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This really angers me
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3/5/2010 9:21:38 AM
Posted: 6 years ago
CEO Edward Whitacre has said that GM will repay the debt by June. The UAW is in the best position because it may get back 80% of its health care claims via the GM equity stake, plus $9 billion of debt and preferred stock.
Even if the debt rallies, bondholders will fare the worst, reflecting the restructuring of GM by the Obama administration that favored the union over bondholders despite their similar legal claims. The union is also apt to do better than taxpayers, based on its sweet deal.