Raising cash the GM way

The Detroit Free Press is reporting that GM is looking to borrow money based on it signature Renaissance Center HQ building:

GM paid off its debt on the Renaissance Center in May and is now assessing its options for monetizing the buildings, said spokesman Dan Flores.

Raising funds with its headquarters building could generate more than $500 million in cash at a time when GM is working to cut $10 billion in costs and generate another $5 billion by selling some assets and borrowing against others.

Given that GM probably has a large patent portfolio, I wonder if they have looked into using that for borrowing purposes as well. In an earlier posting, I suggested that the auto companies should put up their IP and other intangible assets as collateral for the large government loans they will be getting. I still think that is a good idea.