Tuesday, August 7, 2012

Spyker Files Petition against General Motors Company (NYSE:GM), Claims $3 Billion

Spyker claimed that General Motors Company (NYSE:GM) had deliberately pushed Saab into bankruptcy. The former owner of the car firm has claimed a $3 billion lawsuit against GM on Monday.

Get Complete Analysis on GM Here

Back in 2010, Spyker NV had bought Saab automobiles from General Motors for $74 million. Spyker has now filed a claim in Michigan. Saab had announced its bankruptcy just after a year the deal was signed as it was unable to pay its employees and suppliers. The debts amounted to $2 billion.

As per the claim placed by Spyker, General Motors had sealed the fate of Saab automobiles by incapacitating a deal with Chinese investors so as to prevent Saab from entering into competition against the US company in China.

Spyker stated that the lawsuit is intended for seeking redress for the illegal actions on the part of General Motors in order to avoid rivalry with Saab automobile in the Chinese market. It also said that General Motors motive was to drive Saab automobiles into bankruptcy intentionally.

General Motors has responded to the lawsuit by saying that it will do everything possible to fight the baseless allegations. Chief executive of Spyker, Victor Muller told Reuters that General Motors saw this lawsuit coming. It had thought Spyker would not be able to survive and end up in the graveyard with Saab automobiles.

How Should Investors Trade GM, Get Our Special report

Spyker tried to set up rescue deals with several investors as Saab headed to bankruptcy.

General Motors had ended the investment effectively after it had stated that it would stop supplying equipment and vehicles to owners of Saab.

Muller has told reported that the claim of $3 billion was set up on the base of what the value of Saab would be if the deal with the Chinese investors could have gone ahead. According to Spyker’s complaint, General Motors had initially created the false appearance of encouraging Saab into entering a deal with Chinese investors but pulled out the rug from under later.
Shares of GM are up over 3% to $20.47.

No comments:

Post a Comment

Privacy Policy | Legal Disclaimer