“Mr. Henderson, I have been a loyal GM owner until June 1, 2009. I will no longer purchase a GM car because owners of the 566 million shares of GM stock and the holders of 27B of bonds have been completely written off by you, the CEO and the US Government - e.g. President Obama.
Why would ANYONE invest in the new company? You just zeroed out the existing investors.
Because of this, I will not buy a new Cadillac CTS this year, but I will buy either a Lincoln or luxury transplant car but here in the USA. -JE”
We recognize our actions have a significant impact on many constituents, including stockholders, bondholders, employees, dealers, retirees and others. Bondholders will receive ownership in the new GM. We are committed to turning around the company to the benefit of all stakeholders in General Motors, and we plan to do that as quickly as possible.
Taking it on the chin, in public, is not something big corporations usually do. But GM is showing that they are serious about patching things up with the customers, and the new majority owners, the U.S. taxpayer.
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