On Sun, 29 Mar 2009 21:34:34 -0400, Eisboch wrote:


Incompetent Board or not, if this isn't handled correctly, the
threatened lawsuits against the government they were worried about with
the AIG bonus guys will pale in comparison to the lawsuits brought by GM
stockholders. *They* own the company, not the government or the
taxpayers.

Chapter 11 is the vehicle (pun intended) to cleanly restructure the
company.

Wagoner should have been gone years ago, and bankruptcy is still on the
table. Obama is trying to light a fire under GM's management, and it's
about time. GM has been operating ten years behind the market. Now they
have 60 days to catch up, or it's bankruptcy.

Chrysler has even less time, 30 days. The Obama administration has
rightly figured they can not standalone. If they can't make a deal with
Fiat, they're gone.