Would a GM bankruptcy be that god-awful? A Chapter 11 filing could assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company. The yucky stuff would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked. If the UAW and bondholders refuse to play ball, a reorganization looks to be the only way to go about things.
In all of this mess, many are asking "Where is the car czar?"
source: GM to say more aid or bankruptcy - WSJ - MarketWatch
Sunday, February 15, 2009
GM: No Sleep till Brooklyn (Or a Possible Bankruptcy)
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Bankruptcy is infinitely preferable to the byzantine bailout formulas peddled by Tim Geithner and his cronies.
Let them all fail (banks, carmakers, anyone with his hand out) and rebuild America atop the rubble.
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