Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (1 Viewer)
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Capito....citigroup vuole incrementare sull'azionario Ford
Capito....citigroup vuole incrementare sull'azionario Ford
paologorgo
Chapter 11
* Bondholders committee says debt exchange unfair
* Bankruptcy strategy called "risky"
* Bondholders say administration unfairly favored UAW
DETROIT, April 27 (Reuters) - A committee of General Motors Corp (GM.N) bondholders representing more than $27 billion of GM debt on Monday called the automaker's debt-exchange offer politically motivated and legally risky, and said it had a small chance to succeed in a way that would avoid bankruptcy.
"We are deeply concerned with today's decision by GM and the auto task force to offer only a small, inequitable percentage of stock to its bondholders in exchange for their bonds," the bondholders said in a statement.
GM said earlier it would offer bondholders new shares in an attempt to cut 90 percent of its bond debt as part of a deeper restructuring.
The terms of the deal as dictated by the Obama administration's autos task force would give bondholders only a 10 percent stake in a restructured GM while reserving an almost 40 percent for the United Auto Workers.
In exchange for its larger equity share, the union would agree to take $10 billion in stock and $10 billion in cash to settle GM's obligation to a retiree health care fund.
GM Chief Executive Fritz Henderson said GM would file for bankruptcy if it was unable to secure the debt reduction target set for it by the end of next month through a voluntary bond exchange.
Representatives of the bondholders, who had sought some parity with the treatment of the UAW's unsecured claims, said in their statement that GM was on a risky path to bankruptcy.
"This offer demonstrates that the company and the auto task force, unfortunately, are pinning their hopes on an extremely risky and legally questionable turnaround in bankruptcy court, instead of engaging its lenders and workers in the very type of negotiations that could avoid such a fate," they said.
Houlihan Lokey Howard & Zukin Capital Inc has been working as the financial adviser to a committee representing the bondholders including retail investors holding about $6 billion of the automaker's bond debt.
The law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP also represents the creditor group as counsel.
(Reporting by Kevin Krolicki; Editing by Ted Kerr)
http://www.reuters.com/article/marketsNews/idINN2718117520090427?rpc=44
* Bankruptcy strategy called "risky"
* Bondholders say administration unfairly favored UAW
DETROIT, April 27 (Reuters) - A committee of General Motors Corp (GM.N) bondholders representing more than $27 billion of GM debt on Monday called the automaker's debt-exchange offer politically motivated and legally risky, and said it had a small chance to succeed in a way that would avoid bankruptcy.
"We are deeply concerned with today's decision by GM and the auto task force to offer only a small, inequitable percentage of stock to its bondholders in exchange for their bonds," the bondholders said in a statement.
GM said earlier it would offer bondholders new shares in an attempt to cut 90 percent of its bond debt as part of a deeper restructuring.
The terms of the deal as dictated by the Obama administration's autos task force would give bondholders only a 10 percent stake in a restructured GM while reserving an almost 40 percent for the United Auto Workers.
In exchange for its larger equity share, the union would agree to take $10 billion in stock and $10 billion in cash to settle GM's obligation to a retiree health care fund.
GM Chief Executive Fritz Henderson said GM would file for bankruptcy if it was unable to secure the debt reduction target set for it by the end of next month through a voluntary bond exchange.
Representatives of the bondholders, who had sought some parity with the treatment of the UAW's unsecured claims, said in their statement that GM was on a risky path to bankruptcy.
"This offer demonstrates that the company and the auto task force, unfortunately, are pinning their hopes on an extremely risky and legally questionable turnaround in bankruptcy court, instead of engaging its lenders and workers in the very type of negotiations that could avoid such a fate," they said.
Houlihan Lokey Howard & Zukin Capital Inc has been working as the financial adviser to a committee representing the bondholders including retail investors holding about $6 billion of the automaker's bond debt.
The law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP also represents the creditor group as counsel.
(Reporting by Kevin Krolicki; Editing by Ted Kerr)
http://www.reuters.com/article/marketsNews/idINN2718117520090427?rpc=44
stockuccio
Guest
non proprio entusiasmo dei BH http://blogs.wsj.com/autoshow/2009/04/27/statement-from-gm-bondholder-commitees-advisers/
Here is the statement from advisers to ad hoc committee of GM bondholders:
We are deeply concerned with today’s decision by GM and the auto task force to offer only a small, inequitable percentage of stock to its bondholders in exchange for their bonds.
We believe the offer to be a blatant disregard of fairness for the bondholders who have funded this company and amounts to using taxpayer money to show political favoritism of one creditor over another.
Today’s posturing makes it clear that the company and the auto task force would rather discount the thousands of individual investors and retirees who own GM bonds than undergo earnest negotiations.
The current offer is neither reasonable nor adequate. Both the union and the bondholders hold unsecured claims against GM. However, the union’s VEBA would receive a 50 percent recovery in cash and a 39 percent stake in a new GM for its $20 billion in obligations; while bondholders, who own more than $27 billion in GM bonds and have the same legal rights as the unions, would only receive a mere 10 percent of the restructured company and essentially no cash.
The offer was made unilaterally, without any prior discussion or negotiation with bondholders and in spite of repeated calls for dialogue.
Bondholders and GM have the same basic goal - to restructure the company in a
consensual manner, thereby creating a leaner, more competitive GM. In order for GM to emerge from this restructuring process as a profitable entity, all stakeholders should be prepared to make deep, yet equitable, sacrifices.
Bondholders remain willing to make such sacrifices and ask only that others do as well.
We are deeply concerned that GM waited until late April to make its offer. GM CEO Fritz Henderson even admitted that getting 90 percent of the company’s bondholders to agree to a debt exchange within a month would be ‘a tough task,’ given the company’s large amount of retail investors, who hold some $6 billion in bonds.
This offer demonstrates that the company and the auto task force, unfortunately, are pinning their hopes on an extremely risky and legally questionable turnaround in bankruptcy court, instead of engaging its lenders and workers in the very type of negotiations that could avoid such a fate.
http://blogs.wsj.com/autoshow/2009/04/27/statement-from-gm-bondholder-commitees-advisers/Here is the statement from advisers to ad hoc committee of GM bondholders:
We are deeply concerned with today’s decision by GM and the auto task force to offer only a small, inequitable percentage of stock to its bondholders in exchange for their bonds.
We believe the offer to be a blatant disregard of fairness for the bondholders who have funded this company and amounts to using taxpayer money to show political favoritism of one creditor over another.
Today’s posturing makes it clear that the company and the auto task force would rather discount the thousands of individual investors and retirees who own GM bonds than undergo earnest negotiations.
The current offer is neither reasonable nor adequate. Both the union and the bondholders hold unsecured claims against GM. However, the union’s VEBA would receive a 50 percent recovery in cash and a 39 percent stake in a new GM for its $20 billion in obligations; while bondholders, who own more than $27 billion in GM bonds and have the same legal rights as the unions, would only receive a mere 10 percent of the restructured company and essentially no cash.
The offer was made unilaterally, without any prior discussion or negotiation with bondholders and in spite of repeated calls for dialogue.
Bondholders and GM have the same basic goal - to restructure the company in a
consensual manner, thereby creating a leaner, more competitive GM. In order for GM to emerge from this restructuring process as a profitable entity, all stakeholders should be prepared to make deep, yet equitable, sacrifices.
Bondholders remain willing to make such sacrifices and ask only that others do as well.
We are deeply concerned that GM waited until late April to make its offer. GM CEO Fritz Henderson even admitted that getting 90 percent of the company’s bondholders to agree to a debt exchange within a month would be ‘a tough task,’ given the company’s large amount of retail investors, who hold some $6 billion in bonds.
This offer demonstrates that the company and the auto task force, unfortunately, are pinning their hopes on an extremely risky and legally questionable turnaround in bankruptcy court, instead of engaging its lenders and workers in the very type of negotiations that could avoid such a fate.
arckan
Nuovo forumer
Gm, 89% a governo e lavoratori
addio Pontiac e 20mila tagli
di PAOLO GRISERI
La Gm propone di nazionalizzarsi per uscire dalla crisi e la Borsa premia il titolo. Con un nuovo piano di ristrutturazione ben più drastico del precedente, la più grande delle tre sorelle di Detroit tenta di convincere l'amministrazione Obama che è possibile evitare la bancarotta e tornare all'utile. Per farlo è necessario passare ad una fase in cui il Tesoro di Washington e i sindacati controllerebbero l'89 per cento delle azioni mentre il rimanente 11 per cento andrebbe a dividersi tra gli obbligazionisti (10 per cento) e gli attuali azionisti che non otterrebbero più dell'1 per cento della società.
Tecnicamente l'operazione avverrebbe offrendo ai creditori 225 azioni per ogni tranche di 1.000 dollari di debito. In concreto questo significa restituire ai titolari di crediti obbligazionari il 38 per cento di quanto attendevano di ricevere da Gm, una somma di poco superiore ai 2 miliardi di dollari. Il Tesoro rinuncerebbe invece a metà dei suoi crediti convertendo in azioni un valore di circa 10 miliardi di dollari. Una quota di azioni analoga a quella che otterrebbero i sindacati dell'automobile in cambio della rinuncia a metà dei crediti vantati per pagare le cure sanitarie dei pensionati.
La borsa apprezza (con un balzo del 20 per cento del titolo) mentre la Casa Bianca - che chiaramente non ha alcuna intenzione di dirigere un'impresa, ha precisato il portavoce Robert Gibbs - fa sapere che "si tratta di un importante passo avanti" ma non si sbilancia sulla possibilità di evitare la bancarotta entro il 1 giugno. Anche perché lo schema verrebbe considerato percorribile solo se aderirà il 90 per cento dei titolari dei crediti. Una percentuale molto alta anche se Gm ha un'arma molto convincente per spingere i creditori ad accettare: "Se la sottoscrizione non avrà successo - ha dichiarato l'ad di Gm, Fritz Henderson - è probabile che i titolari di crediti obbligazionari non ricevano nulla".
Il piano prevede una cura durissima per i dipendenti. Nel Nord America verrebbero tagliati 21 mila posti di lavoro su 61 mila, 8 mila in più di quanto previsto dal piano precedente. Nei prossimi tre anni scomparirebbero dalla carta geografica anche 16 stabilimenti dei 47 attualmente esistenti. Quasi dimezzati (da 6.200 a 3.600) i concessionari mentre entro il prossimo anno sparirà il marchio Pontiac. Nei prossimi mesi si deciderà quale dovrà essere il destino di altri tre marchi di proprietà della casa di Detroit: Saab, Saturn e Hummer. Nel documento presentato alla casa Bianca c'è solo un fugace accenno al destino della Opel, la controllata europea di Gm. Un passaggio per dire che "nel mese di maggio continueranno i colloqui con parecchi interessati" a rilevare la società tedesca.
Con il nuovo piano Gm spera di ottenere oltre 11 miliardi di sovvenzioni pubbliche e di giungere al 31 maggio, la data limite indicata da Obama, evitando il ricorso alle procedure di fallimento. Entro quella data si dovrebbe capire anche a quale tra i diversi pretendenti andranno le attività di Opel.
(28 aprile 2009)
posto un articolo da repubblica
addio Pontiac e 20mila tagli
di PAOLO GRISERI
La Gm propone di nazionalizzarsi per uscire dalla crisi e la Borsa premia il titolo. Con un nuovo piano di ristrutturazione ben più drastico del precedente, la più grande delle tre sorelle di Detroit tenta di convincere l'amministrazione Obama che è possibile evitare la bancarotta e tornare all'utile. Per farlo è necessario passare ad una fase in cui il Tesoro di Washington e i sindacati controllerebbero l'89 per cento delle azioni mentre il rimanente 11 per cento andrebbe a dividersi tra gli obbligazionisti (10 per cento) e gli attuali azionisti che non otterrebbero più dell'1 per cento della società.
Tecnicamente l'operazione avverrebbe offrendo ai creditori 225 azioni per ogni tranche di 1.000 dollari di debito. In concreto questo significa restituire ai titolari di crediti obbligazionari il 38 per cento di quanto attendevano di ricevere da Gm, una somma di poco superiore ai 2 miliardi di dollari. Il Tesoro rinuncerebbe invece a metà dei suoi crediti convertendo in azioni un valore di circa 10 miliardi di dollari. Una quota di azioni analoga a quella che otterrebbero i sindacati dell'automobile in cambio della rinuncia a metà dei crediti vantati per pagare le cure sanitarie dei pensionati.
La borsa apprezza (con un balzo del 20 per cento del titolo) mentre la Casa Bianca - che chiaramente non ha alcuna intenzione di dirigere un'impresa, ha precisato il portavoce Robert Gibbs - fa sapere che "si tratta di un importante passo avanti" ma non si sbilancia sulla possibilità di evitare la bancarotta entro il 1 giugno. Anche perché lo schema verrebbe considerato percorribile solo se aderirà il 90 per cento dei titolari dei crediti. Una percentuale molto alta anche se Gm ha un'arma molto convincente per spingere i creditori ad accettare: "Se la sottoscrizione non avrà successo - ha dichiarato l'ad di Gm, Fritz Henderson - è probabile che i titolari di crediti obbligazionari non ricevano nulla".
Il piano prevede una cura durissima per i dipendenti. Nel Nord America verrebbero tagliati 21 mila posti di lavoro su 61 mila, 8 mila in più di quanto previsto dal piano precedente. Nei prossimi tre anni scomparirebbero dalla carta geografica anche 16 stabilimenti dei 47 attualmente esistenti. Quasi dimezzati (da 6.200 a 3.600) i concessionari mentre entro il prossimo anno sparirà il marchio Pontiac. Nei prossimi mesi si deciderà quale dovrà essere il destino di altri tre marchi di proprietà della casa di Detroit: Saab, Saturn e Hummer. Nel documento presentato alla casa Bianca c'è solo un fugace accenno al destino della Opel, la controllata europea di Gm. Un passaggio per dire che "nel mese di maggio continueranno i colloqui con parecchi interessati" a rilevare la società tedesca.
Con il nuovo piano Gm spera di ottenere oltre 11 miliardi di sovvenzioni pubbliche e di giungere al 31 maggio, la data limite indicata da Obama, evitando il ricorso alle procedure di fallimento. Entro quella data si dovrebbe capire anche a quale tra i diversi pretendenti andranno le attività di Opel.
(28 aprile 2009)
posto un articolo da repubblica
paologorgo
Chapter 11
UAW to Get 55% Stake in Chrysler for Concessions
By ALEX P. KELLOGG and KRIS MAHER
The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.
Fiat SpA "eventually" will own 35%, and the U.S. government and Chrysler's secured lenders together will end up owning 10% of the company once it is reorganized, that summary said.
The summary was distributed Monday evening at a gathering of union leaders in Sterling Heights, Mich. The deal was first disclosed Sunday night. The UAW aims for Chrysler workers to vote Wednesday on the proposed agreement, which requires changes to the union's current Chrysler contract.
According to the summary, Chrysler will also issue a $4.59 billion note to the health-care trust fund that the union will manage for retired workers. The agreement said Chrysler will pay $300 million in cash into the trust fund in 2010 and 2011, and increasing amounts up to $823 million in the years 2019 to 2023.
The trust fund will own a "significant" amount of Chrysler stock and will be allowed to appoint a representative to Chrysler's board, the summary said.
"While we realize the proposed sacrifices for UAW members are painful, we fought to maintain our wages, our health care and our jobs," UAW President Ron Gettelfinger wrote in a letter with the summary. The UAW summary also said the accord would provide the union with regular updates from the company on its long-term strategy and product plans.
In a separate agreement that paves the way for Chrysler to meet the U.S. Treasury Dept.'s deadline for a viability plan, Daimler AG said it agreed Monday to give up its remaining 19.9% stake in Chrysler LLC and pay as much as $600 million into the auto maker's pension fund.
That deal would end the relationship between Daimler and Chrysler except for supplier and customer relations. Daimler's 19.9% stake will be turned over to Chrysler's parent, Cerberus Capital Management LP.
The move allows Cerberus and Chrysler to intensify negotiations on a merger deal with Fiat. Chrysler needs the Fiat merger as well as cost concessions from its debt holders and the United Auto Workers to receive more U.S. aid and avoid bankruptcy. Chrysler and Cerberus also agreed to waive claims arising from Daimler's August 2007 sale of Chrysler to Cerberus.
Among the cost-cutting measures that the UAW leaders have accepted are a suspension of cost-of-living-adjustments and new limits on overtime pay. Workers will only be paid for overtime after they have worked at least 40 hours in a week. Chrysler workers will also lose their Easter Monday holiday in 2010 and 2011, according to the union summary.
Fiat has agreed to produce at least one small car in a Chrysler plant in the U.S., and to allow Chrysler to use a 3.0-liter diesel engine and a 1.4-liter gasoline engine in its vehicles. Fiat's investment, which the summary said Chrysler estimates is worth $8 billion, will "create 4,000 new UAW jobs in the U.S."
