Is it time to take a second look at GM?

In general I'm against buying stock in any company that has to deal with a strong union. It is bad for profit, bad for shareholders.

However, there is a point where I can be swayed. I'm looking again at GM because it has cracked the $20 mark again. I'm not going to write a book here. I'll mention that car sales are running at about replacement rate. Meaning that people are buying cars at this level almost because they are forced to.

Also, at the current rate of cash accumulation GM will have cash that equals its market cap as of today. So if you buy GM here there is a decent chance you are buying the entire rest of the company ex. cash for free.

The return on equity looks good. The total pension liability remaining is less than 9 billion. Their market share is on the rise. They have a significant foothold in China (the fastest growing car market in the world).

So, can anyone talk me down here? It looks like a steal under $20. I know there is an overhang fear from the stake the government holds. but isn't that fear overblown at this point? Driving the stock down to the level of its cash is pricing for another bankruptcy...does that make sense? It doesn't look that way to me.