- Texas man arrested for powder-letter hoax
- Islamic State opens ‘marriage bureau’ for single jihadists
- Drone almost blocks California firefighting planes
- Tornado rips off roofs, downs trees near Boston
- GOP: Environmental rules keeping agents from accessing border
- John Kerry: Millions displaced by religious fighting in 2013
- Federal appeals court rules against Virginia’s gay marriage ban
- White House says Russia ‘losing’ war in Ukraine
- Hamas turns to North Korea for weapons deal, Iran for money
- Syrian casualties surge as jihadis consolidate
THE BONDHOLDERS: James Graves
Question of the Day
Family: Wife, two children and two grandchildren
Date of purchase: N/A
Percent of portfolio that were GM bonds at purchase: 33 percent
Percent of portfolio now: Negligible
Reason for purchase: “It was a trustworthy company.”
Reason for holding after downgraded to junk status in 2005: Thought GM was reliable
Original investment goal: Early retirement
Jim Graves was one of the many GM bondholders listening to a conference call in May about the impending bankruptcy. He was also one of many participants who ended the call in confusion.
“We’re supposed to write an e-mail to some anonymous address, saying we support the offer. It just felt like we were being strong-armed,” Mr. Graves said.
Mr. Graves said he would survive the GM downfall, but he’s upset by the way the situation was being handled.
“I’m glad the government stepped in,” he said. “I wish they could keep them out of bankruptcy, because Americans need those jobs. I just wish they would be fair about it.”
The sudden loss and confusing statements also are troubling Mr. Graves’ mother, Vivian Floyd, 80.
“She’s a wreck. She’s a person who puts a smiley face on everything, and she can’t put a smiley face on this one,” Mr. Graves said.
His mother invested $100,000 in GM in 2003 to provide for her retirement. Mr. Graves said her income will fall by a third.
“She’ll be OK, but she may have to give up her home and visit her grandchildren less,” Mr. Graves said.
Mr. Graves said he and his mother hoped that they would see a return in profits by holding on to their bonds, even as GM was falling.
“I don’t think any of the bondholders ever thought GM would collapse,” he said.
He said his mother is “looking for me to tell her what to do. I’m pretty smart, but I can’t tell her what anything means with this.”
• Click here to view vignettes of seven other GM bondholders.
About the Author
- EDITORIAL: Red states are the 'tickled pink' states
- EDITORIAL: A Second Amendment right recognized for D.C.
- EDITORIAL: The two faces of Mark Warner
- LETTER TO THE EDITOR: Texas law is making women safer
- LETTER TO THE EDITOR: No taxpayer funds for illegals
Latest Blog Entries
TWT Video Picks
By David Keene
Allowing states to innovate could reduce dependency on bureaucracy
- D.C. seeks to stay judge's order allowing gun owners to carry in public
- Hillary Clinton: Forget Obama, George W. Bush made her 'proud to be an American'
- Illegal immigrants demand representation in White House meetings
- Iraqi Christians rally at White House: 'Obama, Obama, where are you?'
- Tennessee Gov. Haslam slams White House for secret dump of illegals in his state
- White House defends Kerry failure to broker Middle East cease-fire
- NAPOLITANO: What if our democracy is a fraud?
- Romney would win popular vote in rematch against Obama: CNN poll - Washington Times#.U9ZSgi7-CXU.twi
- Russia violating 1987 nuclear missile treaty
- RAHN: When money mischief goes global
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq