The key paragraph is as follows:
“At today’s price of $3/share, GM has a market cap of a little under $2 billion. The government should not only provide $25-$50 billion of emergency low-cost loans, but should spend another $4 billion and buy up all of GM’s stock at a 100% premium – $6 a share.”

With this solution the government could hire a crack management team (perhaps a combination of Silicon Valley and Detroit talent) that could “force” the necessary restructuring AND development of fuel-efficient vehicles, instead of the government/people having to “beg” for it every step of the way. Ideally, in the end, GM would become a very competitive, lean automotive company that produces high quality, state-of-the-art, fuel-efficient vehicles for the global market AND, if the stock price reflects this success, the taxpayers money would be returned multiple times over.