The stockholders didn't have anything to steal. I think the politicians were concerned about how the US was going to be able to wage war when all the US automobile manufacturing plants become owned by the Japanese, Germans and Italians. Some people in Washington still remember WW2.
If all of GM's assets were to be liquidated the secured creditors would get paid first. Remember that leading up to the Banking meltdown GMAC was where most of GM earnings were coming from. The GM car making business had been losing money for years. And then in 2008 GMAC suddenly became mountain of debt.
Do you think what you would hypothetically do if you were inclined to purchase new car counts for much?