Guy Lofalk in dispute with bankruptcy administrators

March 30, 2012 in News

The bankruptcy administrators are requesting to know how much Guy Lofalk was paid during his time at Saab Automobile, information which he declines to share and points towards a agreement of secrecy signed by him and Swedish Automobile.

Lofalk insists that the money can not be investigated since it is of no importance for the bankruptcy. The administrators are of another opinion and wants the matter tried in court.

Source: P4 West

40 responses to Guy Lofalk in dispute with bankruptcy administrators

  1. So, they do have time for that? Then the process is nearly at end. Good news I presume.

  2. will this affect any decision by any potential buyers i wonder

  3. the fact that he doesn’t want to clarify indicates that his fee was too high. having said this, it IS of importance for the bankruptcy. and since he was fired by Swedish Automobile, the agreement of secrecy between him and Swedish Automobile is no longer valid.

  4. Obviously that good for nothing Guy has benefited from the previous arrangement. I hope the Administrators will pursue the case and leave no stone unturned. Don’t think that few million bucks is going to affect the bigger picture and deter the Administrators from making a critical announcement on the future of Saab.

    Come on, its getting too much time to decide on who is the most appropriate suitor of Saab!!

  5. I say to the Administrators to “go get him”.
    He is at fault for the original deal VM & Youngman had been working on w/GM approval for collapsing.
    IMO, Lofalk’s fee is of no secrecy & should be made to reveal what his fee was by the courts. I think Lofalk did more harm to Saab, than good.

  6. Aside from GM, I would place some blame on Guy Lofalk for Saab falling into bankruptcy & maybe the death of the brand.
    I would hope no business hires him for anything having to do w/administrative or executive positions.

  7. I remember someone stating the word revenge once…

  8. We wanna know! Who is the prefered bidder??!!

    Hope for M&M, but I’ll support anyone who is gonna build Saabs

  9. He must have charged many hours he spent on forcing a 100% chinese deal that was a dead end from the start.

  10. I agree with 99% of the previous comments

  11. I would not mind seeing this Guy paying for his cock-ups

  12. To be fair on the guy it wasnt his fault that Saab wasnt paying suppliersbut I do think he was getting paid a lot of money.

    • I find Guy Lofalk at fault for screwing up the deal VM & Youngman were working on that had the approval of GM that could have led to SAAB not going into bankruptcy at all.

    • Here’s the comment I agree with so far.

      He didn’t seem to have Saab’s interests in mind and so wasn’t the best suited for the job. It DID sound like he was paid substantially for the job that he ultimately failed at… though it IS debatable whether or not a deal could have been found regardless. I mean, wasn’t it GM’s seemingly threatening refusal to license to Saab if there was any Chinese involvement whatsoever that caused Victor to throw in the towel?

      Still, as much as I don’t like him (based on what little I know), it seems rather ridiculous to be worry about his fees after they’ve been paid. There was agreement somewhere along the line, I imagine, concerning these fees. Why is this brought up now? Why not before the bankruptcy? He already has his money (I’m assuming), so unless there’s proof he inflated the work he did or somehow wound up with more than was agreed on, his money is his and I don’t blame him for being hush about it. I kind of agree with him, too, that I don’t see what it has to do with the bankruptcy process. I mean, are they going to make him return some of it? What good would that do anyway? If it IS found that he embezzled money it’ll just confirm all of our suspicions in concrete what a disgusting creep he is–nothing more, I would think.

  13. 1000000€ for spending 10 weeks on destroying something. Seems like a good deal, worthy a politician…

  14. SAAB has been a gold mine for Law firms for the past three years…
    I hope the receivers also look into the money this guy sent over to one PR firm, that did what exactly?

