Action Plan for GM Bankruptcy
I need some help. (In more ways than one, I admit.) But right now I am focused on preparing for a possible GM bk.
My idea is to arm myself with knowledge about all the publicly traded GM debt by reading the indentures, etc., so if as and when they go belly up I will know where to shop.
Almost 35 years ago I got my initial stash that propelled me toward ER by investing in busted Penn Central bonds. Back then I had a really great broker who ran a one man shop in Seattle. He was rich, smart, honest, and well connected. It was a bonanza. It was fun too- I've always liked railroads and trains, and now I had all these huge engraved certificates from The "New York, New Haven, and Hartford RR, The Pennsylvania RR, the New York Central, the Harlem River RR, and on and on. Even better, whenever one of these roads would be reorganized, I would ge a whole fistful of more beautifully engraved pieces of history. By the late-70s I had so much cash coming in that I lost track, and only much later found $29,000 worth that was being held by the State of Pennsylvania because I forgot to cash a liquidating dividend check. But that is a different story..
The bankrupt bond field is way more competitive now, and worse, my wonderful broker has gone on to the great beyond.
I guess I can start with the S&P Bond Guide, but I really donít what print or online resources would be best beyond that. My current broker is Fidelity, and although I like them very much, their resources are too generic to be of much help in this campaign.