[SirJohnBarleycorn]

Under this plan, the "good" GM would not be expected to hold the tens of billions of dollars in retiree and health care obligations that hurt the auto maker in recent decades. Instead, those obligations would be transferred to an "old GM," made up of less-desirable brands like Hummer and Saturn, and underperforming plants and other assets. This part of GM would likely sit in bankruptcy much longer while a buyer is sought for the parts or it is wound down.

Obama will not approve a plan without the UAW's blessing. Look for Uncle Sugar to assume or guarantee the retiree benefits in the "old GM." Taxpayers, bohica.

[Big_Monkey]

"Instead, those obligations would be transferred to an "old GM," made up of less-desirable brands like Hummer and Saturn, and underperforming plants and other assets.

How would any of this be legal? Barry's plan is to divide the company into good and bad pieces. Presumably, the UAW gets an equity stake in the good piece, but the bond and stockholders get the big crap sandwich full of the bad piece.

To me (and I'm only an investor, not an attorney), it would seem this would be tied up in civil litigation for decades.