To ensure all Chrysler stakeholders are equally sacrificing to help the company recover, Chrysler will provide the UAW with quarterly updates and contributions by "executives, CEOs, dealers, suppliers and other constituents," the summary said.
The latest concessions would bring the UAW contract at Chrysler closer to the pay and benefits earned by workers at nonunion auto factories operated by rivals Honda Motor Co. and Toyota Motor Corp.
"This is the eclipse of the UAW. It's going to be a shadow of what it once was, I'm afraid," predicted Gary Chaison, a professor of labor relations at Clark University in Worcester, Mass., who was interviewed prior to the disclosure of all details.
The accord is likely to provide outlines for labor deals at General Motors Co. and possibly Ford Motor Co., said labor experts, dealing the union a broader setback. In addition to cuts in wages and benefits, the loss of working members and their dues due to factory closings, will shrink the union's clout and give it less money for organizing and political operations. On Monday, GM said it would eliminate 21,000 hourly-wage jobs.
"This will make it more difficult to do the things that the union is known for: organizing, political action, bargaining and community development," said John Russo of the Center for Working-Class Studies at Youngstown University.
UAW members are expected to ratify the latest round of cuts, believing a weaker contract in hand is better than the auto maker entering bankruptcy-court proceedings, in which a judge could throw out the labor contract altogether. A UAW spokesman said the ratification process is going forward and declined to comment further.
Bankruptcy is still possible at Chrysler if bondholders don't reach at agreement with the company that satisfies conditions laid out by the government. Neither Chrysler nor the U.S. Treasury Dept., which participated in the talks and approved the deal, would comment on the proposed accord.
The latest union concessions come on top of major givebacks on wages, retiree health benefits and job protections over the past few years with the Big Three auto makers. But those cuts proved inadequate in the face of the economic downturn and a steep drop in consumer demand for cars that pushed General Motors and Chrysler to the brink of bankruptcy.
Write to Alex P. Kellogg at [email protected] and Kris Maher at [email protected]
http://online.wsj.com/article/SB124087751929461535.html?ru=yahoo&mod=yahoo_hs
By ALEX P. KELLOGG and KRIS MAHER
The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.
Fiat SpA "eventually" will own 35%, and the U.S. government and Chrysler's secured lenders together will end up owning 10% of the company once it is reorganized, that summary said.
The summary was distributed Monday evening at a gathering of union leaders in Sterling Heights, Mich. The deal was first disclosed Sunday night. The UAW aims for Chrysler workers to vote Wednesday on the proposed agreement, which requires changes to the union's current Chrysler contract.
According to the summary, Chrysler will also issue a $4.59 billion note to the health-care trust fund that the union will manage for retired workers. The agreement said Chrysler will pay $300 million in cash into the trust fund in 2010 and 2011, and increasing amounts up to $823 million in the years 2019 to 2023.
The trust fund will own a "significant" amount of Chrysler stock and will be allowed to appoint a representative to Chrysler's board, the summary said.
"While we realize the proposed sacrifices for UAW members are painful, we fought to maintain our wages, our health care and our jobs," UAW President Ron Gettelfinger wrote in a letter with the summary. The UAW summary also said the accord would provide the union with regular updates from the company on its long-term strategy and product plans.
In a separate agreement that paves the way for Chrysler to meet the U.S. Treasury Dept.'s deadline for a viability plan, Daimler AG said it agreed Monday to give up its remaining 19.9% stake in Chrysler LLC and pay as much as $600 million into the auto maker's pension fund.
That deal would end the relationship between Daimler and Chrysler except for supplier and customer relations. Daimler's 19.9% stake will be turned over to Chrysler's parent, Cerberus Capital Management LP.
The move allows Cerberus and Chrysler to intensify negotiations on a merger deal with Fiat. Chrysler needs the Fiat merger as well as cost concessions from its debt holders and the United Auto Workers to receive more U.S. aid and avoid bankruptcy. Chrysler and Cerberus also agreed to waive claims arising from Daimler's August 2007 sale of Chrysler to Cerberus.
Among the cost-cutting measures that the UAW leaders have accepted are a suspension of cost-of-living-adjustments and new limits on overtime pay. Workers will only be paid for overtime after they have worked at least 40 hours in a week. Chrysler workers will also lose their Easter Monday holiday in 2010 and 2011, according to the union summary.
