GM Bankruptcy

As reported in the Wall Street Journal, GM auditors question the firm's ability to continue to operate. This smacks of political blackmail for more bailout money. I have no doubt that they need additional funds to continue to operate. I just question the need to keep them afloat. Many companies file for Chapter 11 protection and come out of bankruptcy in much better shape. I would predict that GM will go bankrupt. The only question is how much money are we going to put into the company before it happens.

Interesting Question: If the government loans significant money to GM and GM files for Chapter 11 bankruptcy, is GM "protected" from its major creditor...the U.S. taxpayer?