Yup. Spin off your internal supply arm, make them sign a contract to sell what you need below the cost to make those parts, and proclaim it a victory. GM and Wagoner were playing Russian Roulette with a pump action shotgun.
Kept the stockholders and Wall Street happy. The same ones now clamoring for bankruptcy and shedding "legacy costs." By the way, Didn't I just read how GM is not pursuing cost reductions (for the time being) from Delphi when every other supplier is being approached? Can't have it both ways. Either GM must get costs under control, or they have to treat their suppliers better. Which is it?
Don't forget the last part -- profess to be shocked when the supply arm goes bankrupt.
GM needed turnaround executives years ago and all they got were deck chair rearrangers.