Under the government's proposed reorganization for General Motors, the union health plan and the company's bondholders would give up much or most of those claims in exchange for an equity stake in the reformed GM.
This is interesting. What would be the implications of a union having a massive ownership stake in the very company that its members are employed by? Hoepfully they'd gain control of the board, modify operations in a way that we might think a union would, and end up killing the zombie on their own. The government doesn't seem to want to kill it; they're content with pouring billions of dollars into it.