Spyker's propeller logo.Enlarge Photo
GM, which owned preferred stock in Saab, objected to the deal between Spyker, Saab and Youngman as it would have adversely impacted GM’s ongoing relationship with Chinese partner SAIC Motor Corporation Limited.
Spyker has issued a press release stating in part, “This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market. GM’s actions had the direct and intended objective of driving Saab Automobile into bankruptcy... The monetary value of the claim amounts to US$ 3 billion (three billion US dollars).”
Saab, which declared bankruptcy in December of 2011, is being represented by Spyker, which will fund the cost of litigation in exchange for a “very substantial” share of Saab Automobile should the court find in Saab’s favor. Spyker claims to have sufficient financial backing to see the litigation through.
It's not clear where the new owners of Saab's assets, National Electric Vehicle Sweden AB (NEVS), stand in regards to this litigation. Spyker doesn't specifically mentions NEVS in its press release, which makes the promised ownership in Saab Automobile puzzling, to say the least.
The suit was filed in the United States District Court of the Eastern District of Michigan, but there’s no word on when it will be heard. Reuters quotes GM spokesman James Cain as saying, “It’s hard to believe. We have no comment until we see the lawsuit.”