If there were grounds for optimism in this regard, private investors would have bought the company. One comment asks pertinently: what if the average variable cost (or, better, marginal cost) of a General Motors vehicle exceeds the price that GM can obtain for the vehicle? I had said that if that price exceeded marginal cost, the firm should not be liquidated, because every sale at that price would contribute to reducing the company's fixed costs, consisting mainly of debt. If at all possible levels of output price is below marginal cost, the company should liquidate. I should have made clear that, when considering the company's prospects, one cannot ignore the cost of any future debt that the company will have to take on to keep in business. The company's revenues have to cover all the costs that it will have to incur to remain in business, as distinct from those costs, such as unsecured debt, that can be wiped out in reorganization in bankruptcy.