Bill Zastrow owns $240,000 of General Motors bonds. He’s not happy, but, as he told Reuters’ Kevin Krolicki, “We were getting the Marie Antoinette haircut and now it looks like it’s a few inches higher.”

The best guess is that his holding is now worth about $22,000, not far away from the sum he used to get in annual interest, but that’s better than the zero-to-$12,000 which the earlier offer to bondholders implied.