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Hello, Sorry this took so long the infromation was hard to come by. It appears that the exchange rate is 2.25 new stock shares per $1,000 face value bond but they are not issuing fractional shares so if you only have one bond it would round down to 2 shares. Here is an article that explains it http://whatsup-stockideas.blogspot.com/2009/05/gm-bonds-exchange-offers-consent.html Thanks Tom