Dan Neil made a similar proposal on Tuesday in the LA Times:

My modest proposal: Nationalize GM.

To be clear, I mean that the federal government should buy GM; forget rathole loans or nonvoting equity shares. The company's stockholder value has been essentially wiped out. The company's enterprise value -- the lock, stock and forklift price -- is about $32 billion; its total debt is $45 billion. Let's make GM an offer.

This would seem to me to be the most sensible solution.  It would avoid needless damage to the supplier chain and preserve US manufacturing capability while providing a means for recouping the investment and giving the government leverage over the direction that product development would take.  That might be an advantage with an Obama Administration.  The problem will be getting from here to Jan 20.  Everything I just cited as advantages could be seen as disadvantages by those of opposing ideologies, who will likely try to inflict maximum damage on their way out the door.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."