If you actually think GM was going to allow itself to be diced up in liquidation to pay the bond holders...
Killer bees, hole in the ozone, Man made global warming, GM shutting down...
Nobody thinks Sears will shut down tomorrow (even after buying a turd like Kmart), yet you believe GM was going to shut down. Gimmie a break!
GMAC was already dumped for the most part by GM, last I checked most banks still finance a car loan and don't care who made it. The sales dept. controlling the finance dept. was trouble from the start.