In August of 2012, Spyker filed a $3 billion lawsuit
against General Motors in a U.S. District Court in Michigan, alleging that the American auto giant deliberately forced Spyker-owned Saab into bankruptcy
by blocking a planned asset purchase by Chinese investor Youngman Lotus
General Motors Company [NYSE:GM] retaliated by seeking a motion to dismiss the case, which in turn was opposed by Spyker
within a couple of months of the original lawsuit being filed.
GM’s argument was that the deal under which it sold Saab to Spyker in 2010
allowed it (through preferred stock) to veto any new financing or restructuring for Saab. Spyker, meanwhile, claimed that GM’s actions were unlawful.
Fast forward to today, and it has been confirmed that GM has won the dismissal of the lawsuit.
U.S. District Judge Gershwin A. Drain determined that the language of the contract made between GM and Spyker over the original sale of Saab was “clear, unambiguous and absolute.”
He will issue a written order in two weeks, according to Bloomberg
, which Spyker can then access and decide if it wants to appeal.
At present, neither GM nor Spyker have any significant involvement with Saab, although Spyker through its dealings has the right to use some of Saab’s technology. Saab and most of its assets are now the property of National Electric Vehicle Sweden
(NEVS), which plans to start production of Saab-branded eco cars in China and Sweden._______________________________________Follow Motor Authority on Facebook, Twitter, and Google+.