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GM To File Bankruptcy On June 1
According to Bloomberg. As expected, Good GM will buy all the good stuff (anyone mind pointing out just what that is), and the garbage (Pontiac Aztek and such) will be thrown away.
Market rallies on the news that 20% of bondholders (the ad hocs) agree with the proposed plan to get warrants in a worthless company. Hm, what about the 80% who do not?
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