I honestly believe that GM would have sold the brand name to make money. The China deal was suspect from the beginning. China decided to become the small car leader and Hummer did not fit into that roll. Regardless if the company involved was supposedly independent, they are still controlled by China.
As for other purchaser (forget their name), they wanted too much for GM to end up making any money. They wanted massive design changes to the engine compartment areas, and the costs involved are great. With a redesign like this you not only have engineering part involvement, you have crash test and other safety problems. And they did not want vehicles for a year or two and GM was (is) closing production of C/C from Shreveport and I'm sure the costinvolveded with setting up another plant with Hummer tooling added to the costs.
Don't get me wrong. I HATE GM and part of me says I hope they go under, but part of me remembers he has plenty of friends still working there. But I can guarantee I will not purchase another GM vehicle, and probably won't purchase any UAW manufactured NEW vehicle. I might purchase a used Jeep in the future.
I do believe Hummer was dead due to the fuel crisis and that GM ran out of money so they had to cancel the H2 upgrade and the future H4. The H4 was an expensive vehicle to launch, there was no platform to draw from (like the H3 drew from the C/C), and that makes it very expensive for a purpose built vehicle and that is what all Hummers were; purpose built.
No doubt, GM was totally screwed around 2005, and by 2007, they were so broke it amazed many of us that we actually received a paycheck.