1. The Extreme Case Separate Subsidiaries to House “Toxic Assets” Some surprising examples...

2. Toxic “Assets” Franchise Leverage 2011

4. Bad Banks, Good Banks Split Business Models 2011

6. 2011

7. 2011 A “Soft” Rationale

8. Good Banks, Bad Banks Franchise Leverage 2011

9. Accounting Segregation of Assets

10. A Part of the Playbook 2011

11. Extreme Splits Split Business Models 2011

13. Distressed Franchises Split Business Models 2010

14. The ultimate “non-franchise” assets

15. Bad GM 2010 A Huge Number of Sites Toxic, Vandalized, Useless