GM considers Chapter 11 - will it work?

That's the BIG news out of formerly Big Three members GM and Chrysler. Both have until Tuesday to submit reorganization plans to qualify for $17.4 billion in federal loans. GM reportedly is looking at the second option of asking for more federal money to stave off bankruptcy.

I doubt that's likely without an ironclad, trimmed to the mast reorganization plan being part of the request.

And, right now, that's not likely to happen. Although GM and Sweden deny it, it can't find a Saab buyer. Nobody will touch Hummer. Outside of cars itself, GM doesn't even have a majority stake in GMAC anymore. And UAW talks with both automakers have broken down.

And, that all said, the 2005 bankruptcy "reform" bill changed commercial as well as individual bankruptcy. It's part of why retailers like Linens n Things and Circuit City wound up liquidating rather than coming out on the far side.