There's no way in hell they should be forced to settle for 5 or 10 cents on the dollar.
Enough with the fascist bullshit already. Time to file.
I would bet money that the Chinese would pay about what the bonds are worth to own Buick and GM properties in China.
What would happen if the bondholders accepted the current proposal is that the UAW would demand the closing of overseas plants such as China and the Chinese would buy the closed plants dirt cheap and undercut the price of UAW made cars in the States.