Out with the old, in with the...old. Former AT&T, Inc. (NYSE: T) CEO Ed Whitacre, Jr. has been selected by the U.S. Government (how quaint) to lead the "new" GM once it rises from the ashes. Whitacre, who basically rebuilt AT&T into the telecom behemoth that was dismantled by the U.S. Government in 1984, will be in charge of re-surfacing GM's future road to glory.

Will GM be worth more than Ford? The answer is yes. Based on yesterday's closing bond prices, since May 28 when the government gave an exchange offer of a 10% equity stake and another 15% in stock warrants, GM's $3 billion of 8.375% bonds maturing in 2033 jumped 72% to 12.25 cents on the dollar yesterday. GM's market value will be about $33.1 billion, compared with Ford's $19.9 billion.

Revenue for GM will probably come in at about $120-$140 billion. Last year the numbers were $146 billion for GM and $146 billion for Ford Motor Company (NYSE: F).

Today was one of those magical days where no bad news could get in the way and all good news was viewed as the leader. Despite there now having already been 1 million foreclosures in 2009, the direction of personal income and spending was in the right direction while a revival was seen in manufacturing and construction. The DJIA was also challenging its 200-Day Moving Average, but that is after the S&P 500 Index crossed its 200-Day Moving Average. Here were today's unofficial closing bell levels:

Dow 8,721.36 +221.03 (2.60%)
S&P 500 942.87 +23.73 (2.58%)
Nasdaq 1,828.68 +54.35 (3.06%)

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Normally companies are required to file a form 8-K with the SEC to disclose material developments -- major acquisitions, earnings releases, board resignations, etc. In the realm of materiality, bankruptcy would seem to be right up there.

That's why I was shocked to discover that General Motors (NYSE: GM) opted not to a) issue a press release announcing its bankruptcy filing, and b) disclose the filing and what it means for shareholders in an SEC filing. But here's GM's most recent SEC filings and you can see for yourself: no mention of that little bankruptcy contretemps.

In a way it doesn't really matter: All you have to do is flip on a television, open a newspaper, or log online to find out about GM's bankruptcy -- but it's still pretty ambitious of the company not to let shareholders know in any formal way.

It's just a nice indicator of where the interests of shareholders have fallen in the eyes of GM's management and board of directors.

Well, now, we can say it's a final, final. GM bondholders voted Saturday on a plan to exchange their debt for an ownership stake as high as 25%. The bondholders have the the sticky wicket in the restructuring plan for GM. They had steadfastly refused to fall in line until the last minute. At stake was $27.2 billion of debt that bondholders were holding. Finally, at least 50% of them agreed to the swap. Now GM can file for bankruptcy protection on Monday morning.

The United Automobile Worker Union, through its retiree health care fund, will receive a 17.5% stake in GM and warrants to buy an additional 2.5%. Bondholders will get a 10% stake and warrants to buy an additional 2.5%. The Federal Government has lent GM $20 billion since December and will end up owning about 70% of the company.

Last Updated at 10:20

According to CNBC, General Motors (NYSE: GM) shares were halted as bondholders agreed to a sweetened deal. Shares have been reopened since. (This post is a live update). GM shares have jumped over 15% since trading has resumed.

This still doesn't mean a bankruptcy has been avoided, but at least creditors would not oppose attempts to sell GM's profitable assets to a new company -- the "New GM" -- sponsored by the U.S. Treasury.

With General Motors (NYSE: GM) hurdling toward a bankruptcy that is now a virtual certainty, the company's bondholders are desperately scraping for as much as they can while also saving face. And if that means writing pathetic op-ed pieces in the Wall Street Journal, well then so be it.

Dennis Buchholtz, a retired Michigan trade worker, writes that "I purchased GM bonds in 2005 and own $91,000 worth. These bonds account for a very sizeable portion of my retirement income, and so it is absolutely devastating to watch GM's problems bring the once venerable company to the brink of failure. My standard of living is truly in jeopardy. . . I don't understand why the government is penalizing people like me just for having funded my retirement with GM bonds."

According to the Financial Times, General Motors (NYSE: GM) expects "as many as three bids" for a strategic stake in its European arm by today's deadline. GM Europe spokesman Chris Preuss stated, "Based on conversations that are ongoing, the expectation is that there will be three bids put on the table." GM expects to rake in $887 million for the division.

The report quotes "two people close to the deal, who requested anonymity" as saying the three bids could come from Fiat, Canadian parts manufacturer Magna, and Brussels firm RHJ International.

Ford Motor Company (NYSE: F), which has not accepted federal bailout money at this time, wants to ensure its parts vendors don't go down if General Motors Corporation (NYSE: GM) and Chrysler end up in bankruptcy. As such, the automaker is loaning money to parts suppliers to help shield it from what is probably an impending bankruptcy from its two domestic competitors.

Bloomberg reports that General Motors (NYSE: GM) is "speeding up" its preparations for a bankruptcy filing as talks with the UAW and bondholders have stalled. One plan being considered is a 363 sale, which would create a new company with GM's brands and assets, unencumbered by its staggering obligations.

And now for a little discussion of former GM CEO Richard Wagoner, one of my favorite punching bags for the current recession. Mr. Wagoner spent months telling anyone who would listen that bankruptcy was "not an option", even as more rational analysts insisted that it was very much an option.

In June 2000, Richard Wagoner became president and CEO of General Motors Corporation (NYSE: GM) In case you haven't been paying attention for the last eight years, here's an overview of what's gone down:

• GM paid huge dividends even as its pension and health care obligations spiraled out of control leaving the company in a precarious capital position.

• When SUVs started to get hot, GM essentially bet its future on the continuation of that trend and the reasonably low gas prices that made it possible. That's right: GM was essentially an commodities speculation hedge fund masquerading as a car company. Now Bloomberg is reporting that GM lost $2 billion on leased SUVs.

• Now that gas is at $4 per gallon and M&A activity has dried up, GM has decided that this is a good time to try to sell its Hummer brand. Does it come with Pogs, Pokemon cards, and HD DVD?

• The stock was trading in the $60 per share range when Wagoner took the helm and now it's fallen to $11.07 and Merrill Lynch is saying that a GM bankruptcy is "not impossible." And remember: Merrill Lynch has been overly optimistic about its own ability to survive without raising capital. So "not impossible" may very well mean "quite possible."

Given all that, I have a serious question for General Motors' board of directors: How can Richard Wagoner possibly still be your CEO? Hypothetically, what would he have to do to get fired? Join Al Qaeda? In 2007, Wagoner took home $14,415,914, a 41% raise over 2006.

The fact that Carl Icahn isn't filing a 13-D and raising hell is indicative of the fact that this is one company that's probably too late for saving.

General Motors Corp. (NYSE: GM) shares fell in early trading as Wall Street viewed the company's announcement that it plans to raise as much as $15 billion through the end of next year by suspending its dividend, cutting its salaried workforce and selling assets with skepticism.

For one thing, who is going to want to buy the assets GE is trying to sell? For instance, sales of Hummer were down about 60% in June. What private equity player will take a chance on buying a brand synonymous with gas guzzling as gas sells for more than $4 a gallon at the pump? Who is going to want other lackluster GM brands like Saturn? Any new owners of the business will face the same problems as GM.

Also, let's not forget the rising prices of commodities used to make cars, such as steel. Hyundai Motor Co. announced today that it was raising prices on its cars because of increased costs for raw materials, according to Reuters. Soaring oil prices also is making the costs of plastics needed for car parts rise.