Kerkorian and GM

The push by Kerkorian to join GM with Nissan and Renault is the subject of much speculation on whether it will work and whether the GM board will buy it.  Kerkorian's motives have also been dissected.  See Paul Ingrassia, Kerkorian Motors, WST today (Kerkorian wants new managers and likes Ghosn of Nissan).  Many are missing the boat.  GM's problem is an operating deficient caused by overpaying its workers, masking by a stash of cash.  The company must wait for the cash to run out, sucked away by operating losses, before it can restructure in bankruptcy.  An alternative is a merger.  The GM shareholders, Kerkorian included, can use the merger to take cash out of the company and the new owners can restructure.  It is a brilliant use of a well known acquisitions strategy. The GM board should go along.