In what he calls an "open letter to Kirk Kerkorian", money manager asks Kirk Kerkorian why he's so interested in GM. It's best to read the whole thing and draw your own conclusions, but essentially it revolves around the idea that it may not be wise to invest in a company 1) with falling revenues, 2) an inability to meet Wall Street's profit expectations, and 3) an upcoming sale of its biggest money-maker. Basically, Sosnoff sees a much different set of circumstances than Chrysler faced during its turnaround in the late 80s.
Sosnoff predicts that the upside to all of this might be a stock that's valued somewhere in the mid-$30 range and produces $4-5 of profit per share - not exactly an attractive investment for someone who picked up most of his stock in the $28-32 range. And the downside - well, that's pretty obvious.