< Earlier Discussion  | PAGE 611 OF 611 |  Later Discussion > Mar-01-10    jpatlantic: March 1 (Bloomberg) -- Argentina’s central bank transferred $6.6 billion in reserves to accounts belonging to the Treasury that the government will use to make payments to multilateral lenders and bondholders, an official at the bank said. The bank transferred $2.2 billion to pay debt owed to multilateral lenders and $4.4 billion to pay bondholders, according to the official, who can’t be identified because of bank policies. The board of directors approved the transaction, following a decree ordering the transfer that President Cristina Fernandez de Kirchner announced today in a speech in Congress. Fernandez scrapped a previous plan to use $6.6 billion in bank reserves for debt payments after the motion was blocked by a federal court and opposition leaders, who said congress would reject it after its summer recess. Fernandez said her order today was signed using a 2006 law that allowed the country to draw on reserves to cancel $9.5 billion it owed to the International Monetary Fund. “The government’s decision will prove extremely controversial, further increasing tensions between the government, the opposition and the judiciary,” Daniel Kerner, an analyst at the Eurasia Group in New York, wrote in an e-mail statement. Feb-18-10    jpatlantic: The gap in yield between Treasury 2- and 10-year notes, known as the yield curve, steepened to a record as reports showed that Philadelphia region manufacturing and U.S. leading indicators rose. The Treasury Department said it will sell $126 billion in notes and bonds next week: billion in 30-year Treasury Inflation Protected Securities, or TIPS, $44 billion in two-year debt, $42 billion in five-year notes and $32 billion in seven-year securities on successive days beginning Feb. 22. The producer price index rose more than forecast last month. “The steep yield curve is starting to reflect signs of stagflation,” said Michael Franzese, managing director and head of Treasury trading at Wunderlich Securities in New York. “The short end will remain tied to the Fed funds. Yet we are seeing inflation signs and as a result, long dated maturities are getting hurt.” The yield curve increased to 2.92 percentage points, beating the record of 2.90 percentage points set on Jan. 11. The 10-year note yield advanced five basis points, or 0.05 percentage point, to 3.78 percent, the highest level since Jan. 14, at 11:13 a.m. in New York, according to BGCantor Market Data. The two-year note yield rose two basis points to 0.86 percent. Feb-11-10    jpatlantic: Feb. 11 - Uruguay will seek to tap international debt markets to refinance debt coming due in 2011, President-elect Jose Mujica’s choice for economy minister, Fernando Lorenzo, said in an interview with El Espectador radio. Lorenzo said the next government will need to work to ensure that the amount of debt due next year isn’t “destabilizing,” El Espectador said on its Web site. About $450 million of debt is coming due this year, Lorenzo said, without giving details of how much that figure will rise in 2011, the radio station reported. Uruguay’s next government takes office March 1. Jan-11-10    jpatlantic: Jan. 11 (Bloomberg) -- Venezuela’s benchmark bonds soared, sending yields to the lowest level since September 2008, as investors speculated the government’s budget deficit will narrow after President Hugo Chavez devalued the bolivar. Venezuela’s 9.25 percent dollar bonds due in 2027 climbed 5.55 cents to 84.75 cents on the dollar at 9:15 a.m. in New York, according JPMorgan Chase & Co. The yield on the securities plunged 88 basis points, or 0.88 percentage point, to 11.25 percentage points, the lowest since Sept. 19, 2008. Chavez on Jan. 8 devalued the 2.15-per dollar exchange rate, setting a level of 2.6 for imports of essential items including food and medicine and a rate of 4.3 for “non- essential” products. He committed to defend the bolivar in the unregulated market, where it traded last week at 6.25. “The announcement is enormously positive for Venezuelan assets,” Alejandro Grisanti, an analyst at Barclays Capital in New York, wrote in a research note today. “It provides a further signal from President Chavez of his willingness to pay, while improving considerably the capacity to pay,” leading Barclays to maintain its “overweight” position on the nation’s debt, Grisanti wrote. The devaluation will cut the budget deficit in half by giving the government more bolivars for each dollar of export revenue from state oil monopoly Petroleos de Venezuela