Good day for: Bankruptcy lawyers, after General Motors bondholders rejected the company’s offer to exchange $27 billion in unsecured debt for company stock. Now it’s extremely likely that GM will be able to complete the government-ordered restructuring, which includes debt reduction, before a looming deadline, making it virtually certain that the giant automaker will file for Chapter 11 bankruptcy protection. (Associated Press)
Bad day for: Bling, as hip-hop stars hit hard by the recession have reportedly cut back on the diamond-encrusted pendants and heavy gold chains used to project an image of outsized wealth. "A lot of these rappers simply don't have the money for real stuff anymore," said Jason Arasheben, who crafts custom jewelry for wealthy clientele at his boutique, Jason of Beverly Hills. "It's to the point where they are wearing imitation jewelry, and that's ridiculous." (The Wall Street Journal)
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