Always good to see other conjecture, please keep it up BreakingView! However, with all due respect, cannot concur that the (previously) proposed marriage of GM-Chrysler would have led to a better outcome. Much depends on detail of course, but it could have simply created intransigent UAW & Management stances against Washington for extensive bail-out cash and protectionist conditions that would have kept the innate uncompetitive structure of US Autos little changed. Yet another sticking plaster scenario instead of the required surgery. In truth, from the moment Cerberus bought Chrysler, with then liquid capital markets, it should have structured a divestment of its 3 'in-house' divisions to Eastern trade-buyers or foreign private equity; ideally leaving the then Chrysler LLC company as a 'Brand Broker' to western markets. Whilst such talks were undertaken, it was not a seller's market, yet even so, with such a sale Cerberus & Chrysler would have come out far better than it has to date. Cerberus with valuable liquidity, Chrysler further down the road of non-interventionist re-structuring and in a better position for debt or new equity re-financing. However the FIAT-Chrysler deal -given the 'legacy restrictions' - at least puts Chrysler on a better path, even if not perhaps the perfect one for speedy divisional specific re-invention.(Great deal for FIAt though). As for GM, the uphill struggle of the credit-meltdown has tested and (happily) stalled the value-destruction motor; demonstrating the need of a strip-down and overhaul. New GM and the 'Back to Basics' agenda will promote extensive consideration at every level of the business by Alix and Evercore, so justifying their fees. The trouble is that the basic tenants of a good commercial path for New GM will probably clash with the ideals/expectations of its new major stakeholders. The hard to swallow recommendations will however put some sense of value-creation back into the company and importantly give the capital markets confidence. An important question is how possible synergies can be formed between FIAT-Chrysler and New GM at the supplier-level, for the massive potential of sector-consolidation promoting lower cost common systems synergies will be key to re-vitalising the profitability of the 2 new US Auto companies. Thus expect Alix & Evercore to be focusing heavily on supply chain financing, creating a stable financial platform from which to plan and deliver operational efficiencies.