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GM will restructure itself via chapter 11

General Motors will be radically restructured via declaring Chapter 11 bankruptcy. They won't go away. Instead, they will come back, sans the current corporate leadership and gradually become a lean, competitive organization again.

Going bankrupt will allow them to shake off their legacy costs. It will allow them to get out of their legal deals with their massive army of dealerships which now number at over 7000. A stark contradiction to Toyota or Honda who have approximately 1500 dealerships each.

GM will be forced to cut production of many of it's products. They will be forced by their situation to cut back to three or four product lines. These are likely to be GMC (trucks), Chevrolet (cars), Cadillac (luxury vehicles) and maybe Saturn or Buick.

No money will go to GM without the heads of the current leadership of GM being offered up on a platter.

And to all of you who say that this will never happen. Consider the two possibilites. Either a plan that looks an AWFUL lot like this or complete insolvency. I can comfortably tell you as can many logical folks, that business as usual won't be tolerated in this current climate. You'll either have to change or die.