Spyker sues General Motors over Saab bankruptcy image

Dutch company Spyker that broth Saab from General Motors three year ago said on Monday it had filed a $3 billion complaint against the U.S. based automaker in the United States District Court of the Eastern District of Michigan on behalf of its subsidiary Saab Automobile.

“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 … 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 Spyker’s claim amounts to $3 billion.
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.
GM bought a 50% stake and management control of Saab in 1989, and gained full ownership in 2000.
The Swedish company’s car sales peaked at 133,000 cars in 2006. After that, sales dwindled to 93,000 cars in 2008 and just 27,000 in 2009.