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GM is Next

|Includes: General Motors Company (GM)

General Motors (NYSE:GM) CEO Fritz Henderson made known his final, final, last ditch offer to avoid bankruptcy. Owners of $27 billion of bonds will get 10% of the company. The unions will get 39% of the company. Pontiac will be axed. Six more plants will be closed, laying off 21,000 workers. What will happen to 3,900 dealers is still up in the air. With the stock now at $2, Fritz has very little to bargain with. Whatever car business survives this won’t look anything like the GM we know. Why do I think we are headed towards a Ford (NYSE:F) only nation?