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How, then, do they make it "unavailable to pay the bondholders"?

If GM splits GMAC and sells part of it, and the remaining part doesn't have enough income to service its debts, then mini-GMAC will default and be unable to pay its bondholders. The assets of mini-GMAC will be distributed to the bondholders but this represents less than their invested capital. Meanwhile the rest of GMAC's assets are in GM's bank account.

This would be a "rational" thing for GM to do if they determined that part of GMAC has a negative value. I would think though that the GMAC bondholders would get up in arms over any sale/spinoff plan that increases the chance of GMAC bankrupcy.
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