Fiat has agreed to produce at least one small car in a Chrysler plant in the U.S., and to allow Chrysler to use a 3.0-liter diesel engine and a 1.4-liter gasoline engine in its vehicles. Fiat's investment, which the summary said Chrysler estimates is worth $8 billion, will "create 4,000 new UAW jobs in the U.S."
To ensure all Chrysler stakeholders are equally sacrificing to help the company recover, Chrysler will provide the UAW with quarterly updates and contributions by "executives, CEOs, dealers, suppliers and other constituents," the summary said.
The latest concessions would bring the UAW contract at Chrysler closer to the pay and benefits earned by workers at nonunion auto factories operated by rivals Honda Motor Co. and Toyota Motor Corp.
"This is the eclipse of the UAW. It's going to be a shadow of what it once was, I'm afraid," predicted Gary Chaison, a professor of labor relations at Clark University in Worcester, Mass., who was interviewed prior to the disclosure of all details.
The accord is likely to provide outlines for labor deals at General Motors Co. and possibly Ford Motor Co., said labor experts, dealing the union a broader setback. In addition to cuts in wages and benefits, the loss of working members and their dues due to factory closings, will shrink the union's clout and give it less money for organizing and political operations. On Monday, GM said it would eliminate 21,000 hourly-wage jobs.
"This will make it more difficult to do the things that the union is known for: organizing, political action, bargaining and community development," said John Russo of the Center for Working-Class Studies at Youngstown University.
UAW members are expected to ratify the latest round of cuts, believing a weaker contract in hand is better than the auto maker entering bankruptcy-court proceedings, in which a judge could throw out the labor contract altogether. A UAW spokesman said the ratification process is going forward and declined to comment further.
Bankruptcy is still possible at Chrysler if bondholders don't reach at agreement with the company that satisfies conditions laid out by the government. Neither Chrysler nor the U.S. Treasury Dept., which participated in the talks and approved the deal, would comment on the proposed accord.
The latest union concessions come on top of major givebacks on wages, retiree health benefits and job protections over the past few years with the Big Three auto makers. But those cuts proved inadequate in the face of the economic downturn and a steep drop in consumer demand for cars that pushed General Motors and Chrysler to the brink of bankruptcy.
Write to Alex P. Kellogg at [email protected] and Kris Maher at [email protected]
http://online.wsj.com/article/SB124087751929461535.html?ru=yahoo&mod=yahoo_hs
paologorgo
Chapter 11
è possibile un arbitraggio? vendere allo scoperto azioni e comprare obbligazioni
se fallisce lo scambio gm fallisce e le azioni vendute non costano nulla a ricomprale (non è proprio così ma in prima approx)
se non falisce ci si ricopre con il cambio delle obbligazoni in azioni
in teoria mi trovi d'accordo. anzi, il problema è che le azioni di nuova emissione (escludo UAW e Governo dai possibili "shortisti"...) sono in quantità 10 volte superiore al float... quindi non ce n'è per tutti...
poi ci sono i problemi pratici, se sei italiano. si deve fare uno short overnight (ad esempio, se non sbaglio, a me IWbank non lo consente, ma solo intraday...) - ma soprattutto le devi trovare, le azioni da shortare...
Investors cheered GM's debt exchange offer, but are buyers of GM stock making a mistake? Consider the following language from the company's press release:
The aggregate amount of GM common stock to be issued to the U.S. Treasury (or its designee) pursuant to the U.S. Treasury debt conversion and to the new VEBA pursuant to the VEBA modifications would represent approximately 89 percent of the pro forma GM common stock (assuming full participation in the exchange offers), with the final allocation between the U.S. Treasury (or its designee) and the new VEBA to be determined in the future. Of the remaining pro forma outstanding GM common stock, noteholders would represent approximately 10 percent, and existing GM common stockholders would represent approximately 1 percent. [emphasis added] We determined the foregoing GM common stock allocations following discussions with the U.S. Treasury where the U.S. Treasury indicated that it would not be supportive of higher allocations to the holders of notes or to existing GM common stockholders.
Let's pause for a minute to let this sink in: Even without a bankruptcy filing, GM shareholders will be left with 1% of the company. While this is certainly better than 0%, it is not much better. Post-debt exchange GM would need to have a market cap of $125 billion for the stock price to simply stay unchanged at the recent quote of $2.04 per share. This is because the share count would go from roughly 600 million shares to 60 billion shares!
