GM heritage center site

[ls1mike]

Originally Posted By: Doog
Originally Posted By: mechanicx

The bondholders got 10% of new GM working out to about 30 cents on the dollar. That's all they probably would've been able to get in any bankruptcy.


Maybe I am a bit sensitive because I know a GM retiree's widow who lost her $120,000 in GM bonds that her husband had bought for their retirement. In a "legal" bankruptcy the bondholders get paid first...so she was cheated by the union her husband paid dues to for 38 years. 3 years later she lost her home in foreclosure. Now she lives in a 2 BR apartment. It is confirmed she would have received all of her money back if the large portion was not given to the UAW. Her husband bought the bonds because they were "guaranteed" by General Motors.

Sorry to hear it. I lost money on the deal too, but there is a time and place for that stuff. Pick another thread.

 

[mechanicx]

Originally Posted By: Doog
Originally Posted By: mechanicx

The bondholders got 10% of new GM working out to about 30 cents on the dollar. That's all they probably would've been able to get in any bankruptcy.


Maybe I am a bit sensitive because I know a GM retiree's widow who lost her $120,000 in GM bonds that her husband had bought for their retirement. In a "legal" bankruptcy the bondholders get paid first...so she was cheated by the union her husband paid dues to for 38 years. 3 years later she lost her home in foreclosure. Now she lives in a 2 BR apartment. It is confirmed she would have received all of her money back if the large portion was not given to the UAW. Her husband bought the bonds because they were "guaranteed" by General Motors.



Not saying no little guys who owned GM stock and bonds for long time didn't lose money. But first off they were given a settlement in new GM stock and warrants to buy additional stock at a reduced price. Also the bonds were down rated to junk way ahead of time, and most of the bondholders bought recently and were large institutional investors maybe hoping the government would bail them out too. Many of these institutional bondholders had received TARP money.

That said, none of that has anything to do with the UAW. The bondholders got the value they would've gotten in a normal bankruptcy.

You realize without the UAW GM retirees would have no retirement besides Social Security and probably no healthcare. So this widow should still be getting her husbands GM pension and health benefits along with the all the years of high wages the UAW fought for. Many of the workers at the non-union transplants couldn't afford to even buy bonds.

So I still don't see your UAW outrage valid. We don't know the details, but this wouldn't be the first time you replied with stuff I found questionable. But the bail out basically bailed out GM employees and retirees healthcare benefits. So I guess your argument is UAW should've not gotten anything promised to them from working and bondholders who made bad bets should've been bailed out.

 

[mechanicx]

Originally Posted By: ls1mike
Originally Posted By: Doog
Originally Posted By: mechanicx

The bondholders got 10% of new GM working out to about 30 cents on the dollar. That's all they probably would've been able to get in any bankruptcy.


Maybe I am a bit sensitive because I know a GM retiree's widow who lost her $120,000 in GM bonds that her husband had bought for their retirement. In a "legal" bankruptcy the bondholders get paid first...so she was cheated by the union her husband paid dues to for 38 years. 3 years later she lost her home in foreclosure. Now she lives in a 2 BR apartment. It is confirmed she would have received all of her money back if the large portion was not given to the UAW. Her husband bought the bonds because they were "guaranteed" by General Motors.

Sorry to hear it. I lost money on the deal too, but there is a time and place for that stuff. Pick another thread.


I wondered why someone would put all their savings or a substantial amount of money into one company's bonds while still holding a mortage. And how someone can blame the UAW who presumely got the wages to make it possible to have a savings and a pension.

Anyway, many of these anti-GM people probably never bought a new GM vehicle, owned any GM stock and bonds, yet they're the ones that rant against GM the most. If anyone may have a cause to complain it'd be someone like you, but you don't. Funny how that works.

 

[ls1mike]

Well my "portfolio is diversified" , but I had put some money into GM back when I got my first re-enlistment bonus in the 90's.
I won't say when or home much, but I lost most of it. Be that as it may, investing in anything is a huge gamble, no one knows the future. Even after that, I still like the cars they make and their cars have always done good by. Never put all your investments into to one basket, if you do, you only have one pereson to blame. But again all for anohter thread.

