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  • markitbrother markitbrother Oct 21, 2009 8:27 PM Flag

    Hey Nathan...

    Regarding one of your previous posts on New GM ownership; 10% (plus warrants) go to ALL unsecured creditors/claims, not just bondholders. Nothing to common shareholders, that was a previous offer that was never accepted. It never had a chance to be accepted because it was designed by Obama's friends to fail. Let's hope these criminals do not try to screw bondholders more than they already have.

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    • Hey Marketbrother,

      I thought the deal was 10% plus 15% warrants to the Bondholders, as seniors unsecured claims in the BK?

      I thought that all other debtors, etc had to take what is in the BK after all assets are liquidated?

      • 1 Reply to IAMNATHAN
      • Nope, that is what was implied and reported in media. It gets split, with bondholders currently the majority. There is also a question as to whether or not we will get this at initial IPO or if we have to wait for full liquidation of mtlqq. As for 54% vote, this was another deception by Team Obama. There was no official vote. Holihan/Lokey, Eric Seigart ad hoc group met with Task Force. They were told if they endorsed the plan and did not contest the 363 they would have their legal fees paid. They were then put in charge of counting the "vote" which consisted of phone calls and e-mails from institutional holders. No way this passed SEC muster. Corrupt as hell, but no one in our government wants to investigate to the full extend that it deserves.
        Regarding Shlec and Playa, I suggest you not stoop to the level of other idiots. Just do as Web suggests and put them on ignore. I did.

    • I don't think that they can do anymore damage to bondholder's than they have already done.

      After all, they supposedly made an agreement with 54% of the bondholder's, didn't they?????????

      • 1 Reply to IAMNATHAN
      • not sure about the bonds. BUT I am sure about the truth....

        PLAYA!!! don't be a hater...

        Here is what I know.

        to playa/misterwunderful-

        Check out the old Cancelled on or around 10/2/09. THAT is the truth

        The government came in and now forces EVERY short sale to have a good borrow on the stock. Yes, the shares must be borrowed from someone to be shorted. This is an old rule and the brokerage firms know that they will be fined if they allow ANY big short sellers to go past T+4. They take this VERY seriously. The fines will be massive if it is found that they are allowing naked short selling. I promise you, this is NOT happening. I can also promise what WILL happen with the advice below.....

        DON'T EVER BUY ANY stock with a "Q" at the end of the symbol. It means the company has filed for bankruptcy.... 99.999% of the time, the shareholders end up with absolutely nothing. Case in points include KMRTQ (K-Mart in around 1995, DPHIQ, (The old Delphi that was cancelled this week), etc, etc, etc,. You buy the stock and some day a judge comes along and halts trading and officially declares the stock worthless. When that happens, all stock is cancelled and no free market trading is allowed any longer. Up until the time the judge declares it worthless, it can trade for any price.

        This is how the stock market works. I am always amazed at people who buy bankrupt companies and are surprised that they lose money.

        Compare it to a chapter 7 personal bankruptcy (liquidation) where a person has 85,000 in debts and 5,000 in personal assets. What are the odds that the assets valued at 5000(Car, VCR and projection T.V) if sold will bring 85,001? Those are the type of odds shareholders are up against. I am not saying it is impossible. BUT. What are the odds of getting ANYTHING back?

        Almost 0.