If you have any money invested in GM common stock, the time is now to consider what those shares are worth. As Warren Buffett has said, the market is there to serve you, not to instruct you. The market's jubilant response yesterday to the GM debt exchange offer proves Buffett's point.
One cautionary note: If you are thinking of selling GM shares short, be very careful. It appears there is already a monster short position in the stock (which most likely got a lot bigger yesterday). A Volkswagen-style short squeeze could make even the best-laid short plans blow up if your position size is too large.
http://seekingalpha.com/article/133483-is-gm-worth-125-billion?source=yahoo
paologorgo
Chapter 11
come in tutte le telenovele che si rispettano, dopo l'ultima puntata ci può essere la stagione successiva... - una contro-offerta dei bondholders, e si passa la deadline del 1 Giugno (ci hanno già pensato, a darsene la possibilità...).
Interessante, nel commento dei BH, che 6 bilioni sono in mano a piccoli privati: ammesso tutti gli istituzionali accettino, uno su due dei "piccoli" deve swappare...
Full statement from GM Bondholder Group
(al link il documento...)
GM Bondholder Statement - Free Legal Forms
In other news, Bondholders preparing counter offer to GM debt exchange...
http://zerohedge.blogspot.com/2009/04/gm-bondholder-group-offer-neither.html
- una contro-offerta dei bondholders, e si passa la deadline del 1 Giugno (ci hanno già pensato, a darsene la possibilità...). Interessante, nel commento dei BH, che 6 bilioni sono in mano a piccoli privati: ammesso tutti gli istituzionali accettino, uno su due dei "piccoli" deve swappare...
Full statement from GM Bondholder Group
(al link il documento...)
GM Bondholder Statement - Free Legal Forms
In other news, Bondholders preparing counter offer to GM debt exchange...
http://zerohedge.blogspot.com/2009/04/gm-bondholder-group-offer-neither.html
METHOS
Forumer storico
Gm: obbligazionisti, no proposta conversione debito
di ANSA
Titolari debito non garantito, iniziativa ''non ragionevole''
(ANSA) - NEW YORK, 28 APR - L'offerta per la conversione del debito avanzata da General Motors ''non e' ragionevole''. Lo siostengono gli obbligazionisti di Gm. I titolari di 27 miliardi di dollari di debito non garantito, bocciano cosi' la proposta della casa automobilistica. Secondo indiscrezioni, i creditori dovrebbero presentare entro 10 giorni una contro offerta. In un comunicato gli obbligazionisti spiegano che l'offerta mostra ''favoritismi politici verso alcuni creditori piuttosto che verso altri''.
di ANSA
Titolari debito non garantito, iniziativa ''non ragionevole''
(ANSA) - NEW YORK, 28 APR - L'offerta per la conversione del debito avanzata da General Motors ''non e' ragionevole''. Lo siostengono gli obbligazionisti di Gm. I titolari di 27 miliardi di dollari di debito non garantito, bocciano cosi' la proposta della casa automobilistica. Secondo indiscrezioni, i creditori dovrebbero presentare entro 10 giorni una contro offerta. In un comunicato gli obbligazionisti spiegano che l'offerta mostra ''favoritismi politici verso alcuni creditori piuttosto che verso altri''.
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Gm: obbligazionisti, no a proposta
(ANSA) - NEW YORK, 28 APR - L'offerta per la conversione del debito avanzata da General Motors ''non e' ragionevole''. Lo siostengono gli obbligazionisti di Gm. I titolari di 27 miliardi di dollari di debito non garantito, bocciano cosi' la proposta della casa automobilistica. Secondo indiscrezioni, i creditori dovrebbero presentare entro 10 giorni una contro offerta. In un comunicato gli obbligazionisti spiegano che l'offerta mostra ''favoritismi politici verso alcuni creditori piuttosto che verso altri''.
(ANSA) - NEW YORK, 28 APR - L'offerta per la conversione del debito avanzata da General Motors ''non e' ragionevole''. Lo siostengono gli obbligazionisti di Gm. I titolari di 27 miliardi di dollari di debito non garantito, bocciano cosi' la proposta della casa automobilistica. Secondo indiscrezioni, i creditori dovrebbero presentare entro 10 giorni una contro offerta. In un comunicato gli obbligazionisti spiegano che l'offerta mostra ''favoritismi politici verso alcuni creditori piuttosto che verso altri''.