No luck for the liquidators… besides getting wealthy themselves

According to Swedish radio Väst and the talented reporter Victor Jensen the following has happened.
The liquidators have not manage to bring in a single krona on all the 37 sue processes (totaling 580 million SEK) against 37 sub-contractors both Swedish and International. So far 7 cases have been settled in court and the liquidators have lost all of them. 3 settlements and 4 lost battles “worth” 200 million SEK. The two latter was OPEL AG and GM. Instead of an up-side for the liquidators they have to pay the court costs for ore than 1 million SEK.
So far the law firms handling the liquidation has made over 200 million SEK in fees. The hourly cost has been close to 4500 SEK.
According to Fredrik Sidahl of the Sub suppliers organization the only winner are the liquidators.

Angelo V.
Member
1 year 9 months ago

What does this mean for what could…or should happen with NEVS/Saab?

JH
Member
1 year 9 months ago

What Trued writes above concerns the old Saab Automobile AB bankruptcy estate. It is not related to NEVS.

Angelo V.
Member
1 year 9 months ago

I understand that, but it seemed like he was pointing to a case history that might give clues about how this will turn out.

scand
Member
1 year 9 months ago
I had to read that a few times to figure out who/what/where….! In a nutshell, the administrators of the old saab automobile bankruptcy estate have gone to court seven times against previous sub suppliers. They have have made three settlements and lost 4 battles – but haven’t gained a kronor for the estate. The legal fees , so far for the entire administration of the bankruptcy estate, is 200m SEK. ($27m, approx). Note – they did not spend 200msek just on those court cases. Now. Many of those cases would have been defending the estate against incoming lawsuits and claims… Read more »
Angelo V.
Member
1 year 9 months ago

Muller was also prevented from accepting money from at least one or two investors who seemed willing to fund him through some rough patches Saab was hitting. “Can’t deal with the devil” they said. Well, it appears he was already dealing with some devils—-who wouldn’t let him do what was needed to save his company and save thousands of jobs. I guess some Swede government officials or EU hypocrites “didn’t like the Rooskie” Muller wanted to bring in.

scand
Member
1 year 9 months ago

Anatov had enough question marks to make any official take pause. And even so, I dont think in the long run his funds were deep enough, regardless if they were legitimate or not.

The Chinese saviours were all mirages.

Bottom line, the thing was big time loss making, and had been for a long time. The spyker business plan was pie in the sky rosey – as their numbers confirmed, from the end of that first year.

Angelo V.
Member
1 year 9 months ago

Scand: Maybe a couple glimmers of hope? Add what’s needed to make the links work. Maybe we’re indeed getting closer.

.leftlanenews.com/mahindra-to-save-saab-owner-from-bankruptcy-liquidation

.ft.com/intl/fastft/248901/mahindra-nears-deal-buy-swedens-saab

rune
Member
1 year 9 months ago
Victor asserted to the very last moment that they continued to improve sales every month and were on the path to becoming self sustained by year’s end. Antonov’s purse, however slim, at the right moment, could have been enough. As for liquidating the factory back in January 2010 – there is no returning from that point. No licenses to 9-3, 9-5 or 9-4x would have been in play. Phoenix would not have been initiated. Nothing. Also keep in mind that during the Spyker-era, a number of Saab engineering departments were being spun off from the main company. Some (most?) of… Read more »
scand
Member
1 year 9 months ago
With all due respect – Victor asserted lots of things! I’m not sure at what point you are defining as ‘the very last moment’ (ie: Dec 2011, or when production first stopped in the spring) but US sales were 5446 in 2010 and 5610 in 2011 – when dealers had stock and were dumping cars towards the end of that year. In 2010 they were mostly sub 400-500 units sold per month in the US, except for 2 unusual spikes Sept at 1127 and December at 1074. I’m not sure what drove Septembers spike (August 2010 was 290, by comparison… Read more »
Angelo V.
Member
1 year 9 months ago

I hope the name NEVS is put to rest if Mahindra buys into this.

rune
Member
1 year 9 months ago
I’m quoting what Victor said at the press conference the day the bankruptcy was announced. He said they were lagging behind the Koenigsegg plan by a few months. That plan hinged on a gradual increase in sales which Victor said was happening. But yeah, that plan did not leave much room for play. If it did, Koenigsegg wouldn’t have jumped ship (incidentally, heavy media attention has been mentioned as being partly to blame for sinking that deal). However… As I said: Even Spyker’s underfunded venture was an infinitely much better option than a full liquidation January 2010. Personally my favorite… Read more »
scand
Member
1 year 9 months ago
As far as I can recall, the 2010 plan initially called for producing 50000 cars. In the latter part of the year, this target got revised downwards to 45000, then to down to 35000. They actually produced 32000. The retail sales in 2010 were 28000, so it’s hard to tell if they reduced the production forecasts because of the real selling rate, or were the retail sales at that rate due to production levels? I know there were legitimate mitigating factors due to the restart up, but if you look at the quarterly production figures, they were not that much… Read more »
Piet-Hein S.
Member
1 year 9 months ago

as always…remember the one hired back in 2010/11? he also got quite some money, i remember.

amigabuzz
Member
1 year 9 months ago
The banter on this forum is interesting to read. I was one of the 1st purchasers of the new SAAB 9-5 turbo4 in South Florida paying near retail $39,000. USD. Some are saying” big deal”..it is as I will explain. I never owned a SAAB but, have liked the designs. A years prior to the 9-5 my wife and bought a new Lexus IS250. Fast forward to January 2011 my son’s birth and now safety is all thats on my mind. I am thinking of a new bigger safer car or SUV like the VolvoXC90 or sedan S80. I sat… Read more »
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