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General Motors Company Message Board

  • o2behonesttobetsy o2behonesttobetsy Aug 8, 2013 4:02 PM Flag

    Plain english for hardheaded idiots!

    Politics trumps seniority for bondholders in GM, Chrysler bankruptcies
    by Lita Epstein Jun 2nd 2009 10:30AM
    Updated Dec 4th 2009 1:37PM
    Bondholders, who traditionally end up with the best deal in bankruptcy proceedings since they hold senior debt, appear to be losing out in both the Chrysler and GM bankruptcies. In an unusual twist, the government and employees will likely end up with a bigger share of the two companies as political expediency trumps traditional bankruptcy laws.

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    • thsykes14 Aug 8, 2013 8:51 PM Flag

      chublammo has not been accepted by jeye so he is a turd

    • What!?! Lita Epstein said this? Well then, it must be so! Of course, it would be better if it were Suze Orman, but I guess Ms. Epstein will have to do.

      Seriously, Betsy, you need to do a bit more research. At least 51% of the bondholders (by total dollars) had to agree to accept the deal, and they did. Since the US government was the only entity on earth that was willing and able to put up the money to keep GM going, they got to determine the substance of the deal. But, understand this: THE BONDHOLDERS AGREED TO IT! Now, why would they agree to it? Because they loved Obama and wanted him to look good? No. They agreed to it because they believed that by taking the deal they would end up with more money than they would if they forced liquidation.

      You can argue that they made a bad decision if you wish, but given what has happened since I think you'd have a tough time convincing any rational investor that liquidation would have been a better plan.

      Sentiment: Buy

      • 5 Replies to cheblammo
      • "What!?! Lita Epstein said this? Well then, it must be so!"


        You're going to love this. I also never heard of anyone called Lita Epstein so I did a little research. She is an author that has written several books. Here's a listing of some of them:

        Reading Financial Reports for Dummies,
        Trading for Dummies,
        Bookkeeping for Dummies,
        Complete Idiot's Guide to Accounting,
        Complete Idiot's Guide to Improving Your Credit Score
        Complete Idiot's Guide to Value Investing
        Complete Idiot's Guide to Social Security and Medicare,
        Pocket Idiot's Guide to Medicare Part D,
        Working After Retirement for Dummies.

        Also in her bio it states "She is currently in the process of completing work toward her Certified Financial Planner designation." She is portraying herself as an expert and doesn't have so much as a CFP certificate.

        I swear to God, I am not making this up. With her books all starting with the phrase "Complete Idiot's Guide to....", I can appreciate how Betsy is so familiar with her body of work.

      • Great theatre. betsy is calling Cheblammo an ignorant moron.

        This theatre, however, will soon be topped when both littlebetsy and littlediana accuse Cheblammo of being treasonous and unpatriotic because he won't pump hyundi, kia and toyota. too funny!!

      • You know it's so you ignorant moron. Some bondholders caved in so the rest Had to go along. Does that make the theft legal, idiot?

      • GM always borrows than never repays. Drop that 10 dollars in my hat and its gone forever.

      • Oh, and one more thing; don't be calling my friend Wngr an idiot!

        Sentiment: Buy

32.04+0.29(+0.91%)Oct 21 4:01 PMEDT