Spyker Sues GM for 3 Billion Dollars – Car Pro News

Dutch sports car maker Spyker is suing General Motors Co. for more than $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.
Saab Automobile, one of Sweden’s best-known brands, stopped production in May 2011 when it could no longer pay suppliers and employees. It went bust in December, less than two years after GM sold it to Spyker. GM’s efforts to kill any sale were made to eliminate a potential rival in China, Spyker said.
“GM never intended to allow Saab to compete with it in China,” Spyker said in its complaint, filed in U.S. District Court in Detroit.
“When Saab found a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM was determined to scuttle the deal by any means necessary, including the publication of false information about its rights under the parties’ contracts,” Spyker added.
GM spokesman James Cain said the U.S. automaker had not seen the lawsuit yet, but added, “It is hard to believe.”
Spyker CEO Victor Muller said GM “had it coming” with regard to the lawsuit.
“They never thought we would survive,” he told Reuters. “Well, Spyker’s still here. They assumed Spyker would end up in the graveyard with Saab and obviously that didn’t happen.”
In asking for a jury trial, Spyker is seeking at least $3 billion in compensatory damages, as well as interest and punitive damages, and legal fees.
“GM’s actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM’s… interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern.”
For months, Muller tried to pull off a rescue deal with various Russian, Middle Eastern and Chinese investors, including China’s Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co.
He told reporters the $3 billion claim was based on what Saab would have been worth if a deal with Chinese firm Zhejiang Youngman Lotus Automobile Co, or Youngman, had gone ahead.
Spyker spent hundreds of thousands of dollars in litigation fees preparing the case over the past six months, Muller said.
Spyker’s lawsuit was being funded by an anonymous third party, who will share in any settlement, he said.


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