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GM said that an unofficial committee representing unsecured note holders supports the new Treasury proposal for a 10% equity in "New GM." It would also give them warrants to purchase up to 15% of New GM -- 7.5% at the $15 billion level and another 7.5% at the $30 billion level. The offer is open to bondholders until 5 p.m Saturday and as incentive, the filing says the amount of common equity and warrants they get would be substantially reduced or eliminated if they don't agree.

The outstanding common equity of New GM would at first be allocated as follows

• 72.5% to the U.S. Treasury
• 17.5% to New VEBA (new Voluntary Employee Beneficiary Association), or the UAW
• 10% to Old GM

From the SEC filing:

"As provided in the Proposal, the U.S. Treasury has indicated that if holders of Notes of an amount satisfactory to the U.S. Treasury have provided (prior to 5:00 pm EDT on Saturday, May 30, 2009) statements of support satisfactory to the U.S. Treasury indicating that they will not oppose the 363 Sale (if conducted on terms substantially consistent with the Proposal), the U.S. Treasury currently would propose that New GM issue to Old GM as a portion of the consideration offered in connection with the 363 Sale 10% of the common equity of New GM and warrants to purchase an aggregate of 15% of the equity of New GM.

"We have been informed by the advisors [...] that the unofficial committee and other large Noteholders (who collectively hold approximately 20% in aggregate principal amount of the Notes) support the economic terms of the Proposal."