Actually I talked to my broker and he is quite sure that a bankruptcy judge will at least rule that GM is to pay a minimum of 25% of the face value of the bonds, SO----I would rather hold out for a year or so and let a judge decide rather then get $1000 worth of junk GM common stock (which is what is being offered to me) My broker says that the Retail bond holders (which is what I am) will get about 35% of face value. Think about it this way---GM took $27 billion and used it to finance their company, okay fine....But they pi$$ed it away on running their business like crap and now they want to give the bondholders 1/10 of what they are supposed to receive. The current common stock holders will end up with nothing, by next month.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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