SA, according to Boris Segura, an analyst with RBS Securities Inc. Jan-09-10    amigolatino: GM European Bondholders: The summary of FAQ is : It is not necessary for the European Bondholders to submit proof of claim to preserve their claims in the bankruptcy court! Jan-09-10    amigolatino: GM info can be found at https://www.motorsliquidation.com./... Jan-09-10    amigolatino: GM European bondholders. I received the following information from a silent Colore(from Argentina). The orignal is in PDF and it would soon be uploaded on Colores files. _MOTORS LIQUIDATION COMPANY FAQS FOR EUROPEAN BONDHOLDERS When is the Bar Date? The Bankruptcy Court set November 30, 2009 at 5:00 p.m. Eastern Time as the general Bar Date in Motors Liquidation Company’s chapter 11 case. All proofs of claim must be submitted and actually received by the Debtors on or before this time. Is there an indenture trustee for Motors Liquidation Company’s Euro Bonds? Do holders of these bonds need to file a Proof of Claim? Deutsche Bank is the fiscal agent for the following Motors Liquidation Company European bond indentures: the 7.25% Notes due July 3, 2013 and the 8.375% Notes due July 5, 2033 (the “Euro Bonds”). There is not an indenture trustee for the Euro Bonds. Motors Liquidation Company has scheduled claims for Deutsche Bank in respect of the Euro Bonds in the approximate amount of $3.8 billion, representing principal plus accrued and unpaid interest as of June 1, 2009. On October 13, 2009, Deutsche Bank notified the holders of the Euro Bonds that it does not intend to file a Proof of Claim on their behalf. If Deutsche Bank does not file a Proof of Claim prior to the Bar Date, the scheduled Euro Bond claims will become allowed unsecured claims in Motors Liquidation Company’s chapter 11 case. Holders of the Euro Bonds are permitted to file Proofs of Claim to preserve their debt claims under these bond indentures, but are not required to do so. However, filed claims of individual bondholders may be considered duplicates of the scheduled Deutsche Bank claims and objected to or disallowed on those grounds. If you have any additional questions regarding your bonds you may wish to consult your legal counsel. Where can I get a Proof of Claim form? A link to the Proof of Claim form can be found at www.motorsliquidation.com under the Claims Information tab. A Proof of Claim form is also available from the bankruptcy court’s website at www.uscourts.gov/bkforms. What should I put in item number 3 of the Proof of Claim form as the last four digits by which creditor identifies debtor? This is any number by which you, the creditor, identify Motors Liquidation Company. It is not necessary to populate this item. Do I need to file a separate Proof of Claim form for each bond I own, or can I submit one form for all of my debt claims? You may submit one form for all debt claims you have against the debtor. Or, you may submit multiple forms. The choice is yours. Can my claim be submitted in Euro? Proof of Claim forms submitted in Euro will be accepted. Conversions of the claim amounts to dollars will be handled through the bankruptcy process, as discussed below. What is the address to which the claim form should be mailed? The Garden City Group, Inc. Attn: Motors Liquidation Company Claims Processing P.O. Box 9386 Dublin, OH 43017-4286 What is the physical address if sent by courier? The Garden City Group, Inc. Attn: Motors Liquidation Company Claims Processing 5151 Blazer Parkway Suite A Dublin, OH 43017 Why is my claim listed in the claims register in the amount of $0.00 when I submitted my claim in Euros? Claims submitted in Euros will be listed as $0.00 in the claims register until the appropriate conversion rate is determined and the claim amounts are converted to dollars. After the conversion is made, you will see the dollar amount of your claim listed in the claims register. The postal carrier I have chosen to deliver my claim form to Garden City Group requires a phone number. What phone number should I include? Please use 1.800.414.9607. Will Garden City provide me with confirmation my claim form has been received? No. However, the cover page of your proof of claim form will be posted in the Claims Register on Motors Liquidation Company’s website, www.motorsliquidation.com. A link to the Claims Register is located under the Claims Information tab. Please keep in mind that it may take a few weeks for your claim to be posted on the website after it is received. _ Jan-07-10    fyg: to amgolatino/glutt/jpatlantic and/or anyone who can advise me regarding GM