They’ll have realistic views of a difficult restructuring process. I don’t think they’ll go crazy and close three or five plants. They’re not going to make too much noise. You don’t want to get the...

I think they’re going to be struggling. Even with 15.9 (million vehicle sales) GM can only make a little money. Ford can’t make that and Chrysler probably can’t.

It is our view that bankruptcy protection for GM is increasingly looking like a reasonable way to properly address the company’s retirement liabilities and job securities benefits.

There were several challenges for Delphi stock. Labor was one. The need to diversify their customer base away from GM is the big one now.

The bottom line here is that GM and Ford have no margin today and we still see their products overpriced by $1,500 per unit.

It is cost prohibitive for GM to fix its $3,500 margin disadvantage versus Toyota and other Japan-based manufacturers. Meanwhile, hidden liabilities continue to exceed hidden assets.

Based on a UAW summary of the recent healthcare agreement, we think the eventual savings from the deal will only be in the seven billion dollar range.