#GmBankruptcy

For many in the automotive world, it’s hard to believe nearly a decade has passed since GM and Chrysler filed for bankruptcy.

The United States Treasury has initiated a plan to sell its remaining 300.1 million shares of General Motors stock, hoping to divest itself of its 19 percent stake within the next 12 to 15 months.

It was a busy weekend in the auto industry this weekend, from the Pebble Beach Concours d’Elegance, to discussion of bankruptcy with General Motors. Find out all the news in one minute or less with the AutoGuide weekend news Qwiki.

Recently we reported that the auto bailout cost had increased to $25 billion, mostly due to General Motors‘ plummeting stock price. Things could, however, get worse for GM before they get any better – if they get any better.

Even though GM admits that the 2007-2008 Chevrolet Impalas has a faulty rear suspension, they’re hoping to avoid a class-action lawsuit by turning to their bankruptcy – as in, the “New GM” can’t be responsible for the “Old GM’s” mistakes.