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William Maley Staff Writer - CheersandGears.com June 12, 2013 A U.S. District court judge has dismissed the $3 billion lawsuit filed by Spyker on behalf of Saab against General Motors last August. The suit alleged GM blocked the sale of Saab's assets to Zhejiang Youngman Lotus Automobile Co and eliminate a potential rival in the growing Chinese market. "General Motors had a contractual right to approve or disapprove the proposed transaction. The court is going to grant the motion to dismiss the matter," said U.S. District Court Judge Gershwin Drain during a hearing in Detroit. Judge Drain said GM acted legally in order to protect its intellectual property and that it did not stop the deal to intentionally drive Saab into bankruptcy. "We are pleased with the court's decision to dismiss the case, which we believe was the appropriate result," said GM spokesman Dave Roman to Reuters. Spyker CEO Victor Muller who was at the hearing declined to comment on whether or not they would file an appeal. "We will be awaiting the written order and then we will assess," Muller said. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article -
William Maley Staff Writer - CheersandGears.com June 12, 2013 A U.S. District court judge has dismissed the $3 billion lawsuit filed by Spyker on behalf of Saab against General Motors last August. The suit alleged GM blocked the sale of Saab's assets to Zhejiang Youngman Lotus Automobile Co and eliminate a potential rival in the growing Chinese market. "General Motors had a contractual right to approve or disapprove the proposed transaction. The court is going to grant the motion to dismiss the matter," said U.S. District Court Judge Gershwin Drain during a hearing in Detroit. Judge Drain said GM acted legally in order to protect its intellectual property and that it did not stop the deal to intentionally drive Saab into bankruptcy. "We are pleased with the court's decision to dismiss the case, which we believe was the appropriate result," said GM spokesman Dave Roman to Reuters. Spyker CEO Victor Muller who was at the hearing declined to comment on whether or not they would file an appeal. "We will be awaiting the written order and then we will assess," Muller said. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
Geneva Motor Show: Spyker B6 Venator Concept
William Maley posted an article in Geneva International Motor Show
By William Maley Staff Writer - CheersandGears.com March 5, 2013 Spyker would like everyone to forget about the whole Saab mess from last year and focus on their showing at the Geneva Motor Show, the B6 Venator Concept. The B6 Venator Concept was designed by Spyker CEO Victor Muller and pays homage to Spyker's past as an automotive and airplane manufacturer. Such design cues include a V-Shaped mesh grille, wraparound canopy, LED taillights that mimic the burners of a jet engine, and nineteen-inch "Turbofan" wheels. Power comes from a transverse-mounted V6 producing 375 horsepower and is mated to a six-speed automatic. While that may seem a bit low for a two-seat sports car, the B6 Venator Concept weighs around 3,100 pounds thanks to carbon-fiber panels and a aluminum chassis. Spyker says the B6 Venator will go into production next year for those living in Europe, the Middle East and Asia Pacific markets. Those living in the U.S. will be able to pick one in late 2014. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER UNVEILS NEW B6 VENATOR CONCEPT Geneva | March 05, 2013 2013 marks the global resurgence of Spyker as a creator of meticulously built automobiles whose beauty is equaled by their unrivaled craftsmanship. The brand's revival is heralded by the introduction of the Spyker B6 Venator Concept, a unique alternative in the High Luxury Sports sector, at the 83rd Geneva International Motor Show. The Spyker B6 Venator Concept is a compact, 2-door mid-engine sports car that will offer the discerning driver of the highest standards a new choice, delivering a rare combination of heritage, design, performance and exclusivity. Designed by Victor R. Muller, Chief Executive Officer of Spyker N.V., the Spyker B6 Venator Concept makes a defiantly contemporary statement whilst paying homage to its past, making it instantly recognizable as a Spyker. Highly detailed design, bespoke materials and aviation-inspired elements are a core part of the Spyker DNA. With the announcement of the Spyker B6 Venator Concept, the company once again proves its Latin axiom: "Nulla tenaci invia est via" – "For the tenacious no road is impassable." The name "Venator" is Latin as well, meaning "Hunter" – a nod back to Spyker's "Hunter" fighter aircraft of the early 20th century. Exterior highlights include: The trademark radiator grille's mesh is V-shaped, referencing Spyker models of the previous century. The 1903 Spyker logo harkens back to an era when Spyker built racers such as the amazing 60HP. The aerodynamically shaped glass aircraft canopy extends rearwards to minimize drag, optimizing performance. The 3D LED rear lights are akin to the iris-type after burners of a jet engine from a modern fighter aircraft. The brake light has been sculpted into the rear panel design to ensure smooth, flowing design lines. Elegantly aggressive 19" TurbofanTM wheels are shown in mirror polish finish. Interior highlights include: Interior surroundings crafted from the finest materials are unusually open and airy for a sports car, the light and glass akin to an aeroplane cockpit. The leather is sourced from the Litano range produced by the Royal Hulshof Dutch Tanneries in Lichtenvoorde. Hulshof uses only West European first choice bull hides and a special tanning process that produces the beautifully rich colour palette. The red cover on the ignition switch evokes the spirit of starting an aeroplane, as does the dashboard that lights up as part of the 'pre-flight check.' The dashboard is shown with a turned aluminium fascia, similar to those seen on Spykers of the 1920s. Pressing the engine start button brings to life a powerful V6 engine that delivers 375+ bhp. The trademark exposed gear change mechanism was inspired by early aircraft controls from Spyker's aviation heritage. The Spyker B6 Venator Concept will begin production in early 2014 for key markets including Europe, the Middle East, Asia Pacific and India, followed by the US in autumn 2014. The Spyker B6 Venator Concept is being shown for the first time at the 83rd Geneva International Motor Show alongside the Spyker C8 Aileron that was first introduced at the 2009 Geneva International Motor Show. The design of the Spyker C8 Aileron represented another significant step in the evolution of Spyker, shifting from propeller to turbine inspired design. The introduction of the Spyker B6 Venator Concept marks the beginning of a new era for the brand, one that will include a significant increase in production led by a management team that has never been stronger. Last year Spyker expanded its global leadership with the appointment of John Walton as Chief Commercial Officer. Together, Muller and Walton are leading a passionate team that is supremely dedicated to creating unique and beautiful high- performance sports luxury cars. Since the brand's rebirth in 2000, the company has lived its motto – "for the tenacious no road is impassable" – making bold moves to ensure that Spyker will continue to be a viable, no-compromise brand. The company was taken public in 2004 in order to fund product development and growth. After a few bleak years and newfound partnerships, the momentum is all in the right direction. The financial standing of Spyker N.V. is strong, thanks to the recent conversion of all shareholder debt into equity and a €10M share issue to Youngman. The result: in 2012, Spyker N.V. recorded a €125M profit, laying the foundation for brand's global resurgence that is signaled today by the introduction of the Spyker B6 Venator Concept. Victor R. Muller, Spyker's CEO said, "There is no denying that Spyker went through a very rough period in recent years. However, today we prove the truth of our motto since 1914, 'Nulla tenaci invia est via' – 'For the tenacious no road is impassable.' Our dealer body and prospective clients have been asking us to make a more affordable car for everyday use. The Spyker B6 Venator Concept is that car and more: it is the highlight of our hard work to create a viable future for our company. By offering an exquisite, hand-crafted, exclusive car at a more accessible price point of approximately $125,000 / $150,000, more of those discerning drivers who have aspired to own a Spyker will be able to achieve that dream. Spyker B6 Venator Concept represents our view of the future, the beginning of an exciting new chapter in our history." Body: All carbon fibre Chassis: All aluminium platform Engine mount position: rear-mid Engine orientation: transverse mounted V6 Drivetrain type: RWD Transmission: 6-spd automatic Overall length: 4347 mm Wheelbase: 2500 mm Kerb weight: < 1400 kg -
