To think that all of that manufacturing capacity would have gone unused throughout the world, including a valuable franchise in China and an important franchise in the U.S. and Europe, I just find hard to believe. What the deal would have looked like, no idea. People like to call this the greatest recession since the great depression. It was a very deep and very short recession, fueled largely by a) the bursting of a housing bubble and b) a panic run on financial institutions, which led to corporations not being able lend thus cutting manufacturing and inventory reductions as CFOs pulled in their horns. Car sales naturally fell off a cliff, so GM was in a tight squeeze due to lousy management. Their assets and brands always had value.