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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 ...
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?
Sounds like a Saab story to me.
Saab should have been sold (along with Saturn) to Penske. We got screwed. Thanks, 0, you stupid MARXIST.
Give the Dutch company a dozen Volts, and send em home.
What exactly did GM do? Tell the Chinese that Saab was in worse financial position than it was?
LOL!
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.
From my reading, Obama’s GM did screw around. They deserve what’s coming to them.
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.
I still wish Saturn was an independent Company.
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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