A good way for the administration to hedge their bets here. If miracles of miracles this somehow produces a better product, the government looks like heros. If GM continues to die, which I would bet on, they can say "well it was only half government owned, it's not our fault."
Nevermind that the mechanism behind voluntary nationalism is highly suspect to me. Does any company qualify for that? "Yeah, my business is going down the tube. But sign a few forms and now the government will pay my workers' wages!"