"Interesting that you recognize the existence of "legacy costs" (the obligation to live up to contractual responsibility on the part of the General Motors corporate entities)..."
Interesting thing about a restructuring bankruptcy is that it is supposed to at least attempt rid the entity of the known cancer killing the company. Obama demanded the legacy cost cancer remain and prescribed more morphine to make it all better while he served a term.
The other interesting thing about real bankruptcies beyond fixing the problem is they are a legal acknowledgement that "contractual obligations" cannot be met and everyone should get a portion of what is available.
Stock holders go $0, bond holders got 10-20%, union buddies got 150%+ of taxpayer (not GM) money.
BTW what part of the fact that GM is now worth far far less than the $$ invested by taxpayers are you failing to understand? Without fixing the problem you can pretend all you like, they just got a new pile of cash to burn and further, the government help is damaging the one responsible American based company, i.e. Ford.
Stockholders who don't realize the risk involved in their speculation into the value of a security are sometimes unpleasantly surprised. The fact that this is the way bankruptcy law works should be no shocking discovery to you since you've stiffed your employees and creditors in much the same way due to the failure of your "successful business" while your attention was entirely occupied with posting POLITICAL OPINIONS on this message board every day for at least the last ten years, most often in sixteen hour marathon sessions which devolve into greater and greater incoherence as they progress.
Managerial employees of GM were bought out of their pension obligations by the election of a lump sum payment or a PRU managed annuity. Union workers negotiated a stake in the restructured company.
F ain't doing that hot either. Its creditors take the risk that there's no return to the crazy that left F to be the fail leader in the industry (due to mismanagement, by the way, not due to the paltry compensation provided to its workers). Neither should concern you since your message board trolling career won't be impacted either by the success or failure of either enterprise.
Shareholders are never ensured of any return on their investment and never should be. The business of an enterprise is not to make speculators or a hapless set of middle and upper "managers" wealthy but rather to keep the customer satisfied. Something you have always failed at, even in your message board posting career.