Dear GM Bondholder

I think you are every angry on what had happen thus far. Isn't that "you should understand the prospectus and the risk involved when you decided to invest or lend out the money"? it's risk and return trade off.

Even though pennies on a dollar is a bad deal, but if GM goes under you get almost nothing.
From current point of time, the Government has the tendency to fail GM, which they think is a better choice.

Check this out,
http://news.yahoo.com/s/ap/20090527/ap_on_bi_ge/us_gm_bondholders

From economics point of view, the cost of failing is not greater than the cost of not failing this giant. The government wants to create a smaller healthier company.

For your pocket, you should consider the deal, even though it's pennies on a dollar, it might worth billions in years to come with the new structured GM.

A real example, my Grandpa had brought a company's share about 30 years ago for 20 cents a share. And now it's about 2 million on 1% of the company.

So think again, it might cost you that much for now, lose half of your pension or more, but in years to come, it benefits your descendants. Isn't that our purpose to work hard in this generation, and we want our children to reap the harvest?