  15. More legal fees while they fight it out.

  16. In the US, there is something called preferential payments as regards bankruptcies. The point is that people and companies that are paid in a certain window of time prior to a bankcruptcy (perhaps 60 days) are subject to having their payments raked back into the bankrupt company to help pay other creditors. The idea is why should person ‘A’ get paid because their check is written 5 days before a company goes bankrupt and person ‘B’ gets screwed because they’re not due to be paid until a few days after a bankruptcy. It happened to my small architectural firm. We were working for a sizable company (similar to Reuters and Bloomberg) providing financial information to brokers. We were paid about $30,000 and the company went bankrupt about a month later. About three or four months later, we received notice from the administrators that we needed to return the money. After a negotiation, we did, in fact, have to return most of it.

    • Same in Europe, at least in Germany. The timeframe depends on the actual point of not being able to pay anymore and is more or less set by the admin.

      • The time frame in the US is set by law. I think it’s any payment within the 90 day period before bankruptcy. As you can see, this would allow administers in the US to claw back money for creditors that was paid out to someone like an officer or owner beyond their normal salary.

    • Another reason for the 90 day retroactive period is to avoid funneling away money from a company of which you have inside information about an impending bankruptcy.

  17. Is this just a devertion on the part of the recievers to take our attention away from the fact that they don’t have a deal either. Aren’t they too getting paid for what seems to be no results?

  18. P said on March 30, 2012

    What a clever little move on the 2nd to the last day of the month. It seems like this was plan b in the event that there was nothing to report. I hope I’m wrong but everyone in charge of this seems to be moronic. Unreal.

    I still don’t understand why these administrators can’t have a communication plan with this project? Dealers are going under in the states and everywhere else, while these people sit around in secrecy?! My assumption at this point is they, like Guy, are getting paid very well for the delivery of little results. This feels like such a political game with a pre-determined outcome. Saab is dead people, time to accept it. The next bit of news you will hear is that the restructure took too long and there is no money left, we have to sell all the bits, sorry but while we were excepting a paycheck (for as long as humanly possible) your pretty little deal fell through. Insanity.

  19. Hey, “P”, Could you perhaps clarify your last post? I can’t quite tell if it is a positive or a negative post (sarcasm)

    As hard as it is to watch day after day go by right now, we have to keep many things in the forefront of our minds.

    The SOP’s, the demeanor, the pace, the style, the work ethic, the processes and all other factors here are being done a certain way. Maybe we don’t like the methodology but we have to remember that as regions and cultures change so do the acceptable and/or standard business practices and paradigms. So, for me, here in the States I look at this as a scenario that “I would have had it done by now” or “damn that is all, I would fire an employee for going that slow”. However over in Sweden or anywhere else, this could possibly constitute “normalcy” for the corporate / business culture. I don’t know for sure, but I also cannot rightfully rule that out.

    Also, as hard as this is and as badly as we all want a resolution, being overtly negative and/or stressing ourselves out is futile.

    It will not make the Administrators, nor the process as a whole, move any faster, it will just upset ourselves and cause personal detriment.

    Lets remain focused, keep a positive outlook and – to steal from SWADE’s playbook – keep call and carry on…

    Once we are given official word that it is “over” in a bad way, then we can let out all the negativity and hostility just run free.

    Sorry for my rant…I just dont want to see SU or the SAAB fans turn into such a negative group unless forced.

    Keep Your Eyes On The Prize

    We need to keep these things in mind

  20. i agree saab4life well said

  21. Once the dust settles, and Saab has been sold and restarted: some government official’s are going to be held accountable and I guarantee that some heads are going to roll on this one: starting with Mr. Lofalk’s

    In fact, I wouldn’t be surprised if he became a scape-goat for a much larger conspiracy.

  22. Jail his dumbarse, that piece of scum only screwed saab when VM had chinese linedup and this idiot screwed everything up by going behind his back and well… we know the story

  23. Keep Calm and Carry On. Well said!

  24. This is all we get out of the administrators? Lofalk is small potatoes.

    Certainly the administrators should know by now who they think will be the best buyer for Saab. It is past time to make an announcement guys. There are not that many viable choices. Make the choice and go with it.