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If you have "an asset" that is losing (big) money and has very weak prospects for making big money into the near-term and even distant future-----how can you say that "asset" is worth anything?GM is indeed by any rational book measure nearly worthless.But as I said, if people are willing to pay $30 a share for it, that is for the time being, its current actual measure of "value".It is not just that GM is losing money, it is the fact that GM has little chance of paying back future obligations even IF they start making money. Jedi and Milligram believe that GM will start making money. They could be right, for a while. Ford seems to have a much bigger problem in that regard. But even with these buyouts, future obligations are still high. I can not say how high until new annual reports come out. Then we can look again.Worse for Ford is that Ford was forced to pledge something 40% of its assets just to raise cash for those buyouts, buyouts that will not totally eliminate the problems by any means. That for Ford was 100% pure desperation. There is no other way of looking at it IMO.MIsh
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