GM officially filed for Chapter 11 bankruptcy protection this morning in the third largest filing ever in US history. Here is a list of the biggest losers since 1980:
| COMPANY/YEAR | TOTAL ASSETS |
| Lehman Brothers Holdings Inc (2008) | $691,063,000,000 |
| WorldCom Inc (2002) | 103,914,000,000 |
| General Motors Corp (2009) | 91,047,000,000 |
| * Enron Corp (2001) | 65,503,000,000 |
| Conseco Inc (2002) | 61,392,000,000 |
| Chrysler LLC (2009) | 39,300,000,000 |
| Thornburg Mortgage Inc. (2009) | 36,521,000,000 |
| Pacific Gas and Electric Co. (2001) | 36,152,000,000 |
| Texaco Inc (1987) | 34,940,000,000 |
| Financial Corp of America (1988) | 33,864,000,000 |
| Refco Inc (2005) | 33,333,172,000 |
| Washington Mutual Inc. (2008) | 32,900,000,000 |
| ** Global Crossing Ltd. (2002) | 30,185,000,000 |
| General Growth Properties Inc. (2009) | 29,557,000,000 |
| Lyondell Chemical Co. (2009) | 27,392,000,000 |
| UAL Corp. (2002) | 25,197,000,000 |
| Delta Air Lines Inc. (2005) | 21,801,000,000 |
| Adelphia Communications Corp (2002) | 21,499,000,000 |
| MCorp (1989) | 20,228,000,000 |
| Mirant Corp. (2003) | 19,415,000,000 |
| Delphi Corp (2005) | 16,593,000,000 |
What will become of the new company once they emerge from this reorganization? Will they truly be more lean and mean and will they actually begin offering competitive, quality products that customers want? Unless they get to a point where they can hold their own, then another bankruptcy will be in the cards.
What about future GM customers? Will they be willing to purchase vehicles from a bankrupt company? How will the consumer know whether or not GM will be around 2 years from now? Only time will tell but it is this author's opinion that customers will choose vehicles from other manufacturer's such as Ford, Honda and Toyota.
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