I watched the Capitol Hill begging on Bloomberg earlier this week and know that a Chapter 11 for GM isn't possible because of their cash and outstanding obligations. If the prepackaged plan can work, GM should get the paperwork rolling, ASAP. I believe the only hesitation maybe that Rick Wagoner may realize that he will be asked to step aside in order for GM to continue in business. For what he has seen in the past years and the loss of over 70 billion dollars, he should volunteer his resignation!
