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Spyker Sues GM for $3 Billion

Claims maker blocked deals that would have saved Saab.

by on Aug.06, 2012

GM effectively forced Saab to liquidate when it refused to sell intellectual property for vehicles like the 9-5 sedan to a new owner.

This story has been updated to reflect GM’s comments on the Spyker lawsuit.

General Motors is facing a $3 billion lawsuit filed by the small Dutch sports car manufacturer Spyker Cars NV – which claims the U.S. maker improperly blocked its efforts to save Sweden’s now-bankrupt Saab Automobile.

Spyker purchased Saab in early 2010 from General Motors after the American carmaker decided to sell or shutter the struggling Swedish company.  But it quickly became apparent that Spyker didn’t have the cash needed to see the venture through.  It made a series of attempts to save or sell Saab, but was forced to liquidate the firm last year.

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Spyker – which briefly changed its name to Swedish Cars, says GM blocked its rescue effort to avoid the possibility of facing additional competition in China – where General Motors is the largest manufacturer.

“We tirelessly worked to save Saab Automobile until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy,” says Spyker CEO Victor Muller.  The Dutch entrepreneur insists, “We owe it to our stakeholders and ourselves that justice is done.”

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Saab Museum Emptied – But Brand May Yet Survive

The Ursaab goes on the auction block.

by on Jan.20, 2012

The original 1947 Saab concept, known as the Ursaab, drives off into the sunset.

The process of dismantling bankrupt Saab is well underway and the remains of the Swedish maker’s museum will be sold off, starting today, with 100 vehicles from Saab’s collection – including the original concept known as the Ursaab – going on the auction block.

Yet, even as the symbols of the maker’s 60-year history begin to disappear there still remains a chance that Saab could again rise like a phoenix – the name the maker chose for one of its museum pieces, the Phoenix concept vehicle it rolled out during the 2011 auto show season.

Two active bidders are still hoping to buy up the Swedish company’s assets and put it back into business, including China’s Zhejiang Youngman Lotus and Turkish Brightwell Holdings.

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“A bid for Saab is in the pipeline”, said Brightwell board member Zamier Ahmed, on Thursday.  The firm, which specializes in energy, transportation and technology, would like to not only buy up the failed maker’s assets but keep Saab based in Sweden, its Trollhattan assembly plant considered one of Europe’s most modern.

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