NewUsed

Find by category:

Exhaust Notes

Spyker Slaps GM With $3 Billion Lawsuit

By Greg Migliore

By AutoWeek Aug 6, 2012 8:05AM

Spyker is suing General Motors for $3 billion. The 2009 C8 Aileron is shown. Photo by Spyker.




Spyker, the Dutch supercar firm and owner of Saab, hit General Motors with a $3 billion lawsuit Monday, claiming GM forced Saab into bankruptcy and interfered with a potential deal with Chinese investors that could have saved the company.


Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011.


The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to avoid competition with Saab in the Chinese market.


GM owned all or part of Saab from 1990 until 2010, before selling it to Spyker. Saab is now in receivership. A GM spokesman did not immediately respond to a request for comment.


In a statement, Spyker CEO Victor Muller said: “Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions.


“We owe it to our stakeholders and ourselves that justice is done, and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”


Content provided by Autoweek.

Get more Car News from Autoweek.
Get the latest Car Reviews from Autoweek.


110Comments
Aug 6, 2012 9:49AM
avatar

It amazes me that no one in the media is following what GM is doing; in July GM announced in Mexico they are investing over $200M dollars creating 1000 new jobs in the two Mexico GM factories in Mexico.  Not one word in the US - the number of jobs loss due the bankruptcy in the U.S. and the number of Dealership closed is never talked about - GM stock is down 41%, jobs are moving aboard, and we are silent -

 

 

It time for America to find out the truth about what our government and GM cost the U.S. Citizens - and this was this Administrations good work - voters beware

Aug 6, 2012 9:41AM
avatar
Well said Grey Ghost.This whole Chrysler and GM bailout success story is a total shell game scam.The Volt will end up as one of the biggest failures in US automotive history.The govt had to offer a 7500 tax credit...20% of the sticker price by the way...to get people to buy this turkey.Then the big hush hush secret.You spend 15000 more than if you bought a Chevy Cruze..its sister car.the lineup then your electric bill is through the roof charging this thing..with a special charger you have to buy as well.
Aug 6, 2012 9:37AM
avatar
What does Government Motors care. They just pay the lawsuit with taxpayer money.
Aug 6, 2012 10:06AM
avatar
GM also spent $559MM (may be off a buck or two) with Manchester United of the English Premier soccer league for advertising to have their names on their jerseys - I know GM is a global company but that is almost $1Billion between the Mexico deal and England advertising that will have no visibilty or benefit to the US - and we bailed them out even though they repaid the $$ - WHY? Oh yea they are union and vote democratic so Barry and the media won't play this up - I sure hope Rommney and his campaign manager throw this in their face
Aug 6, 2012 9:58AM
Aug 6, 2012 11:04AM
Aug 6, 2012 10:02AM
avatar
GM had no business buying Saab to start with. Saab was already builkding cars years ahead of anything GM was enen dreaming of. Kinda like butting a caveman in as commander of the space shuttle. GM is totally wrong fro destroying a great company building excellent cars and should have there you know whats carved right off. Best of luck and PLEASE burn them deeply
Aug 6, 2012 9:34AM
avatar
Most GM products always have been and always will be rubbish. The government should have let the entire company go bankrupt just like any other business.
Aug 6, 2012 10:28AM
avatar
we can build better cars cheaper. the japan car makers are building car in america ,cheaper than american cars built in mexico.nissan,toyota.honda etc built here in america.
Aug 6, 2012 11:45AM
avatar
another hit for the taxpayers to absorb crony capitalism has to go folks the government is not smart enough to run itself efficiently.  billions in medicare fraud if they know this how come it is still going on? millions of phony tax returns sent to prisoners, this should be within the average 5 year olds ability to stop. 
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?
MSN Money

ABOUT EXHAUST NOTES

Cars are cool, and here at MSN Autos we love everything about them, but we also know they're more than simply speed and style: a car is an essential tool, a much-needed accessory to help you get through your day-to-day life. What you drive is also one of the most important investments you can make, so we'll help you navigate your way through the car buying and ownership experiences. We strive to be your daily destination for news, notes, tips and tricks from across the automotive world. So whether it's through original content from our world-class journalists or the latest buzz from the far corners of the Web, Exhaust Notes helps you make sense of your automotive world.

Have a story idea? Tip us off at exhaustnotes@live.com.