[This column from Jim Cramer originally appeared on RealMoney on Friday,
June 27.]

GM's(GM) in a difficult position. It is one where there is a way out,
but it does not involve saving the common stock.

The only problem is the value investors. They insist, I'm sure, on
finding value and taking their usual beating, which prolongs everything.

First, we have to stipulate two things: GM has tremendous value if it
can break all of its contracts, stop paying the coupon debts and
eliminate the dividend.

But there is one problem -- you can't do that, you can't make the
critical changes, unless the company files for bankruptcy.

I rack my brain trying to figure out how they can raise enough money to
not run out of money. The only way they can do it is to sell hundreds of
millions of shares of common stock and simultaneously eliminate the
dividend. That will buy them time, but buy them time for what? For the
next offering?

Steven L. wrote: