Both are basically attempts to calculate a value for GM debt.
My first article on the subject I am proud to say hit the #2 spot on the Seeking Alpha “most popular list” and stayed at various lower positions on the list for 3 days.
the second article is more or less a follow-up suggesting GM bonds were still undervalued, despite their gains following my first article, and offering more reasons why I thought the first bondholder offer would be sweetened, which is exactly what happened.
As the vagaries of fame would have it, I think by contrast about six people total read the second GM article, though six is a decent-sized audience for what was essentially Part II of a lawyer talking about junk bond valuation.
And yes, there will be a Part III.