Martin Whitman bought into General Motors Senior Unsecureds during the last quarter. He discussed the possible reorganization of GM: "It seems odds on that General Motors (GM
) has to reorganize if it is to solve its problems with burdensome legacy costs - pensions and health care; and also rationalize its wage, hour and working condition contracts with its principal union. There are two ways a distressed company can reorganize, i.e., restructure its obligations - voluntary exchanges, or Chapter 11 of the Bankruptcy Code. Though not without business risks a Chapter 11 case probably would be the easiest way for General Motors to solve its legacy cost and labor cost problems."