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Mr Henderson, who became chief executive when Rick Wagoner was ousted in March, says in an affidavit that no one expressed any interest in lending to GM or buying its assets at a price that would have kept it operating.
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They could seize a dying firm, wipe out its shareholders, fire its top executives and keep it operating until its surviving parts could be sold off in an orderly fashion.
In essence, they aim to take control of the sick bank and keep it operating while inflicting losses on its shareholders and, if necessary, its creditors.
It subsequently bargained with its creditors over a restructuring plan that would keep it operating and cut $10 billion in unsecured debt.
The mission, which has so far cost about 2.5bn euros (£2.1bn), is already five years beyond its planned lifetime, but Esa had hoped to keep it operating until 2014.
It has secured $505 million in financing from lenders led by GE Capital to keep it operating throughout the bankruptcy process.
"Wives and family members have been trying to keep it operating, but they just can't do it.
Blockbuster's senior lenders have agreed to lend the company $125 million to keep it operating during bankruptcy.
The machinery is visible now in a way it almost never is, and we can see, with gratitude, the men and women who keep it operating.
When a bank fails, the F.D.I.C. steps in to keep it operating or close it and return assets -- up to $100,000 per depositor -- to their rightful owners.
Similarly, in Sussex County, the fear of a plan by Trinca Airport to expand prompted Green Township to buy it and keep it operating.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com