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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.

I largely agree with your post - and happy to see we both have a "wait and see" view on GM when the 4Q and annual numbers come out. It will be a telling story - the only difference is you see the situation as untenable, I see GM on the brink of rebirth - but the judge/jury are not out and I suspect the truth lies somewhere between.
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