I think there will be a big bounce after the bailouts

Barron's has been wrongly bullish on GM common and debt in the past. Still, the best GM bet probably is its unsecured debt, which rallied Friday on the bailout news but which still trades below 20 cents on the dollar. GM's 6¼% convertible bonds due 2033 (GPM), which trade on the Big Board, rose 30 cents, to $3.78 -- about 15% of their $25 face value. The bonds yield 39%, but that's probably illusory, given the prospect that the convertible investors will have to participate in an unfavorable debt exchange or face the prospect of a GM bankruptcy. GM's 8 3/8% bonds due in 2033 were trading at 18 cents on the dollar. There could be value in GM bonds if the company restructures its debt and bondholders get 33 cents of real value (two-thirds of par). But if GM went into bankruptcy, the recovery value could be very low.

dividend-- dont think govt will allow gm to go down

The better piece of paper might be the GPM (GPM), which is a GM preferred stock that pays you to wait for the turn.

Think it will go up

losers