By William Maley Staff Writer - CheersandGears.com March 5, 2013 Spyker would like everyone to forget about the whole Saab mess from last year and focus on their showing at the Geneva Motor Show, the B6 Venator Concept. The B6 Venator Concept was designed by Spyker CEO Victor Muller and pays homage to Spyker's past as an automotive and airplane manufacturer. Such design cues include a V-Shaped mesh grille, wraparound canopy, LED taillights that mimic the burners of a jet engine, and nineteen-inch "Turbofan" wheels. Power comes from a transverse-mounted V6 producing 375 horsepower and is mated to a six-speed automatic. While that may seem a bit low for a two-seat sports car, the B6 Venator Concept weighs around 3,100 pounds thanks to carbon-fiber panels and a aluminum chassis. Spyker says the B6 Venator will go into production next year for those living in Europe, the Middle East and Asia Pacific markets. Those living in the U.S. will be able to pick one in late 2014. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER UNVEILS NEW B6 VENATOR CONCEPT Geneva | March 05, 2013 2013 marks the global resurgence of Spyker as a creator of meticulously built automobiles whose beauty is equaled by their unrivaled craftsmanship. The brand's revival is heralded by the introduction of the Spyker B6 Venator Concept, a unique alternative in the High Luxury Sports sector, at the 83rd Geneva International Motor Show. The Spyker B6 Venator Concept is a compact, 2-door mid-engine sports car that will offer the discerning driver of the highest standards a new choice, delivering a rare combination of heritage, design, performance and exclusivity. Designed by Victor R. Muller, Chief Executive Officer of Spyker N.V., the Spyker B6 Venator Concept makes a defiantly contemporary statement whilst paying homage to its past, making it instantly recognizable as a Spyker. Highly detailed design, bespoke materials and aviation-inspired elements are a core part of the Spyker DNA. With the announcement of the Spyker B6 Venator Concept, the company once again proves its Latin axiom: "Nulla tenaci invia est via" – "For the tenacious no road is impassable." The name "Venator" is Latin as well, meaning "Hunter" – a nod back to Spyker's "Hunter" fighter aircraft of the early 20th century. Exterior highlights include: The trademark radiator grille's mesh is V-shaped, referencing Spyker models of the previous century. The 1903 Spyker logo harkens back to an era when Spyker built racers such as the amazing 60HP. The aerodynamically shaped glass aircraft canopy extends rearwards to minimize drag, optimizing performance. The 3D LED rear lights are akin to the iris-type after burners of a jet engine from a modern fighter aircraft. The brake light has been sculpted into the rear panel design to ensure smooth, flowing design lines. Elegantly aggressive 19" TurbofanTM wheels are shown in mirror polish finish. Interior highlights include: Interior surroundings crafted from the finest materials are unusually open and airy for a sports car, the light and glass akin to an aeroplane cockpit. The leather is sourced from the Litano range produced by the Royal Hulshof Dutch Tanneries in Lichtenvoorde. Hulshof uses only West European first choice bull hides and a special tanning process that produces the beautifully rich colour palette. The red cover on the ignition switch evokes the spirit of starting an aeroplane, as does the dashboard that lights up as part of the 'pre-flight check.' The dashboard is shown with a turned aluminium fascia, similar to those seen on Spykers of the 1920s. Pressing the engine start button brings to life a powerful V6 engine that delivers 375+ bhp. The trademark exposed gear change mechanism was inspired by early aircraft controls from Spyker's aviation heritage. The Spyker B6 Venator Concept will begin production in early 2014 for key markets including Europe, the Middle East, Asia Pacific and India, followed by the US in autumn 2014. The Spyker B6 Venator Concept is being shown for the first time at the 83rd Geneva International Motor Show alongside the Spyker C8 Aileron that was first introduced at the 2009 Geneva International Motor Show. The design of the Spyker C8 Aileron represented another significant step in the evolution of Spyker, shifting from propeller to turbine inspired design. The introduction of the Spyker B6 Venator Concept marks the beginning of a new era for the brand, one that will include a significant increase in production led by a management team that has never been stronger. Last year Spyker expanded its global leadership with the appointment of John Walton as Chief Commercial Officer. Together, Muller and Walton are leading a passionate team that is supremely dedicated to creating unique and beautiful high- performance sports luxury cars. Since the brand's rebirth in 2000, the company has lived its motto – "for the