That’s right, ladies and gents — the Saab Saga isn’t over for GM just yet. If you recall, Spyker brought forth a $3 billion lawsuit against General Motors in the U.S. District Court in Michigan in August. The suit claimed that The General intentionally forced Spyker-owned Saab into bankruptcy by stopping the planned 20 percent purchase of Saab by Chinese investor Youngman.
The suit asserted that GM impeded the Youngman deal by threatening to revoke the technology license to build Saab vehicles, including the 9-5 and 9-4X. However, a agreement was already in place to exclude GM’s intellectual property from the deal with Youngman.
GM was given time to reply to the suit, and did so last Friday — stating that it would seek a motion to dismiss the case. According to Reuters, General Motors said that allowing the purchase to go through would run count to the interests of its own shareholders, regardless of whether intellectual property transfers hands. In addition, General Motors seems to be well within its rights, according to the Original Vehicle Supply Agreement (VSA) as well as the Automotive Technology License Agreement (ATLA), to terminate any deal in which ownership of Saab would change — which would have been the case with the Youngman deal.
In response, Spyker has announced that it will oppose the motion to dismiss. If GM’s motion to dismiss goes through, then Spyker will likely oppose the motion on November the 9th.
The GM Authority Take
And we thought all of this was over two years ago…