Spyker want $3 billion from GM over Saab SagaMon, 06 Aug 2012 00:00:00 -0700
Spyker has filed a law suit against General Motors for $3 billion for refusing to allow Saab to be sold to the Chinese.
Victor Muller is not the kind of man who gives up until he’s exhausted every avenue to get what he wants. Which might explain why Spyker has just issued a $3 billion law suit against GM.
The complaint by Spyker has been lodged in the U.S. District Court for the Eastern District of Michigan and demands a jury trial for ‘the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market’ and in particular with the final Saab deal with Youngman that ‘deliberately drove Saab Automobile into bankruptcy’.
You might, quite reasonably, say that Spyker knew all along that GM would block any sale to China to protect its intellectual property, and you’d be right. But Muller is claiming that the final deal (which was probably deal 843) properly ring-fenced GM’s technology and only involved Saab’s Phoenix Platform, not the GM tech used in cars like the Saab 9-5.
None of this will come cheap for Spyker – a company not known to have ever made a profit – but Victor Muller is the King of finance garnering and says that ‘Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor’. How’s Vlad, Victor?
We’re sure this will run and run. Watch this space.
By Cars UK