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Spyker Slaps GM With $3 Billion Lawsuit
AutoWeek ^
| August 6, 2012
| Greg Migliore
Posted on 08/06/2012 2:50:26 PM PDT by John W
Spyker, the Dutch supercar firm and owner of Saab, hit General Motors with a $3 billion lawsuit Monday, claiming GM forced Saab into bankruptcy and interfered with a potential deal with Chinese investors that could have saved the company.
Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011.
The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to avoid competition with Saab in the Chinese market.
(Excerpt) Read more at editorial.autos.msn.com ...
TOPICS: Business/Economy; News/Current Events
KEYWORDS: automakers; bankruptcy; gm; governmentmotors; govtmotors; lawsuit; saab; spyker; volt
1
posted on
08/06/2012 2:50:30 PM PDT
by
John W
To: John W
So, US taxpayers are being sued by a Dutch firm, and if the Dutch are successful, we’ll take out a loan from the Chinese, who will ulitiatley own Saab anyway. The Chinese win TWICE, and we take it in the shorts TWICE. How’s that hope and change thing workin’ out?
2
posted on
08/06/2012 2:54:04 PM PDT
by
SERKIT
("Blazing Saddles" explains it all.......)
To: John W
Sounds like a Saab story to me.
3
posted on
08/06/2012 2:55:22 PM PDT
by
ColdOne
(I miss my poochie... Tasha 2000~3/14/11 0bie don' t eat my dog!)
To: John W
Saab should have been sold (along with Saturn) to Penske. We got screwed. Thanks, 0, you stupid MARXIST.
4
posted on
08/06/2012 3:15:44 PM PDT
by
ExCTCitizen
(Yes, Obama, I had help with my business. MY CUSTOMERS!)
To: SERKIT
Give the Dutch company a dozen Volts, and send em home.
5
posted on
08/06/2012 3:16:20 PM PDT
by
stephenjohnbanker
(God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
To: ExCTCitizen
It is the Chicagoland way of doing things
6
posted on
08/06/2012 3:17:11 PM PDT
by
TYVets
(Pure-Gas.org ..... ethanol free gasoline by state and city)
To: ExCTCitizen
To: John W
Europe has a long history of suing US companies and the Chinese seem willing to follow tradition.as much as I dislike the current GM I'd say to "Saab" and their Chinese masters GO FORNICATE YOURSELVES!!!
8
posted on
08/06/2012 3:18:27 PM PDT
by
Gay State Conservative
(The Word Is Out,Harry Reid's Into Child Porn.Release All Your Photos,Harry!)
To: All
9
posted on
08/06/2012 3:19:44 PM PDT
by
musicman
(Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
To: Gay State Conservative
What exactly did GM do? Tell the Chinese that Saab was in worse financial position than it was?
To: ColdOne
Sounds like a Saab story to me.
11
posted on
08/06/2012 3:47:37 PM PDT
by
EGPWS
(Trust in God, question everyone else)
To: John W
I’ve said it before , obama didn't have to take over the entire auto industry , only one- then use the power of the government to drive the others out of business
12
posted on
08/06/2012 3:49:21 PM PDT
by
Mr. K
("The spread of evil is the symptom of a vacuum [of good]")
To: John W
I’ve said it before , obama didn't have to take over the entire auto industry , only one- then use the power of the government to drive the others out of business
13
posted on
08/06/2012 3:49:48 PM PDT
by
Mr. K
("The spread of evil is the symptom of a vacuum [of good]")
To: EGPWS
14
posted on
08/06/2012 3:49:52 PM PDT
by
ColdOne
(I miss my poochie... Tasha 2000~3/14/11 0bie don' t eat my dog!)
To: scrabblehack
“What exactly did GM do? “
GM owned the rights to some of the Saab designs and technology and wouldn't let Saab sell them with the company. I think they only had rights to use them.
Frankly, Spyker screwed up buy buying the company without getting full rights to the designs and technology.
15
posted on
08/06/2012 3:55:37 PM PDT
by
Nik Naym
(It's not my fault... I have compulsive smartass disorder.)
To: Gay State Conservative
From my reading, Obama’s GM did screw around. They deserve what’s coming to them.
To: John W
Spyker’s problem was many of Saab’s models were GM vehicles with Saab sheet metal, and Spyker has licence to continue to produce those vehicles. But when GM sold Saab, they would no longer license updated vehicle platforms to Spyker.
17
posted on
08/06/2012 6:29:02 PM PDT
by
Yo-Yo
To: nascarnation
I am still trying to figure out why, but I think it was that irt would be profitable for Penske Auto Group. I wonder if PAG did buy Saturn would Penske be running Saturns in NASCAR?
I still wish Saturn was an independent Company.
18
posted on
08/07/2012 4:01:31 PM PDT
by
ExCTCitizen
(Yes, Obama, I had help with my business. MY CUSTOMERS!)
To: ExCTCitizen
Saturn started out in the early 90s with distinct from GM components.
But by 2008 all their vehicles and powertrains were rebranded GM stuff from other GM groups.
So Penske would have essentially become a reseller of GM vehicles, tacking on his profit to cars that were already losing money at GM.
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