Advertisement

Spyker Suing General Motors For $3 Billion Over Saab Bankruptcy


Spyker's propeller logo.

Spyker's propeller logo.

Enlarge Photo
Spyker N.V has announced the filing of a $3 billion lawsuit against General Motors, alleging that it deliberately forced Spyker-owned Saab into bankruptcy by blocking a planned purchase from Chinese investor Youngman Lotus.

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.”
Posted in:
Advertisement
 
Follow Us

 

Have an opinion?

  • Posting indicates you have read this site's Privacy Policy and Terms of Use
  • Notify me when there are more comments
Comments (4)
  1. Whoa...this is some serious action against GM. I hope Spyker has some legitimate ground to stand on for this. I'd love to see GM forced to hand-over some cash to Spyker over their horrendous treatment of Saab and eventual bankruptcy.
     
    Post Reply
    Vote
    Bad stuff?

     
  2. @Will, I'm guessing that Spyker's claims are on shaky ground, and even that may be a bit optimistic. While it's true that GM did interfere with the sale of Saab to Youngman, they had legitimate reasons for doing so.

    My guess is that even Spyker's CEO, Victor Muller, knows this is a long shot.
     
    Post Reply
    Vote
    Bad stuff?

  3. I think this is all about the engine technology GM did not want transferred to China where there is no protection for GM's intelectual property. Chinese firms don't like to pay for it.
     
    Post Reply
    Vote
    Bad stuff?

     
  4. @v8cat, there was more than engine technology involved. Last generation Saabs were chock full of GM components and firmware, too.

    And you're correct about the Chinese honoring patents and intellectual property. I suspect GM will learn this firsthand when SAIC (or the Chinese government) cuts ties with GM.
     
    Post Reply
    Vote
    Bad stuff?

 

Have an opinion? Join the conversation!

Advertisement

Take Us With You!

 
Advertisement
Advertisement

Research New Cars

Go!


 
© 2014 MotorAuthority. All Rights Reserved. MotorAuthority is published by High Gear Media. Stock photography by izmo, Inc. Send us feedback.