I don’t know if you listened to Obama’s speech on the auto industry yesterday. He spent a long time talking about bankruptcy and how it does not necessarily mean liquidation.

Wagoner was dead set against bankruptcy. So was the UAW because they know it means their pensions and healthcare will be gone.

The government and the bond holders are secured creditors and they will be at the head of the table in bankruptcy proceedings.

Obama’s speech + Wagoner’s departure + Henderson’s comments tell me bankruptcy is a done deal.