Quote:
Originally Posted by DGthe3
If I remember correctly, you were one of the advocates for bankruptcy
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Yes I was because the company simply did not have the cashflow to keep up with the massive debt it had. I just didn't expect those who were legally entitled to the assets (as in most bankruptcy proceedings) to get nothing.
In some cases, we are talking about peoples retirement savings. These were conservative investors who purchased bonds because they were seen as low risk. They could have at least given them .50 cents on the dollar.
If the governments make off like bandits on the sale of the company then I think "old GM" bond holders and creditors were totally ripped off.