So, today’s big news from the US car industry wasn’t the culling of the Pontiac brand after all.
Instead, GM shocked the industry by revealing that the US government will hold at least 50 percent of the company’s ‘common stock’ as part of the its latest recovery plan.
When a government holds over 50 percent of a hitherto private company, and is set to shovel in over $25bn (£17bn) of tax payer’s money in order to keep it alive, we’re well into British Leyland territory.
Bondholders are being offered just 10 percent of their outstanding debts as part of the ‘new’ GM, while the autoworkers union – the UAW – will be offered 40 percent in exchange for GM being released from running the ruinously expensive healthcare fund for retirees.
There’ll also be a deeper cull of GM factories, more jobs and the extraordinary decision to half the number of GM brand dealerships to around 3500.
If all concerned don’t agree to this deal, Fritz Henderson - GM’s new boss – says the company will miss out on the upcoming $11bn (£7.5bn) injection of government cash and would then file for bankruptcy by June 1.