GM gets nearer to bankruptcy

It’s already got some overdue loans that creditors are letting slide, among its ongoing financial problems. Beyond that, it’s got a hard deadline on some debt. Less than three months away, GM has about $1 billion in convertible debentures that mature June 1. And, GM bondholders are balking at a company attempt to force a cramdown.

Let’s stop fighting this, eh, GM? The handwriting’s on the wall, on the quarter panels, inside the glove boxes and everywhere else.

Actually, it sounds like GM’s auditors are less afraid to analyze handwriting for public consumption — at least when the “public” is the SEC.

As far as fears of Chapter 11 scaring off buyers?

First, WHAT buyers?

Second, a government-structured Chapter 11 would address that. (It might also ease the road toward bank nationalization, even if twin circus clowns Geithner and Summers still oppose the idea right now.)