SAN DIEGO, May 30 /PRNewswire/ -- Regardless of the outcome of the General Motors and the government's "offer" to GM bondholders, GM Bondholders Unite (www.gmbondholdersunite.com) says that its members are more committed than ever to stand up for their legal rights. Bondholders are not asking for a handout or a bailout; GM's bondholders just want a fair and equitable deal.
With few details and extremely limited public information necessary for making an informed decision, GM bondholders were given an arbitrary deadline of 5 PM (EDT) today to make an extraordinarily important financial decision: whether to accept or reject the exchange offer.
Individual investors helped build GM and this country. However individual investors have been systematically excluded from the negotiating table in the restructuring of one of America's storied icons.
As announced yesterday, Thomas E. Lauria, Esq., the attorney who represented the rights of dissident bondholder in the Chrysler Chapter 11 filing, has agreed to work with GM Bondholders Unite in representing the thousands of individual GM bondholders who have been systematically excluded from the negotiating table.
Mr. Lauria heads the financial restructuring and insolvency group at White & Case, one of the nation's top law firms. He has led efforts to restructure more than $100 billion of debt in some of the largest and most complex restructurings in history.
Thousands of small bondholders -- many of them retirees -- rely on their investments to meet day-to-day expenses and could face economic ruin.
We encourage all individual GM bondholders to join us in giving voice to their legitimate claims by visiting our web page at www.gmbondholdersunite.com and signing up.
GM Bondholders Unite is a group of small and large holders of General Motors debt determined to protect its members' legal rights. It is a non-partisan, non-ideological coalition of investors fearful that current proposals will wipe out the hard-earned savings of tens of thousands of people who made what they thought were conservative investments in a storied American brand.
For more information, go to: www.gmbondholdersunite.com