tag:blogger.com,1999:blog-197345115652214342.post1977687277828989050..comments2022-12-05T08:49:42.979-05:00Comments on Fear and Greed Blog: Slate & Reuters Blow itLawrence D. Loebhttp://www.blogger.com/profile/05600981191177652648noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-197345115652214342.post-51633530978580562092009-07-06T00:41:19.851-04:002009-07-06T00:41:19.851-04:00Thank you again.
I appreciate the clarification....Thank you again. <br /><br />I appreciate the clarification.<br /><br />It appears that there may be more than one bond (they list "RGM" and "BGM" bonds - perhaps "BGM" is baby GM?).<br /><br />I hope your stock/warrants increase in value. Judge Gerber signed the sales order. It was <a href="http://dealbook.blogs.nytimes.com/2009/07/05/judge-approves-gm-sale-plan/" rel="nofollow">reported by Michael J. de la Merced on the NY Times DealBook blog</a>. He has also posted the opinion.Lawrence D. Loebhttps://www.blogger.com/profile/05600981191177652648noreply@blogger.comtag:blogger.com,1999:blog-197345115652214342.post-26597098364308784912009-07-06T00:10:34.461-04:002009-07-06T00:10:34.461-04:00The 40,000 bonds with $1,000,000 face are the $25 ...The 40,000 bonds with $1,000,000 face are the $25 "Baby Bonds". If he paid $2.65 for a $25 face bond it equates to 10.6% or $106 per $1000 face. Oddly, the $2.65 per $25 bond is the number that appears in my account (Fidiity) for the bonds. THis number wa established in mid-june by broker auctions to determine the payments to bondholders that had Credit Default Swaps) CDS or default insurance. Upon looking at Exhibit B whihc outlines the purchases they range from a low of $1.20 to a high of $9.86, this is per $25 bond. The lowest price paid for 1,000 of th e 40,000 bonds was $0.048 cents per $1.00. The $2.65 with is $0.106 per $1 may be the weighted average, but I'd bet it is the current value as refelcted from teh CDS auction held June 12 I think. The$2.65 currently is the value that is shown in my abbout for both Fidility and Charles Schwab. Thank you again for speaking out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-197345115652214342.post-83019830727418577062009-07-05T23:11:38.452-04:002009-07-05T23:11:38.452-04:00Thank you for your comment.
I agree that, regardl...Thank you for your comment.<br /><br />I agree that, regardless of the price that they paid, the owners of the bonds purchased a contractual obligation of General Motors (or one of its entities). They have every right to seek full payment (or as much as possible) for the claims that they purchased.<br /><br />That said, the filing seems to greatly misstate the purchase price of Wade McGee's positions. Schedule B states that McGee "Currently holds 40,000 bonds valued at $2.625 (par value of current holdings is $1,000,000), as follows:"<br /><br />That makes it seem that Mr. McGee owns $1.0 million of bonds purchased for $2.625.<br /><br />I could believe that the average purchase price for the holdings was 2.625%, or $26,250 for $1.0 million face value of bonds.<br /><br />The disclosure is confusing, at best.Lawrence D. Loebhttps://www.blogger.com/profile/05600981191177652648noreply@blogger.comtag:blogger.com,1999:blog-197345115652214342.post-59723791555670169112009-07-05T22:54:54.786-04:002009-07-05T22:54:54.786-04:00Thank you Thank You Thank You. This type of irresp...Thank you Thank You Thank You. This type of irresponsible blogging and reporting only fuels the fires of misinformation. Not only can you find the names and contact information but also as mentioned the trading including purchase information. You will find that one paid over par for his bonds. It is true that one paid pennies on the dollar. But the issue is lets not focus on the rape victims to see if they might have deserved what happened to them, but on the law that protects the victims from the attach in the first place. These three gentlemen are the faces of thousand of GM Bondholder that have been become victims of the Task Force over steeping the law. I don’t care if they got their bonds for FREE; the laws are applicable are the same. I too tried to comment and correct the error but the website is blocked from accepting comments. Thanks again for setting the record straight.Anonymousnoreply@blogger.com