[John123]

they don’t have bond payments

So bond holders really got screwed...

[skinkinthegrass]

So bond holders really got screwed...

correction.....American Taxpayers (really) got Screwed.
...d@mn, those 50+% voters

"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke
“The problem with socialism is that you eventually, run out of other people’s money.” - Margaret Thatcher
"There are two sets of rules. One set for the rulers and another for the rest of us." —Richard Yancey, former IRS tax collector

[Ernest_at_the_Beach]

From the article:

****************************EXCERPT**********************

Officials confirm $27 billion debt deal

The steering committee for a portion of GM creditors has confirmed that bondholders representing at least 54% of GM's unsecured debt have agreed to exchange their portion of the company's $27.1 billion unsecured paper for their pro-rata share of 10% of equity in the new GM, plus warrants for an additional 15% of the new company.

"The bankruptcy court process will be used to confirm this treatment for those bondholders and other unsecured creditors that failed to accept or did not participate in the offer that was accepted by the aforementioned majority," the U.S. officials said.

[genghis]

the stockholders got nothing
the bond holders got
12 percent of the new company
the unions got 17% and gov got 72%.