Breaking News

From CNN.com:

GM, racing against a restructuring deadline, says major bondholders have accepted a revised deal to swap debt for equity.

Looks like they finally came to their senses. Or maybe it was the threat of owing me personally for my losses.

GM Bondholders and Bankruptcy

I am a GM bond holder. And I am pissed. I bought my GM bonds a few years ago when it looked like the company was going to turn itself around. I didn't buy for steady interest payments or stability. I bought because of the 9% yield and the low price so I take responsibility for my losses. It was risky and I bet on the wrong side.

Apparerently not enough bondholders approved GM's debt for equity offer to keep the company out of bankruptcy. The idiots who turned down this offer are the ones I am pissed at.

Let's look at our options:

• Take the offer, accept 225 shares of stock, currently worth $268, but worth over $450 as of Friday.
• Turn down the offer and get whatever bankruptcy court decides to give, most likely under $100.

I can understand that people aren't happy with GMs offer, you want more, that isn't a fair offer. The government gets 70% of the company and the bondholders would get 10%. The time for negotation is gone. Thanks to your being offended at the low offer all of us bondholders will now get maybe 10% of our investment, the company goes bankrupt and everyone loses.

So I am going to hold all of the greedy people who turned down the tender offer responsible for my losses, as well as for anyone fallout from the bankruptcy. You can send me a check for the money.