I must confess: I was originally against a bankruptcy filing for GM. Having seen how lawyers and other advisers suck the assets out of a company in bankruptcy, (fees in the United Airlines bankruptcy exceeded $600 million) I thought that the cost to the company would probably destroy it.
I was wrong.
We shouldn't have tried to save it. A courtroom process, even with lawyers getting in excess of a billion in fees, would have been far cheaper for the American public.
But I still want Congress to distribute my shares to me.