Congratulations! You are now one of the proud owners of GM!

Monday marked the historical demise of the former North American industry giant. Following much anticipation, the troubled auto maker sought bankruptcy court protection with hopes of subsequently emerging a more "leaner and meaner" force in the intensely competitive market for automobiles.

GM's decline wasn't a sudden fall, in fact, the automaker had long been suffering from a shrinking market share and a shift in consumer preferences to more fuel efficient cars brought on by the recent spike in energy prices. The credit crisis and the recession that followed sealed the company's fate. To prevent the collapse of the company and the catastrophic chain reaction it would have caused, the Canadian and American governments invested capital that would see them own approximately 72% of the company. In return for a 12% stake, Ontario and the Federal government provided about $9.5 billion in relief of which an estimated $7.8 is expected to be forgiven. Industry experts calculate that for the governments to recover their investments the company would need to be worth about $69 billion, a valuation which is a long way from where they are at currently.

I'm always all for a genuine success story where the underdog triumphs against adversity and comes out victorious at the end. The prospects for this one to me, however, don't seem too promising for a number of reasons. Despite my pessimistic viewpoints, I truly hope the management succeeds in turning the company around, after all, since we as taxpayers now have an ownership stake I'm certain we'd all like to see some kind of return on our investment.