GM bankruptcy nearing?

Reportedly, the General is in “intense … earnest preparations” for bankruptcy.

GM is at the stock Mendoza line, the $2 exacta window now. That all said, a bankruptcy, if not structured by Team Obama, would let a bankruptcy judge have control over large swaths of the company’s operations.

And, the bankruptcy reform bill of 2005 toughened corporate as well as individual filing standards. That’s why a lot of retailers that have filed in the last year or so haven’t come out on the far side.

OTOH, GM could be floating trial balloons to push the buttons of the Street, bondholders or whomever.