE BONDS TO MR. RATTNER OR TO MR GEITHNER TEAM FOR THE PENNIES THAT THEY WANT TO PAY...
I PREFER TO INVITE SOME FRIENDS AND IF THEY ARE WORTHLESS MAKE A FIRE WITH THEM AND COOK SOMETHING GOOD FOR ALL OF THEM....
THIS OFFER IS THE WORST THAT I COULD EXPECT TO COME FROM VERY INTELLIGENT PEOPLE THAT WITHOUT THE PROPER KNOWLEDGE, IN A FEW DAYS WANT TO FIND ALL THE SOLUTIONS THAT ELUDED GM FOR A LONG TIME ... ARE THEY REALLY THE RIGHT GUYS FOR THIS MONSTER PROJECT..????
HOW IN THEIR MINDS THEY THINK THAT THEY ARE GOING TO HAVE THE OK OF 90% OF THE SENIOR CITIZENS THAT AS MYSELF FINANCED THE SALARIES OF THE UAW AND MR HENDERSON HIMSELF, THAT FOR SURE TOOK HOME MILLIONS FROM US
OFFERING IN GRATITUDE ONLY A FEW PENNIES FOR OUR HOLDINGS...
THE MAT IS IF THEY ARE GIVING 1% TO THE ACTUAL SHAREHOLDERS AND 225 SHARES FOR EACH 1.000 $ BOND TO US, AND WE WILL HAVE 10% OF THE COMPANY, AND SOMEBODY SAID THAT THIS SHARES MAY HAVE A VALUE OF 4 $ MEANS THAT THE 60 BILLION
SHARES, GM WILL HAVE A NEW MARKET VALUE OF 240 BILLION USA DOLLARS...
AS YOU KNOW THIS IS NOT GOING TO HAPPEN....
SO BASICALLY HEAR MR. RATTNER TEAM DON'T HAVE A CLUE OF WHAT THEY RECOMMENDED (EXCEPT THAT MAYBE SOME OF THEM MAY HAVE SOME FRIENDS), AND THAT GIVING THE FACT THAT CAUSED A MAJOR EARTHQUAKE WITH THEIR OFFER, AS THEY TRIED TO SCARE EVERYBODY, THEY MAY BE PLAYING THE MARKET AND MAKING A LOT OF MONEY FOR THE MOMENT....
I WOULD NOT TRUST THEM AT ALL... AND FOR SURE MR. OBAMA WITH THAT OFFER IS TREATING US WORST THAN HIS NEW FRIEND THE SOCIALIST/COMMUNIST MR CHAVEZ THAT IN VENEZUELA IS TAKING AWAY EVERYTHING FROM ALL THE PEOPLE THERE, INDUSTRIES, FARMS, OIL WELLS, OIL SERVICE INDUSTRIES, BANKS, ETC. ETC., BUT AT LEAST MR. CHAVEZ PAYS 60% TO 100% OF ALL PROPERTIES BEEN TAKEN AWAY...,
MAYBE MR OBAMA'S TEAM IS THINKING THAT THEY CAN MANAGE THE JUDGE AND BEND HIS ARM TO DO WHAT THEY WANT, AND STEAL OUR MONEY AND GIVE IT TO THE UAW....
I CAN ASSURE ALL OF YOU THAT GM MANAGED BY THE UAW IS GOING TO BE FINISHED AT ONCE AS THIS PEOPLE THE ONLY THINK THAT THEY WANT IS TO WORK LESS AND TAKE MORE MONEY HOME, AND THEY CAN CARE LESS ABOUT INVESTORS OR SHAREHOLDERS OR A ANY DIVIDEND PAID TO ANYBODY... IF MR. GEITHNER SUCCEEDS THIS IS GOING TO BE THE BURIAL OF GM...
I have experience in Chapter 11th and there is a Trustee, he will to try to maximize the value of selling each one of the assets for the benefit of the Estate...
So is a lot to sale and we will have to keep vigilant with the Judge so nobody can take assets for 5 cents on the Dollar or almost nothing...
We should have a much better results in Chapter 11th....
LETS MOVE FORWARD TO PUSH FOR IT UNLESS THEY GIVE US A FAIR SHARE OF MONEY FOR OUR BONDS!!!
Many thanks for your consideration
George