What if GM Bondholders Got Cars?

He had hoped the government would pay cash to the bondholders, mitigating the need to dilute the stock. Now his hope is that bondholders will get more than 10% of the company and that the shares will start to rise after the new stock is issued.

As for getting a new car instead, Graves has little interest and noted that his mother bought a Saturn in January.

Meanwhile, Martin says that about 300 bondholders have contacted him. Main Street Bondholders has held events in Warren, Mich.; Tampa, and Philadelphia, and plans one in Washington on Thursday.

"We've got a tiger by the tail," Martin says. "The little guy is being squeezed and he does not have a seat at the negotiating table.

"We're not talking about speculators here," he says. "A lot of these people put money for retirement into these bonds, and they didn't see this coming (because) GM is an icon. They should have some say-so."

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