1. The company files for Chapter 11 bankruptcy. It is time for GM to reorganize.

2. Union contracts are abrogated. New salary structure would be in line with what Toyota, Honda, BMW, Mercedes, and Hyundai are paying their American workers.

3. Excess plant capacity is eliminated, with certain brands dissolved. This will mean the laying off of tens of thousands of workers.

4. Management agrees to work for $1 per year until the company is able to return to solvency. Like Lee Iacocca did for Chrysler three decades ago, Wagoner, Lutz, and others should do the same. That shows leadership!

Then, and only then, would I consider lending money to GM for an amount and interest rate based on how seriously they take their current plight.

I think GM should make Volt a new sub-entity, perhaps with a few other strong assets and then spin it off. Vote, divide the company with Chevy carrying the debt and Volt and a few other brands being allowed to continue debt free.

All GM stockholders would receive an equivalent share in the new entity. So Chevy would sink into the sea thanks to the weight around it’s neck (unions), meanwhile this newer splintered off company would rise like a Phoenix out of the ashes. Not bound by the unions, and the debts that have been accrued.

True cost of GAS is $7-8 dollars a gallon.

Read the information on this website.
http://www.energyandcapital.com/articles/oil-gas-crude/461

Everyone pays the other $5 a gallon in taxes, through defense spending and other spending/dependence.

At that price, $26k for an electric car is a STEAL.