tenacious no road is impassable" – making bold moves to ensure that Spyker will continue to be a viable, no-compromise brand. The company was taken public in 2004 in order to fund product development and growth. After a few bleak years and newfound partnerships, the momentum is all in the right direction. The financial standing of Spyker N.V. is strong, thanks to the recent conversion of all shareholder debt into equity and a €10M share issue to Youngman. The result: in 2012, Spyker N.V. recorded a €125M profit, laying the foundation for brand's global resurgence that is signaled today by the introduction of the Spyker B6 Venator Concept. Victor R. Muller, Spyker's CEO said, "There is no denying that Spyker went through a very rough period in recent years. However, today we prove the truth of our motto since 1914, 'Nulla tenaci invia est via' – 'For the tenacious no road is impassable.' Our dealer body and prospective clients have been asking us to make a more affordable car for everyday use. The Spyker B6 Venator Concept is that car and more: it is the highlight of our hard work to create a viable future for our company. By offering an exquisite, hand-crafted, exclusive car at a more accessible price point of approximately $125,000 / $150,000, more of those discerning drivers who have aspired to own a Spyker will be able to achieve that dream. Spyker B6 Venator Concept represents our view of the future, the beginning of an exciting new chapter in our history." Body: All carbon fibre Chassis: All aluminium platform Engine mount position: rear-mid Engine orientation: transverse mounted V6 Drivetrain type: RWD Transmission: 6-spd automatic Overall length: 4347 mm Wheelbase: 2500 mm Kerb weight: < 1400 kg View full article
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By William Maley Staff Writer - CheersandGears.com February 12, 2013 Spyker could be heading to this year’s Geneva Motor Show with a new car. Dutch newspaper De Telegraaf's Autovisie recently had the chance to speak with CEO Victor Muller who revealed this. "I say nothing, other than that it will surprise you,” Muller said. Details are scarce, but sources at Spyker say the new model is smaller and cheaper than the current C8 Aileron. Source: Autovisie William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com February 12, 2013 Spyker could be heading to this year’s Geneva Motor Show with a new car. Dutch newspaper De Telegraaf's Autovisie recently had the chance to speak with CEO Victor Muller who revealed this. "I say nothing, other than that it will surprise you,” Muller said. Details are scarce, but sources at Spyker say the new model is smaller and cheaper than the current C8 Aileron. Source: Autovisie William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com August 28, 2012 From the 'oh not this again' file; Spyker and Chinese automaker, Youngman have signed a new agreement for a joint venture to develop new vehicles. The deal has Youngman Automotive investing €10,000,000 (about $12.5 million ) for a 29.9% stake in Spyker. Youngman will also invest €25,000,000 (about $31 million) for the development of an all-new Spyker vehicle, the D8 P2P (Peking to Paris). You might remember this vehicle as the 2006 D12 Peking-To-Paris Concept. This was one of vehicles floated out by Spyker CEO, Victor Muller back in April when he looking for investors for the company. The agreement also has the two companies cooperating on developing a new vehicle on Phoenix platform (the platform that was to underpin the next 9-3). "Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward," said CEO Victor Muller in a statement. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER AND YOUNGMAN SIGN FRAMEWORK AGREEMENT FOR 29.9 PERCENT STAKE, JOINT VENTURE FOR SPYKER D8 SSUV AND JOINT VENTURE FOR NEW PRODUCT RANGE BASED ON PHOENIX PLATFORM Zeewolde, the Netherlands, 27 August 2012 Spyker N.V. ( Spyker ) announces that it signed a Framework Agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ( Youngman ) today. Today's Framework Agreement entails the following : Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest Euro 10,000,000 in Spyker of which approximately Euro 6,700,000 as subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of Euro 0.05 per share, and the remaining approximately Euro 3,300,000 shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29.9 percent threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker. Youngman shall pay the first tranche of the share subscription in an amount of Euro 2,300,000 to Spyker within 7 days as of today. Youngman shall pay the remaining Euro 7,700,000 no later than 45 days after the execution of the definitive transaction documentation. Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V. ( Spyker P2P ) in which Youngman will make a cash contribution in the amount of Euro 25,000,000 and will hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle ( SSUV ) as well as the Spyker trademarks and will hold 25% of Spyker P2P's shares. Youngman's contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.Additional models on the SSUV technology are being contemplated. Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V.( Spyker Phoenix ) in which Youngman will contribute the rights to the Phoenix platform as developed by Saab Automobile AB in 2010/2011 to which Youngman acquired a license in 2011 as well as provide all required funding. Youngman will hold 80% of Spyker Phoenix' shares whilst Spyker will hold 20% of Spyker Phoenix' shares which shareholding will be exempt from dilution. Spyker Phoenix shall develop and manufacture a new full range of premium car models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were. Spyker Phoenix products may be manufactured in Europe and China as the case may be. Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge. Victor R. Muller, Spyker's CEO said: Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward . Pang Qingnian, Youngman's CEO said: We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile's technology. With this Agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world. View full article
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Spyker and Youngman Sign A Deal To Develop New Vehicles
William Maley posted an article in Automotive Industry
William Maley Staff Writer - CheersandGears.com August 28, 2012 From the 'oh not this again' file; Spyker and Chinese automaker, Youngman have signed a new agreement for a joint venture to develop new vehicles. The deal has Youngman Automotive investing €10,000,000 (about $12.5 million ) for a 29.9% stake in Spyker. Youngman will also invest €25,000,000 (about $31 million) for the development of an all-new Spyker vehicle, the D8 P2P (Peking to Paris). You might remember this vehicle as the 2006 D12 Peking-To-Paris Concept. This was one of vehicles floated out by Spyker CEO, Victor Muller back in April when he looking for investors for the company. The agreement also has the two companies cooperating on developing a new vehicle on Phoenix platform (the platform that was to underpin the next 9-3). "Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward," said CEO Victor Muller in a statement. Source: Spyker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 SPYKER AND YOUNGMAN SIGN FRAMEWORK AGREEMENT FOR 29.9 PERCENT STAKE, JOINT VENTURE FOR SPYKER D8 SSUV AND JOINT VENTURE FOR NEW PRODUCT RANGE BASED ON PHOENIX PLATFORM Zeewolde, the Netherlands, 27 August 2012 Spyker N.V. ( Spyker ) announces that it signed a Framework Agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ( Youngman ) today. Today's Framework Agreement entails the following : Subject to satisfactory completion by Youngman of a due diligence on Spyker and the satisfaction of relevant conditions to be set forth in the definitive transaction documentation, Youngman will invest Euro 10,000,000 in Spyker of which approximately Euro 6,700,000 as subscription for such number of Class A shares in Spyker as will constitute 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis for a price of Euro 0.05 per share, and the remaining approximately Euro 3,300,000 shall be provided to Spyker in the form of a shareholder loan. Youngman undertakes to not exceed the 29.9 percent threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker. Youngman shall pay the first tranche of the share subscription in an amount of Euro 2,300,000 to Spyker within 7 days as of today. Youngman shall pay the remaining Euro 7,700,000 no later than 45 days after the execution of the definitive transaction documentation. Youngman and Spyker will jointly invest in a Joint Venture to be called Spyker P2P B.V. ( Spyker P2P ) in which Youngman will make a cash contribution in the amount of Euro 25,000,000 and will hold 75% of the shares whilst Spyker will make its contribution by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle ( SSUV ) as well as the Spyker trademarks and will hold 25% of Spyker P2P's shares. Youngman's contribution shall be paid in installments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.Additional models on the SSUV technology are being contemplated. Youngman and Spyker will jointly incorporate a second Joint Venture to be called Spyker Phoenix B.V.