Bonds.How long the present Bonds could be still handled? Once the new GM will reappear will recognise these Bonds? If i send the Proof of Claim then the Company (according with the Motor Liquidation Information) should allocate me 20 % of new GM shares +10-15 % other benfits(?)with a potential (see Ford shares) to compensate the loss.Of course once I will ask for that (POC/shares) , the Bonds will be frozen . Your advise on this urgent matter is greatly appreciated Jan-05-10    jpatlantic: Jan. 5 (Bloomberg) -- The lowest-rated corporate bonds rallied above so-called distressed trading levels for the first time since January 2008 on optimism the economy is recovering. The average yield on U.S. bonds rated CCC or lower tightened to 9.82 percentage points more than similar-maturity Treasuries, from as much as 36.7 percentage points in March, according to Merrill Lynch & Co. index data. The debt has been distressed, or trading at a spread of at least 10 percentage points, since Jan. 8, 2008, the data show. Bonds rated CCC+ or lower by Standard & Poor’s have returned a record 124 percent since March, helping the riskiest companies refinance their debt and extend maturities, as ratings firms cut their default forecasts and the U.S. economy grew the most in two years in the third quarter. New York-based S&P forecasts the U.S. default rate to drop to 6.9 percent by September, from 10.9 percent last month. Dec-31-09    fyg: To amigolatino : POC = proof of claim . It means that the Bank has to disclose all information to the USA authorities.As a result they will contact the tax in your country.What GM wants to achieve is -as you understand- not to pay the due allocation to the people who for some reasons do not declare their holdings. As you see they are stealing big several times : once by declaring themselves bankrupt ( so not paying their obligations and interest ) then hoping to pay less because a lot of people ( particularly not USA residents ) will not declare their POC so they will get away with it . Dec-18-09    amigolatino: fyg, what is POC? Dec-17-09    jpatlantic: WASHINGTON (AFP) – General Motors has told US authorities it will attempt a public share offering by July 2010 as part of a plan to exit the government bailout, a Treasury official said Thursday. Assistant US Treasury Secretary Herbert Allison told lawmakers in prepared testimony that based on its agreement, GM "will attempt a reasonable best efforts initial public offering by July 10, 2010, the one-year anniversary of its exit from bankruptcy." Based on this timetable, Allison said "the government is most likely to exit its GM investment gradually by selling shares in the market following a public offering." Earlier this week, GM said it will repay its US government loans by the end of June. GM chairman Edward Whitacre said the automaker will make its first payment of 1.2 billion dollars this month on a 6.7 billion debt to the US Treasury. Dec-16-09    fyg: Thanks amigolatino. What I am afraid of is that once in possesion of POC the courts will contact IRS and they immediately will share the information with tax autorithies from debtor's country. There is no mention of that on the link which you so kindly provided. What do you think? Dec-16-09    amigolatino: fyg, Finally, I found the link: _General Motors Bondholders Frequently Asked Questions http://www.wilmingtontrust.com/gmbo... Dec-16-09    Barney: Happy to see everyone here! I have participated in the original Color of the Market from the mid-90's and also read the Colores posts now and then. Dec-16-09    dannii: Pana Yes look like @#$%i will have some hard time , i will hold the shares for long time to come Dec-16-09    amigolatino: Colores board is working again. It was down due to technical problems. Dec-16-09    panasonic: ING flying Dec-16-09    panasonic: JP...hello thanks for having us here. Dec-16-09    panasonic: Danni, @#$%ty meltinig, Abu Dhabi going against @#$%ty for misleading info. I believe meltdown is transitory, tdy doubled my calls < Earlier Discussion  | PAGE 611 OF 611 |  Later Discussion > NOTE: You need to pick a username and password to post a comment. Getting your account takes less than a minute, totally anonymous, and 100% free--plus, it entitles you to features otherwise unavailable. Pick your username now and join the Shibui community!   If you already have an account, you should login now.   Please observe our posting guidelines: No obscene, racist, or profane language. No spamming, advertising, or duplicating posts. 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