Sure I can. Management should have declared bankruptcy so that it could get out of these labor agreements. Besides, it was the management that gave away the store to the unions. Perhaps it should have realized that such concessions to the union were ultimately unprofitable.
Theoretically, yes. But who wants to be remembered for quitting?
Nardelli and Mulally have only been around a year or two. The management of all the Big 3 negotiated and restructured much better deals in the last contract that will make them almost on par with the foreign automakers. The new deals take effect in 2010. Those need to be fast-tracked. Traditional bankruptcy means the end for these companies. A more targeted, short term bankruptcy with all parties agreeing beforehand to the necessary cuts may be plausible.