A decade or two down the line, when the next Bush Jr is elected and we are in the next bubble. There will be complaints that GM is not doing as well as it should because of government meddling and it's financing is hampered by too much super senior secured debt. And then all the debt will be transformed through some reorganization fiction. Part will be forgiven, other chunks will be converted into unsecured debt and written off slowly to spread the pain out, and just enough will be paid off to make the US look like it got something.

Jay