Vivian Floyd was a conservative investor. That's why she bought $100,000 worth of bonds from General Motors six years ago.
Now, at 80, she stands to lose nearly all of it if GM declares bankruptcy - something she never imagined was possible.
Her son, Jim Graves, and others in her predicament will gather in Tampa this morning to protest having been left out of the negotiations concerning GM's future.
They say they aren't millionaires or big institutional investors. They are middle-income people who were looking for a safe place to put their money in retirement.
These individual investors own about $5 billion of the $27 billion GM owes its bondholders. Big investors, such as hedge funds and pension plans, own the rest.
A group called The 60 Plus Association, based in Arlington, Va., organized the rally. It's sort of a conservative alternative to the AARP. It's asking for a plan to restructure GM, giving bondholders 58 percent of the equity. This, they say, would save it from bankruptcy and preserve the assets of both big and small bondholders.
The rally is at 11 a.m. at the Dr. Blaise F. Alfano Conference and Banquet Center, 11606 N. McKinley Drive.
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