So why does Ford appear to be in better financial shape thanGM/Chrysler?

Apparently, because:

"In part because it borrowed $23.5 billion in 2006, before credit
markets started to freeze up, and was quicker to sell some of its
fringe brands. As a result, Ford had a larger cash cushion."

http://blogs.howstuffworks.com/2009/06/02/ford-motor-company-to-increase-production/

This could explain the $24 billion number:

"Ford mortgaged huge portions of its assets to gain credit in
the market before the credit crunch occurred, he said. Ford
believed it would gain $16 to $18 billion on the credit market
but received $24 billion. The company expected to be profitable
again in 2009, but profitability will more than likely have to
wait until 2010 (I'm now hearing more like 2011).

Barker said Ford wants General Motors to stay alive because the
loss of the giant (GM held 22 percent of the market last year
nationally) could hurt the entire industry."

http://www.tri-parishtimes.com/articles/2009/05/27/business_news/218_50_cars.txt

Also, because:

"yesterday (May 11/09) it announced that it would issue 300
million shares of new stock. All of which should remind us
that Ford is not in any better shape than its Detroit brethren.
However, it has been better-managed, and that trend continues
with this equity move, which could raise between $1.5 billion
and nearly $2 billion."

http://www.reuters.com/article/bigMoney/idUS333087165020090512

If by "better managed", they mean that Ford went out and borrowed a lot
from the private sector while the borrowing was good, then I wouldn't
necessarily call that "better management".

Ford lost 1.5 billion in Q1 this year. It has enough cash to let it
burn through it for about a year (some point in Q2 or Q3 2010 I guess).

 

I would. As they say, "timing is everything" and Mulally at Ford saw the
writing on the wall while Nardelli and Waggoner were picking their noses
or something equally productive. Ford borrowed before getting in a
hopeless situation, the other guys didn't and now we're paying for it.

Ford's sales are also up this month and are inching back to 2008
numbers. Chrysler was up this month, but not nearly as much.