Reply #2: I think it is because they were mandated to [View All]

[Still Sensible]

submit a plan. The reason the plans were not viable, IMO, is that the bond holders are playing chicken with the companies and the administration. Those bond holders are the bastards that have sacrificed nothing as GM and Chrysler try to, with taxpayer help, get out of this mess.

The UAW has made concessions, despite some here that seem to think otherwise. But if the bondholders don't give in to some extent, it won't matter and GM will go down. I am sure many of the conservative ilk would appreciate the perceived "union busting" that would result from bankruptcy... but I think the administration's hard line at this time is pointed at the bond holders.

Right now, the industry and the administration is between a rock and a hard place. Bankruptcy would leave those greedy bond holder shits cents on the dollar. Unfortunately, if the bondholders don't make concessions, it's a moot point and the company and the union goes down together.