An update on the bailout from the Detroit News:
A member of General Motors Corp.’s Board of Directors today reiterated that the automaker would consider all options, including Chapter 11 bankruptcy, if Congress refuses to loan the company as much as $18 billion in emergency aid.
Though in an interview with The Detroit News, Kathryn Marinello ruled out the “fantasy” of a prepackaged bankruptcy, which requires advance agreements with stakeholders before a filing, something that has never been attempted on such a large scale.
She also strongly defended CEO Rick Wagoner, calling him “The Mailman,” because “he always delivers.” She said he is the right person to lead GM.
Too bad GM is competing in an e-mail world.