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Originally Posted by Wally
Isn't the newest kid in the socialist block going to swap debt for equity in GM? The idea being the FunkyNewGM would be owned by current bond holders, unions and the US Govt while CrustyOldGM would go down along with it's non performing lines and recalcitrant unsecured creditors.
Another bold move by Chairman Obama the Federated Peoples Republic of America citizenry.
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Yep. You can read about it
here