In August of 2012, Spyker filed the $3 billion lawsuit against General Motors Company [NYSE:GM] 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.
GM retaliated by seeking a motion to dismiss the case within months of the original filing, and this in turn was opposed by Spyker shortly after.
Last week, 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 within reason and that GM, through its preferred stock, had a contractual right to veto any new financing or restructuring for Saab, like the planned sale of Saab assets to Youngman. Thus, he dismissed Spyker’s opposition to GM’s motion to dismiss the lawsuit.
Spyker says its latest move to appeal the judge’s decision was taken following careful review of the court's opinion but offered no further details.
Stay tuned for an update.