Saab and Guy Lofalk have this afternoon filed a request to the court requesting a new administrator to replace Guy Lofalk.
In a fax to the court, Lofalk writes:
I have not had the opportunity to evaluate the new financial plan in detail. My view is that the new structure agreed upon between Saab and Youngman is such that it deserves a new administrator to be put in my place.
Lofalk goes on to explain the need for a fresh approach to the question at hand.
Lars-Henrik Andersson is nominated and has agreed to the assignment should the court decide to let the reconstruction continue.
SVD has more on this development (english translation).
And so we turn another page in the Saab saga.
A diplomatic way out….
Wow! Interesting.
SvD article with a little more meat:
http://www.svd.se/naringsliv/saabs-rekonstruktor-byts-ut_6708525.svd
Thank you!
Oh well, it keeps spinning!
At least, this is a refreshing development! (And of course the evolving deal is that, too!)
“the new structure agreed upon” ….so the DEAL is done?
Please do let that be true…….
Lets try not to read too far into how he worded it. But at the same time, that sure would be music to our hurting ears.
+1 🙂
No, it’s not done until the remaining hurdles are cleared.
This whole saga since the first selling intentions from GM has been an incredible emotional rollercoaster. More times than I can count, Saab has risen from the brink of the end of the road. I strongly hope that this whole mess of financial problems, ownership changes, crisis meetings and doomsayers can soon be finally left behind. For good. I’m getting a little tired to always hoping for the next last minute save to be real only to get news of a new, possibly devastating obstacles again. Two thumbs up for people like Victor who never gives up and always has… Read more »
+1
Very well put.
The new deal needs “fresh eyes”…No comment!
It appears that his personal beliefs are stronger than its professional beliefs.
Anyway, I’m happy he’s out. I would say this news in itself needs a small celebration…but let’s wait a bit longer until all these plans become reality !!!
“To brilliantly overcome obstacles created with your own hands” has been an unofficial motto for the Komsomol youth organization in the USSR. 🙂 Not sure “nulla tenaci…” translates close to that. Great news nevertheless, this has to have a (good) ending someday.
🙂
THANK YOU, Lofalk!
Cheers!
Very interesting. Sounds link Guy Lofalk is quietly asking to be excused. I have to give him a few points for him realizing that he needs to step down. Saab simply needs to have all of their obstacles removed so they can do what they have set out to do.
Thank you, Mr. Lofalk. Don’t let the door hit you on your way out ……….
I second that…
Actually, DO let the door hit you… :))))
LOL!
let me get that door for you, I need to make sure I lock it once you’re out.
Haha, good one !
Do we have information on LHA?
Very brief profile in English:
http://www.chambersandpartners.com/UK/Firms/4023-40135/323442
and in Swedish:
http://www.lindahl.se/se/medarbetare/?mid=45
http://www.lindahl.se/se/medarbetare/?mid=45
I wonder if he will get paid his full fee?
You can’t exactly call this a ‘job well done’. On the other hand, Wall Street is full of people who wrecked the economy while still getting a nice Christmas bonus.
There’s one CEO born every minute ……… [sigh]
Some people are worth their full fee for just leaving the scene… 😉
Here is the actual document submitted to court:
http://www.vanersborgstingsratt.domstol.se/Domstolar/vanersborgstingsratt/avd.1/Saab/%C3%84%205688-11/V%C3%A4nersborgs%20TR%20%C3%84%205688-11%20aktbil%20168.pdf
(In Swedish)
Love that error message below each page.
Hoorah! Fingers still firmly crossed!!
BOOM! I hope that AB and FR feel thwarted…at least temporarily.
Somehow ANY comment on this one will be a slightly evil one 😉
That “door”… hehehe );-]
Things are all turning to the good direction.
The FACT that Youngman is able to transfer money to Saab indicates that NDRC will approve the FINAL deal.
I wish this time before Xmas everything will be clear and we all can have a great 2012.
I hope this assuages people’s belief that Guy Lofalk was put in place by the government in order to tear Saab apart. This doesn’t mean I think he was a good fit, but I imagine he wasn’t on the same page as Saab. I’ve said before that I think, to him, Saab is an ordinary manufacturing company of no real relevance. I don’t think he sees “Saab” (especially how WE see Saab)–I think he just sees “car”. I’m glad they agree someone else should take over though. I admit I’m unfamiliar with Guy Lofalk’s work. I try to think the… Read more »
//unnecessary rant
Maybe the money Youngman put up was conditional on Lofalk stepping down. That would have put him in a position of conflict of interest.
But Lofalk was in a no win position. If the reorganization was approved, it would look like it was accomplished in spite of him and he would never get any credit for doing a dirty job. On the other hand if reorganization is not approved, he was going to be blamed for Saab’s demise.
Time to pass the torch to a new sucker.
Saab spokesman Eric Geers said it was Lofalk’s decision to quit, but recent reports in Swedish media suggested Victor wanted Lofalk to go.