General Motors Corp is in “intense” and “earnest” preparations for a possible bankruptcy filing, a source familiar with the company’s plans told Reuters on Tuesday.

A plan to split the company into a new company made up of the most successful units, and an ‘old company’ of its less-profitable units is gaining momentum and is seen as the company’s best configuration for the future, said another source familiar with the talks.

GM Chief Executive Fritz Henderson has said the company prefers to restructure out of court but could go to court if needed.

To begin with, was this not what the Southern senators were yelling for the company to do just a few months ago instead of getting the infusion of cash?  I cannot believe that I am defending the likes of Sen. Shelby, but these are unusual times.    So, after pissing away taxpayer money, they will still possibly go into bankruptcy destroying jobs and workers benefits, right?

Why was this not brought out in the beginning?  Instead the workers were used to get a massive injection of cash to keep the company going until they could get more concessions from the unions and workers before pulling the plug.  Is that about it?

This is just another indication of the games that the corporations are playing with the lives of the workers and the very survival of the middle class.  And the UAW is silent…..there is NO statement coming out of the Union.