Warren, Mich., mayor to put spotlight on GM holders at press conference

By Susanna Moon

Chicago, April 27 - Warren, Mich., mayor Jim Fouts will hold a press conference at 11 a.m. ET on Wednesday for General Motors Corp.'s small bondholders who "stand to be financially hurt the most by the impending bankruptcy of the Fortune 500 company," according to seniors advocacy group 60 Plus Association.

The press conference will be held on the 100th day of the Obama administration.

Participants will include Amy Noone Frederick, vice president of the 60 Plus Association, along with several retired GM bondholders.

About a quarter of GM bondholders are individual investors, retirees and senior citizens who invested in the "once-viable company" to set up their financial plans such as retirement accounts, medical expenses and college funds, the Arlington, Va.-based organization said in a press release.

"GM is now on the brink of going bankrupt and the administration won't give these Main St. bondholders a seat at the negotiation table to chime in on a decision that will truly affect the rest of their lives," the release continued.

"These small bondholders have nothing to do with the mismanagement decisions on Wall St. and are among the many stakeholders who will lose if American corporate icon General Motors Corp. collapses, along with their small, but significant bonds."

General Motors is a Detroit automaker.

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