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To: Madharry who wrote (31347)	7/1/2008 11:40:28 PM
From: Broken_Clock	Respond to of 78753

Remember Mirant? When they BK'd the next day of trading on the pink sheets the pension fund was required to liquidate all pension fund stock and it sold at around 18 or twenty cents I think. Employees' pensions were vaporized. preferred eventually did well. it took three years. MIR made history as a few guys I met through the yahoo board started up a petition online and got enough pledged stock to form a stockholders committee that battled and won a seat in the BK proceedings. It took over 3 years but those that are still holding made out OK. The same crew did the same thing over at Calpine.

To: Madharry who wrote (31347)	7/1/2008 11:53:47 PM
From: Spekulatius	Respond to of 78753

Madharry I dont presume to know bankruptcy law but as a layperson with a little court experience i dont see how the court will favor preferred shareholders over employee pensions. people familiar with gm and or pension law feel free to comment. . I don't either. The pension liabilities in the case of bankruptcy will be cut to some extend and I think that senior debt will recover at least some value. Also the senior debt will pay interest long after GM dividend is cut to zero. I would not want to own GM senior debt but i would vastly prefer it over owning GM stock.