Where did union shares come from?

In the editorial "Bailout revs up U.S. auto industry" (Dec. 28), you described the United Auto Workers union getting a 17.5 percent share of General Motors as part of the agreement.

My question: Where did that 17.5 percent come from? Wasn't it taken from grandpa and grandma, who were counting on those dividends as part of their retirement? Did they receive any compensation for the loss of their ownership?

WILLIAM RAY JR.

Modesto