Ford: Ford raised $1.6 billion to help fund its health-care trust by issuing 345 million shares of new stock in May. It retired another $10.1 billion in April, leaving $25.8 billion - still too much.
General Motors: Getting credit holders to agree on how much of a haircut to take has been a nightmare. Pretty soon, the bonds will be worth so little there won't be anything to fight over.
NEXT: Government stake