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But I hope the bondholders understand that now they get to share that 10% of "new GM" with the dealers whose contracts are rejected by GM. They are all unsecured creditors, after all. And I expect the dealers will have very large breach claims -- there is no cap on their damage claims, unlike leases and employment agreements.

On the other hand, the marginal loss to any single bondholder is relatively small, so they may feel its worth holding out to see what happens in chapter 11.  And some of them have CDS protection, which gives them no reason to fear chapter 11.

Between this and Chrysler's sale hearing on Wednesday, next week is shaping up to be chock full of chapter 11.

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