A project of The 60 plus Association – a gathering of all stakeholders and GM 'Main Street' Bondholders -- said Friday it has agreed that Ad Hoc Committee's GM Restructuring Plan is the best solutions for all the stockholders.
It had proposed 58 percent of GM's ownership and 41 percent for the union-backed Voluntary Employee Beneficiary Association ownership, a stake higher than what the Obama Administration's Auto Task Force proposed.
“We do not want GM to go bankrupt,” bondholders, shareholders, retirees, current employees, or the UAW lamented. It will hurt everyone.
Small investors are financing their retirements, school payments for their children, and medical expenses with bonds purchased from the icon of corporate America, GM, 60 Plus Vice President Amy Noone Frederick said. We urge The Administration to hear the voices of the thousands of GM Main Street bondholders that have been ignored.
The 60 Plus Association is dedicated to calling attention to the GM Main Street bondholders who have not been given a voice throughout the negotiations, which had brought hundreds of small bondholders together this week in Warren, Michigan with the city's Mayor, Jim Fouts.