Rick Wagoner was sent packing earlier this week, then GM debuted a new buyer assurance program and guaranteed warranties, and Fritz Henderson put out a message of determination in the face of difficulty today, but Corvette's plant in Bowling Green won't be back in full operation until at least July. Slow sales of the sports cars means current stock will last at half-production with just a skeleton crew on duty.

Staff at the plant is already down to just 400 people from the 1,000 that worked it in 2007. The local UAW financial secretary Cindy Shelton told Louisville's Courier-Journal that the plant will only be building cars two out of four weeks each month in April, May, June and July.

“We are not hardly running,” said Shelton. “We are all worried and we are all waiting. Retirees are worried about their pension if GM goes bankrupt and the rest of us are just worried if we will be here next week.”

That worry may be misplaced, however, given Fritz Henderson's aggressive plans for the next 60 days. Even with a managed bankruptcy, guidance from the federal government could help stave off the complete collapse of pension funds for retired UAW workers, though a decrease in total benefits would be almost certain.