Subscribe free to our newsletters via your
. 24/7 Space News .




CAR TECH
Saab, Spyker file $3bn claim against GM
by Staff Writers
The Hague (AFP) Aug 6, 2012


Dutch carmaker Spyker said Monday that it has filed a three-billion-dollar (2.4-billion-euro) claim in a US court against General Motors, whose actions it said led directly to Swedish Saab's bankruptcy last year.

"The lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Saab's owner Spyker said in a statement issued in Zeewolde in the Netherlands.

The Swedish carmaker filed for bankruptcy in December after attempts to raise funds in China were thwarted by GM, which had previously owned Saab and refused a transfer of patents needed for the Chinese deal to go through.

"GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortiously interfering with a transaction... to restructure and remain a solvent growing concern," Spyker said in the statement.

Detroit-based GM said in an email to AFP its lawyers "would review the lawsuit and respond in due course."

Spyker said it would pay for Saab's legal costs in the case filed in Michigan's Eastern District Court, in return for a "very substantial share of Saab Automobile's award when the proceedings are successful."

Chinese carmaker Youngman had long been interested in buying Saab and tried to snap it up before it declared bankruptcy -- but its efforts were stymied by Saab's former owner GM, which balked at transferring the necessary technology licences.

"GM took all the steps to prevent us to make a deal with Youngman," Spyker's chief executive Victor Muller said during a telephone conference call, adding "it was evident that General Motors has deliberately pushed Saab over the cliff."

Separately GM said on Sunday that its joint ventures in China sold a record 199,503 vehicles in July, a 15.1 percent increase from last year's previous high for a single month.

Muller added the $3 billion claimed in compensation represented the value Saab would have had, had the deal with Youngman go through.

He said that if the lawsuit was successful, "90 percent of its proceeds would go to Spyker."

The Dutch company estimated legal costs at "between one to two million euros."

"Any money that goes into Saab will be considered Saab's assets and might be distributed to the company's creditors," Muller added.

Bankruptcy administrators said in April that Saab had assets to cover just over a third of its debt of 13 billion kronor.

Saab received a new lease on life last month when Asian investors aiming to make electric cars for the Chinese market bought the Swedish company's assets out of bankruptcy.

National Electric Vehicle Sweden AB (NEVS), a new company created by two firms in Hong Kong and Japan just a few months ago and registered in Sweden with the express purpose of buying Saab, said it would buy the automaker for an undisclosed sum.

Youngman reportedly placed a preliminary bid in late January or early February of about two billion kronor (220 million euros, $280 million).

GM sold Saab in early 2010 to Spyker for $400 million.

Analysts however reacted with scepticism over Spyker's chances of success, saying it would have to prove that GM's alleged machinations were the only reason Saab went into bankruptcy.

"Spyker's lawsuit against GM is an uphill battle at best," said Anthony Sabino, professor at the New York-based Saint John's University's Peter J. Tobin College of Business.

"Frankly, GM can easily defend itself by just saying 'look at the economy, look at the recession, look at Saab's sales figures'. All GM has to do is demonstrate one other good reason for Saab seeking bankruptcy protection," he said in a mail to AFP.

"It's ridiculous," added Frank Schwope, an analyst at German bank NORD/LB.

"The price of three billion dollars is ridiculous, when you know they (Spyker) paid 400 million dollars" to buy Saab from GM, Schwope told AFP. "I really think it's Spyker's last attempt to make money."

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








CAR TECH
GM says China sales hit record high in July
Shanghai (AFP) Aug 6, 2012
US auto giant General Motors said Monday that its sales in China surged to a record 199,503 vehicles in July, defying a market slowdown and moves by a major Chinese city to limit car numbers. GM's sales in China - the world's biggest auto market - rose 15.1 percent in July from the same month last year, it said in a statement. For the first seven months of this year, the auto giant sol ... read more


CAR TECH
Roscosmos Announces Tender for Moon Rocket Design

US flags still on the moon, except one: NASA

Another Small Step for Mankind

Russia starts building Moon spaceship, eyes Lunar base

CAR TECH
NASA's Mars rover sends back stunning pictures

Joy after seven minutes of terror at NASA lab

NASA lands rover on Mars to seek signs of life

Next on Mars: 400 scientists on an alien road trip

CAR TECH
JPL Infographics Site Wants You and Your Creativity

Signs Changing Fast for Voyager at Solar System Edge

NASA Goddard's Innovation Lab: Creating a Future

Space tourism seen as billion-dollar biz

CAR TECH
China's Long March-5 carrier rocket engine undergoes testing

China to land first moon probe next year

China launches Third satellite in its global data relay network

Looking Forward to Shenzhou 10

CAR TECH
Microgravity Science Glovebox Marks Anniversary with 'Hands' on the Future

Russia Launches Space Freighter to Orbital Station

A Fish Friendly Facility for the ISS

Russian cargo ship manages to dock at ISS on second try

CAR TECH
Ariane 5 performs 50th successful launch in a row

Boeing Delivers 2nd Intelsat 702MP Satellite to Sea Launch Home Port

The Indian GSAT-10 satellite is prepared for Arianespace's fifth Ariane 5 flight of 2012

Arianespace: 50 successful Ariane 5 launches in a row!

CAR TECH
RIT Leads Development of Next-generation Infrared Detectors

UCF Discovers Exoplanet Neighbor

Can Astronomers Detect Exoplanet Oceans

The Mysterious Case of the Disappearing Dust

CAR TECH
Samsung exec 'very offended' by Apple rip-off claim

Wrinkled surfaces could have widespread applications

Writing graphics software gets much easier

Christine Arlt goes from dwarf research to Institute management




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement