What will holders of GM preferred stock get out of the bankruptcy?

CTyankee

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Mon Jul-13-09 04:27 PM
Original message

What will holders of GM preferred stock get out of the bankruptcy?

I'm trying to read the legalese in the documents that came to me in the mail today.

Can someone decipher? Does anyone here know? Is it all finalized?

Thanks, folks, for any info you can supply!

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jody

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Mon Jul-13-09 04:32 PM
Response to Original message

1. More than we taxpayers. n/t

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Po_d Mainiac

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Mon Jul-13-09 04:52 PM
Response to Original message

2. Preferred stock holders are at the end of a very long line of creditors. n/t

Edited on Mon Jul-13-09 05:21 PM by Po_d Mainiac

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trof

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Tue Jul-14-09 06:54 AM
Response to Original message

3. Dunno. I'm holding 7.5% Senior Notes.

Haven't heard a thing.

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CTyankee

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Tue Jul-14-09 08:22 AM
Response to Reply #3

4. Do you think we'll get a dime out of this?

Just wondering whether I should just give up all hope or not...

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trof

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Tue Jul-14-09 09:28 AM
Response to Reply #4

5. I think we may get some shares of common stock in the 'new' GM.

woopee
I had some Delta Airlines notes (Can I pick 'em, or what? :eyes:).
When they came out of bankruptcy they swapped debt for equity and I now own Delta common stock.
double woopee

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CTyankee

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Tue Jul-14-09 09:55 AM
Response to Reply #5

6. Depends. Delta was then, this is now.

We're at a crossroads now with our domestic auto industry: either we re-invest in an already existing company with some products (e.g. trucks) that still sell or we let it die and have no domestic auto industry. Back in the day, this wasn't the case, now it is. As such, I think we have a shot with the common stock. I'd rather take a chance with that than with nothing at all...

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