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GM's been lucky so far. They opened up the $100 suitcase first, and the banker from up on high phoned in Cerberus Capital Managements bid for GMAC. It was good, but GM opted to hold off on that choice and try and get lucky again.

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According to today's Wall Street Journal, they must have opened up the $500 suitcase because the bankers ringing in with a Kohlberg Kravis Roberts & Co. bid of $12.5 to $13 billion bid.

Although GM is playing it cool now, there's a snag even Howie didn't see coming. The bid's non-binding, so what should GM do now? Should they go for the banker's deal, take their suitcase, or keep choosing?

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KKR leads nonbinding $12.5-13 bln GMAC bid - WSJ [Reuters]

Related:
Detroit News Sounds Pre-Death-Knell Bell For GM [internal]