How Much Is GM (GM) Faking? The Balance Sheet Mind Game

From 247wallst.com

With Republicans in the Senate thwarting an auto company bailout bill, GM (NYSE: GM) has decided to play its trump card. It has hired bankruptcy counsel.

According to The Wall Street Journal, "GM (GM) management recently tapped bankruptcy veteran Harvey Miller of the New York law firm, Weil Gotshal & Manges LP, to handle what would be one of the largest and most controversial filings in U.S. history."

With the bill to send checks to The Big Three dead and in the process of being buried, getting advice for Chapter 11 is only prudent. GM should have done it weeks ago when the company's cash was not so low. It would have made operating under court protection much easier.

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