If as some articles suggest the Fed will end up loaning GM up to $50B I don't see how that money will ever be paid back. Even in it's better years GM made $5B/year so most of it won't come from earnings. After what happened to creditors in the Fed forced bankruptcy who is going to buy GM stock or loan them money in the capital markets? I sure wouldn't. Once they come out of BK they will have few marketable assets to sell. If you look at it pragmatically, they are already liquidating the company. It seems to be just an orderly wind down of the company rather than a sudden collapse.
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