Professor Elam

He was not able to get the unions and the bond holders to an agreement that removes enough of their claims to go forward, in the view of just about everyone. The Administration appears to be moving as one observer said this morning to an airline type managed bankruptcy. 

The Admin provided aid for suppliers last week.

The Admin is committed to GM surviving. 

Fritz is an interim, Board members will be resigning, all this is to send a big message that everyone needs to come to the table or bankruptcy is going forward. 

Look for the Admin to force GM to go to the Toyota Three model lineup, this is in contrast to

Chevy Pontiac Buick Caddy Hummer GMC Saab Saturn

I suspect we end up with

Chevy Caddy and something in between I do not know what it would be called or perhaps the third is just a light truck division, who knows

Or with Washington running it maybe the third division is some sort of Green Car

Dennis

Chrysler meanwhile must make a deal with FIAT for capital for they look like toast. I don't know if FIAT wants to make the deal now, or, wait to buy what they might want out of Chrysler in  a Chrysler bankrutpcy. Chrysler has always been a weak company, hard for me to advise FIAT.