Does Market Capitalization Even Matter?

How in the world is it possible for a company (General Motors) that the market has valued at less than $3 billion (which is shockingly low, historically) -- is asking for approximately a third of a $25 billion handout from the government?

I know these two things aren't equal, but if I'm paying 300% of the value of a company as a "loan," I'm basically buying the company and then some.

As they say, I'm just sayin.