GM Small Bondholders Gather on President Obama's 100th Day in Office to Voice Concerns...

GM Small Bondholders Gather on President Obama's 100th Day in Office to Voice
Concerns Over Impending Bankruptcy

GM "Main Street" Bondholders Stand Significant Losses from GM Bankruptcy and
Launch Coalition to be Let into Bankruptcy Negotiations

WARREN, Mich., April 29 /PRNewswire-USNewswire/ -- Warren Mayor Jim Fouts and
many of the GM "Main Street" bondholders came together today to launch a
coalition to demand a voice in GM bankruptcy talks with the Obama
Administration. The GM "Main Street" Bondholders Coalition, a project of The
60 Plus Association, works to give a voice to small investors and calls on
President Obama to take action as part of his promise to better the lives of
Americans during his first 100 days in office. These Main Street bondholders
do not have the same resources as Wall Street investors and ask for their
voices to be heard on a decision that will affect the rest of their lives.
Hundreds of letters have been sent to Congress on behalf of concerned
bondholders asking for their voices to be heard.

"We are here today to hear from the silent sufferers, Main Street America, the
small bondholders who stand to lose the most," Mayor Jim Fouts said. "The
treatment of the small bondholders is fundamentally un-American. These
bondholders are seniors and retirees that risked their life savings and our
now left out in the cold. GM's bankruptcy will truly hurt everyone."

"I oppose a bankruptcy because it would be devastating to my city, my state,
and my country. Small bondholders feel like they don't have a voice in this
debate and we're here today to hear their stories and other average Americans'
that have played by the rules and invested in GM during their financial peak."

60 Plus, an advocacy group for senior citizens which has more than 5.5 million
supporters nationally and over 161,000 in Michigan, has received hundreds of
emails from individuals worried about a potential GM bankruptcy and its impact
on their retirement savings. The organization represents small bondholders as
an unheard voice that should be taken into consideration at the bargaining
table. The Obama Administration's offer to "Main Street" bondholders is
unfair -- cents on the dollar -- for individuals relying on these bonds to
finance retirements, college tuition, and medical expenses.

"While we are sympathetic to all parties in this negotiation, our government
should also be sympathetic to small investors who may have invested their
entire life savings in the General Motors Corporation," 60 Plus Vice President
Amy Noone Frederick said. "Small investors are financing their retirements,
school payments for their children, medical expenses, and other critical needs
with bonds purchased from the icon of corporate America, GM. Actually, these
negotiations are a real slap in the face to soon to be retirees and seniors
who will receive next to nothing in the proposed settlement."

Almost a quarter of GM bondholders are average citizens that stand to get
wiped out if GM enters bankruptcy proceedings. These bondholders ask
Washington to stand up for small bondholders and allow them to have a seat at
the bargaining table during negotiations.

"We're not Wall Street, we're Main Street," Chris, an electrician and home
inspector from Colorado, said. "I'm not a bank that can rebound from a
significant loss of revenue, where's my bailout? If the Obama Administration
isn't looking out for us, who is? A General Motors bankruptcy will permanently
change our futures and we deserve to be heard on such a life-changing matter."

"We stand to lose if an equitable solution isn't reached that takes people
like us into consideration," GM Small Bondholders Marilyn and Ralph said. "We
feel like Washington is leaving us behind by not including us in the
decision-making process and essentially driving GM into the ground."

"GM needs to avoid bankruptcy at all costs and the Auto Taskforce should
reconsider their position with all parties involved," Small Bondholders
Clifford and Patricia said. "I [Clifford] spent many years with Chrysler and
have a lot invested in the financial future of GM. Small GM bondholders
account for $8-10 billion and represent hundreds of thousands of Americans.
It is necessary that small bondholders have a say in the negotiations."

"A significant portion of my retirement savings is in GM bonds and I don't
have the option of investing elsewhere," Small Bondholder Dennis said. "The
collapse of GM will not only affect the company and its workers, but my future
financial plans will be wiped out too."

For more on the GM "Main Street" Bondholders Coalition, visit
http://60plus.org/news.asp?docID=514.

SOURCE 60 Plus

Sarah Jackson, +1-202-527-0733, for 60 Plus