re: GM Commercial

It wasn't a liquidation, it was a re-org, it had a bankruptcy judge, and debts were either cut or converted. Was it a particularly odd bk, given the involvement of the gov? Certainly. Would I have rathered they let the market decide, and let them go into ch 7? Yes, without a shadow of a doubt, but it was absolutely a "real" bankruptcy.

Ask the GM equity holders how much they got (the answer is nothing). Both the bondholders and the UAW got converted, so yes, both parties debts were wiped out. ETA: Please note that I am not opining on the "fairness" of the outcome.