( Spyker Phoenix ) in which Youngman will contribute the rights to the Phoenix platform as developed by Saab Automobile AB in 2010/2011 to which Youngman acquired a license in 2011 as well as provide all required funding. Youngman will hold 80% of Spyker Phoenix' shares whilst Spyker will hold 20% of Spyker Phoenix' shares which shareholding will be exempt from dilution. Spyker Phoenix shall develop and manufacture a new full range of premium car models based on the Phoenix platform which models will be positioned higher than the comparable Saab models were. Spyker Phoenix products may be manufactured in Europe and China as the case may be. Youngman and Spyker agree to provide all the (manufacturing) technologies owned by each of them to Spyker Phoenix for its use free of charge. Victor R. Muller, Spyker's CEO said: Since the regretful demise of Saab Automobile AB in December 2011,we have been investigating the possibilities to continue our intended cooperation with Youngman to the benefit of both companies thereby utilizing the assets, both tangible as well as intangible, each of us has at its disposal. With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB. We clearly share the vision on how to shape Spyker's future as partners going forward . Pang Qingnian, Youngman's CEO said: We have felt all along that a cooperation with Spyker had to be pursued, even after we both unjustifiedly lost the opportunity to restructure Saab Automobile AB as a going concern and jointly develop its business, however, we secured Saab Automobile's technology. With this Agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world. -
William Maley 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. Source: Reuters Spyker's Statement and Filing is on Page 2 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. SPYKER FILES A THREE BILLION DOLLAR LAWSUIT AGAINST GENERAL MOTORS Zeewolde, the Netherlands, 6 August 2012 -- Spyker N.V. ("Spyker") announced that it has filed a complaint against General Motors Company ("GM") in the United States District Court of the Eastern District of Michigan today at 08.00 AM EST. Spyker filed the complaint in its own right and on behalf of its 100 percent subsidiary Saab Automobile A.B., which was declared bankrupt on December 19, 2011. This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market. 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. The monetary value of the claim amounts to US$ 3 billion (three billion US dollars). Since Saab Automobile is in receivership and hence incapable to contribute to the costs of litigation, Spyker and Saab Automobile have entered into an agreement pursuant to which Spyker will bear the costs of such litigation in exchange for a very substantial share of Saab Automobile's award when the proceedings are successful. Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor. Victor R. Muller, Spyker's Chief Executive Officer 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." The Complaint, as filed this morning at 08.00 EST, is attached to this Press Release.- 34 comments
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SAAB News: Not This Again: Spyker Sues GM Over Saab Sale
William Maley posted a topic in SAAB / NEVS
William Maley 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. Source: Reuters Spyker's Statement and Filing is on Page 2 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. SPYKER FILES A THREE BILLION DOLLAR LAWSUIT AGAINST GENERAL MOTORS Zeewolde, the Netherlands, 6 August 2012 -- Spyker N.V. ("Spyker") announced that it has filed a complaint against General Motors Company ("GM") in the United States District Court of the Eastern District of Michigan today at 08.00 AM EST. Spyker filed the complaint in its own right and on behalf of its 100 percent subsidiary Saab Automobile A.B., which was declared bankrupt on December 19, 2011. This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market. 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. The monetary value of the claim amounts to US$ 3 billion (three billion US dollars). Since Saab Automobile is in receivership and hence incapable to contribute to the costs of litigation, Spyker and Saab Automobile have entered into an agreement pursuant to which Spyker will bear the costs of such litigation in exchange for a very substantial share of Saab Automobile's award when the proceedings are successful. Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor. Victor R. Muller, Spyker's Chief Executive Officer 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." The Complaint, as filed this morning at 08.00 EST, is attached to this Press Release. View full article
