Hi bond_gm,
Here is the info I have:
1) Motors Liquidation in its latest monthly operating report mentioned $28,356,000,000 worth of bonds debt. (I assume this amount includes accrued interest until 1st June 2009). Look for those 8-K monthly reports at sec.gov.
2) To be distributed to creditors: 50 million shares (or 10% of the initial total of 500M). If you factor in the warrants, a total of 140,909,090 shares.
3) There is a rumor of stock spilt prior to IPO. Steve Rattner (ex car tzar) mentioned it during a recent interview.
4) Your question number 4 refers to stock spilt? In that case yes, there is a rumor of pre-IPO stock split.
5) Your question 5 is all about valuing the new GM. To calculate the % of recovery, this is the calculation I now use:
Total Liabilities subject to compromise (LSTC) means total claims against debtor: $32,216,370,000 (once the court has finalized its work that amount will be closer to $35B and in this case you will need to tweak the calculation for the additional shares to be distributed when claims amount reaches a certain level).
Total cost of warrants: $2,045,454,525
Liabilities + cost of warrants = approx $34,25B
Motors Liquidation has 140,909,090 shares to distribute (that includes warrants) out of total of 606,060,600 new GM shares. This is equivalent to 23.25% of market value of new GM.
At IPO day (actually at the effective date of the plan of liquidation), you will be able to calculate the market value of new GM.
Multiply the new GM market value by 23.25% (based on total 606,060,600 new GM shares) and you get the value to be distributed to creditors. You divide that amount to be distributed by the liabilities + cost of warrants (mult by 100) and you get the percentage of recovery. Maximum recovery possible is 100%. Beyond 100% recovery and something else happens.
In March 2010, dfwmcse posted an excellent article that can be useful for you as well. The link in that post to an excel sheet for more detailed calculation is still valid.