Paul, Weiss has been successful in canvassing GM bondholders, and has gotten another major player to split from the Ad Hocs and join the informal committee. Western Asset Management has decided to join Franklin Templeton, Marathon, JMG, and Eastbourne, who as Zero Hedge disclosed, represent roughly 6% of the unsecured bonds.
Pasadena-based Legg Mason subsidiary, Western Asset Management manages just over half a trillion in fixed income, so one can be sure their holdings of GM bonds are significant, and could potentially double the informal group's holdings, if not add significantly more, thus making the smooth GM process an ever more unwieldy pipe dream.
The real question now is whether West-coast Pimco will join as well, as aside from Bryant Park based Marathon, all the other hedge funds seem to enjoy their surfing.
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