'Main Street' Bondholders Rally for Inclusion in the GM Bankruptcy Negotiations
Seniors and Retirees Advocate for Fair Solution at Philadelphia & Tampa, FL events
The "Main Street" Bondholders Coalition, a project of 60 Plus Association, gathered today to voice concerns over their exclusion in the GM bankruptcy negotiations and to advocate for a fair and equitable solution. Small bondholders, many of whom are relying on their stake in the company for future financial security, have the most to lose if GM turns to bankruptcy. Thousands of seniors, retirees and small bondholders have sent letters to Congress voicing their concerns.
"Bankruptcy is the worst possible solution in this situation," Bill, a semi-retired attorney and small bondholder from Harrisburg, PA, said at today's Philadelphia event. "We've invested in GM bonds and now risk losing a portion of our retirement savings. The only way to reconcile this situation equitably is to give small bondholders a voice in this process. The government needs to listen to the concerns of small bondholders to reach the best conclusion to the GM negotiation process."
"No one is talking to the small bondholders, because the Treasury is negotiating with GM and GM is negotiating with the UAW," said Jim, representing his mother, a retired GM employee, at the "Main Street" Bondholder event in Tampa. "The government's refusal to negotiate with small bondholders is inexcusable. It's not fair that our retirement savings may be wiped out and we're not even given a seat at the negotiating table. This bankruptcy will affect us much more than it will affect any other group of investors, so we deserve the chance to tell the decision makers our side of the story."
After a recent gathering in Warren, MI, the 60 Plus Association has received hundreds of emails from individuals worried about the GM bankruptcy. The small bondholders fear that their retirement savings will disappear if GM enters bankruptcy proceedings.
"We urge the Administration to consider the small bondholders, who represent 20 percent of GM investors, as a group that is greatly affected by the future of the GM Corporation," 60 Plus President Jim Martin said in Tampa. "Small bondholders, especially seniors and retirees, should not be shut out of the GM bankruptcy negotiations. They're a part of the company too and deserve the chance to have their voices heard." 60 Plus Vice President Amy Noone Frederick represented small bondholders in Philadelphia as well.
Many small bondholders feel that the Administration has taken advantage of them by shutting them out of GM's bankruptcy negotiations. Financing their retirements, medical expenses, children's college savings funds with GM bonds, these individuals could lose everything without ever being represented in the negotiation talks.
"Main Street" Bondholders, a project of 60 Plus Association, is a nationwide coalition of small GM small bondholders. For more information, visit: www.MainStreetBondholders.com. To find out more on how to connect with the small bondholders, please contact Sarah Jackson at Media@MainStreetBondholders.com.
If you are a GM small bondholder and want to get involved, please email us at Info@MainStreetBondholders.com