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  • IAMNATHAN IAMNATHAN Oct 22, 2009 4:30 PM Flag

    what is consensus on GM bonds....

    Yeah, there a plenty of them on these boards.

    Do you know if we are supposed to get interest owed on our bonds for the time up to when they swap for New GM shares, or do they not have any obligation for it after the BK was filed?


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    • Should be part of the claim filed for us by Wilmington Trust (in most cases) as trustee on our behalf. Proportionate amount of total claims should be paid from IPO.

      • 1 Reply to markitbrother
      • iam. This board has nothing to do with any bonds. It is a STOCK board. Playa is lying or ignorant and I don't want others hurt by his untruths. You can post whatever angry things you want but the truth of the matter is this is a stock board. i am not off topic..............................


        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.