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GM’s deal erased many average Americans’ savings
Question of the Day
• THE BONDHOLDERS: Click here to view vignettes of eight GM bondholders.
Opposition from big and small investors pressured the Treasury to offer bondholders an additional 15 percent stake.
But only the big Wall Street bondholders were given a vote on the new offer — and they accepted it only grudgingly.
The Main Street bondholders feel they were elbowed aside by the big investors with their expensive attorneys.
They are now hoping for the new GM to rev up, big time. The additional stake in GM is worth nothing unless the company’s market value reaches $15 billion. The bondholders would recover much of their original investments if GM’s value reaches an implausible $30 billion. The company has not been worth that much since 2004.
Many analysts agree that the bondholders were treated unfairly. Arguments continue in federal court and on the political stage. In the meantime, the bondholders have little choice but to suffer with their decision to hold on to what was once a sure thing.
Today, The Washington Times begins a series of stories examining who GM’s bondholders are and how they have suffered — and why. What follows is a look at the diverse group of people who are bondholders of a fallen American icon.
• John Krudy contributed to this report.
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