No. of Recommendations: 0
I own a number of GM preferreds---some GMAC notes but mostly GM senior notes. These were bought after the initial credit downgrades and were yielding 8%-9%. They declined further to produce yields of 10%-12% (altho the GMAC's fared better).

I was pleased to see that despite the Delphi action Fri. and the numerous stories as to how potentially disasterous this was for GM, ALL were up nicely on Friday. Still not back at my purchase prices (except for the GMAC), but the action was opposite to what I expected listening to the gloom and doomers.

(Bought somme Ford notes too which also had positive action.)
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