Not This Again: Spyker Sues GM Over Saab SaleSaab Spyker General Motors Court
Staff Writer - CheersandGears.com
August 6, 2012
Former Saab owner Spyker has filled a $3 billion lawsuit against General Motors for its actions of blocking the sale of Saab to Chinese automotive firm, Youngman Automotive.
"This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Spyker said in a statement.
"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 between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern."
"It is hard to believe. We have no comment until we see the lawsuit," GM Spokesman James Cain told Reuters.
GM might not have seen the lawsuit, but we have. The suit filled in U.S. District Court for the eastern district of Michigan alleges that GM prevented the reorganization of Saab even after agreements were put in place that no GM technology went to Saab's Chinese partners. Saab's Phoenix platform, which was developed separately from GM, was going to be sold to China. The lawsuit further alleges that GM even torpedoed an 11th hour agreement that would have prevented any near term participation of Youngman until after Saab's use of GM technology had passed.
Spyker's Statement and Filing is on Page 2
William Maley is a staff writer for Cheers & Gears. He can be reached at email@example.com or you can follow him on twitter at @realmudmonster.
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