 

[Oldswagon]

Thanks for sharing the link. TONS of great stuff, especially in the archive section. I don't even own a GM product anymore and I could spend hours on that site.

Anyone know if Ford offers something like this for there old vehicles? Would be nice to find some more info on my old Ford.

 

[mechanicx]

Yeah it's kind of interesting if say you are into '66 Chevelles and you look at the options and "build" your car. I'll take the 396 4 barrel, close-ratio 4-speed and 4.88 gears with posi lol.

 

[mechanicx]

The vehicle information for the 1967 Camaro is interesting http://www.gmheritagecenter.com/docs/gm-...olet-Camaro.pdf . The SAE paper has a lot of information and starts on page 76.

 

[gman2304]

I was 17 yrs old in 1969 and bought a used 1966 chevelle SS 396 at an auto auction that a friends father owned. With the 66 only 360 HP 396, 4 speed Muncie M 21, with a 4:11 posi. I gave $1,200 for it. I read where GM sold off some of they're heritage cars during the bailout. The link brought back some fond memories, Thanks

 

[lovcom]

Originally Posted By: dailydriver
Originally Posted By: dishdude
Someone takes the time to post a website that many on here will find useful, informative and entertaining...and this is what the thread degrades to?

Class it up people.


Yes, EXACTLY! ^^^

Some on here will NEVER, EVER miss the chance to BASH/berate; GM, ANY AND ALL unions, the current POTUS, and FLAIL their Gadsden Flags high and proud, no matter how far from the thread topic these 'opinions' may be.

Why do you take it so personal? How are you tied to GM? Is GM your mother, your wife, your God?

I think it is a joke that people take personal offense if their beloved car maker get's jabbed. How silly, and I dare say immature!

I drive a Toyota, and if you want, you can bash the heck out of it, and I'll be fine with you

 

[GMBoy]

Originally Posted By: lovcom
Originally Posted By: dailydriver
Originally Posted By: dishdude
Someone takes the time to post a website that many on here will find useful, informative and entertaining...and this is what the thread degrades to?

Class it up people.


Yes, EXACTLY! ^^^

Some on here will NEVER, EVER miss the chance to BASH/berate; GM, ANY AND ALL unions, the current POTUS, and FLAIL their Gadsden Flags high and proud, no matter how far from the thread topic these 'opinions' may be.

Why do you take it so personal? How are you tied to GM? Is GM your mother, your wife, your God?

I think it is a joke that people take personal offense if their beloved car maker get's jabbed. How silly, and I dare say immature!

I drive a Toyota, and if you want, you can bash the heck out of it, and I'll be fine with you


I think the point made was not as much about "the bashing" as it was that this thread IS NOT the place to do it. Too many times, we get off the topic and that is the point being made..at least how I read it and I agree.

 

[dailydriver]

Originally Posted By: GMBoy
Originally Posted By: lovcom
Originally Posted By: dailydriver
Originally Posted By: dishdude
Someone takes the time to post a website that many on here will find useful, informative and entertaining...and this is what the thread degrades to?

Class it up people.


Yes, EXACTLY! ^^^

Some on here will NEVER, EVER miss the chance to BASH/berate; GM, ANY AND ALL unions, the current POTUS, and FLAIL their Gadsden Flags high and proud, no matter how far from the thread topic these 'opinions' may be.

Why do you take it so personal? How are you tied to GM? Is GM your mother, your wife, your God?

I think it is a joke that people take personal offense if their beloved car maker get's jabbed. How silly, and I dare say immature!

I drive a Toyota, and if you want, you can bash the heck out of it, and I'll be fine with you


I think the point made was not as much about "the bashing" as it was that this thread IS NOT the place to do it. Too many times, we get off the topic and that is the point being made..at least how I read it and I agree.


YES,EXACTLY.

THANK YOU!!!