Victor: 3,4 million Euro recieved

In an article at ttela.se Victor confirms that the first part of Youngman’s money has arrived and even mentions a sum:

Yes, this is a good sign. Youngman has brought over 3.4 million Euro to us, said Victor Muller to TTELA.

Saab’s CEO, Victor Muller, now confirm to TTELA that money has come in to your account from Youngman. This is a first installment of the funding promised by Youngman.

Of course this is not the full amount mentioned last night, it is not unlikely that those amounts are transferred in more than one transaction. But it is a start and indeed a good sign.

84 thoughts on “Victor: 3,4 million Euro recieved”

  1. Mullinater does it yet again.

    No indication as to when the next installment money is to be transferred Till?

    About the time the next installment comes, the next round of wages will be due…

  2. If Saab survives the recent and present thurmoil and survives. Victor Muller should get the Nobel price in economy. If that is not possible since he didnt invent anything. They should make a special one time price… efforts like these deserve to go to history.

    • The Darwin Awards are a funny read, but how does that apply to anybody at Saab?

      But I do recommend the Darwin Awards site. It is genuinely funny.

        • Does it annoy you that Saab hasn’t died yet? You really should change your name to HappyPuppy.
          Or in other ways dissosiate yourself from the Griffin and the 7 Dwarfes..Maybe Red Dwarf yould be apt?

          • Khrisdk you just don’t get it, a whole hearted support of Saab the company does not exclude criticism of its Chairman and CEO, he is largely responsible for Saab’s present predicament, if he solves the problem all well and good, but he is still a part of the problem and not necessarily all of the solution! As for you Red Dwarf reference my two dogs are called Kryton and Rimmer!

            • The part I don’t get is the constant negativism on everything concerning the person VM.
              You don’ like him and the way he has handled things.
              No need to repeat that on every comment made in here.

              • If I responded to every post on this website singing the praises of VM I would not manage to get anything else done, there is no harm in a healthy scepticism, but there is a lot of harm in mindless adoration!

                • Oh I have my sceptisism too, also regarding a lot of other people at Saab,
                  I do however also not participate in any praise on VM either.
                  I find both unnecessary.

                • Healthy scepticism is one thing, a constant stream of -only partly justified- disrespect is another, especially when it is not necessary since you have expressed your opinion of VM time and time again. The guy is only human. He has made quite a few mistakes of judgment but he also deserves all the credit in the world for saving Saab against incredible odds, keeping it afloat in the worst economical crisis the world has ever been in and, if all goes well, making it commercially viable again. Couldn’t you take those facts into account as well, now and then? Or don’t you consider them important enough?

                  There must to be another record you can play from time to time.

                  Ivo

              • The funny part of his comments is that he/she seems to overlook the fact that if Muller didn’t play ball two years ago, there would be no Saab. I don’t agree with every decision VM has made since he saved Saab—-but the point is that he SAVED SAAB. Personally, my belief is that the best course of action would have been immediate development and resources committed to an entry level smaller car—-quirky hatchback maybe with some retro Saab styling cues. I think the problem is that this would have taken too long—-he had to try to do something to freshen the product line right away—-but selling at 50K+ is not where Saab’s survival is. It’s that 20-30K zone that will put a lot of Saabs on the road, at least in the U.S.

                • No. But you could harbour a little hope that some will hatch since we can see quite a number of golden eggs laid by the Youngman hen up to now. Altogether about 80 million of them so far.

                  😉

                  Ivo

                • Thylmuc. Yes Müller saved Saab from GM. But Müller and Saabs bosses tried to do too much, the cash flow was choked and we ended up in the situation we are in today.
                  It is difficult to analyse what went wrong as an outsider but I get the impression that they wanted to do everything immideately instead of securing the survival first.
                  It is all good and well to make produced cars more profitable by making changes in the factory, but if you don’t have money to pay your suppliers then that was a non-optimal decision. The pace of development should perhaps also have been adjusted.
                  Of course it is easy to say this in retrospect but I still think that not being able to see the warning signs and not taking action early enough is one of the causes for the production stop,

                • I think that is correct.
                  I think a lot of things went wrong on a lot of levels.
                  I don’t know if the reaction time was too slow, but they started looking at refinancing pretty early, so they tried to do something about it.

                  Oh, one thing, please: Skip the umlauts on Muller. They are not there

        • A Darwin Award is awarded to a person who, through own stupidity, removes miself (or herself) from the human gene pool.
          Only people who manages to remove their sexual organs through own stupitity can be awarded while still alive.
          Most people though are deceased, paining for the fiords, gone to meet their maker, are no more. They are ex-people, to paraphrase the immortal Cleese. 😉

    • Let us together just acknowledge his enormous efforts as a bull terrier once we have the final green light.
      That he would more value then any other price; he knows we are out there and that has always been of support to him.

  3. This is getting better and better. Let’s hope the rollercoaster ride will be finally over the following days and SAAB enters the new year 2012 with a bright future.

  4. The meaning of Victor Muller.

    Let us start with “Victor”, that is easy. It comes from Latin and means “The one who conquers”. The same origin as the English word “Victory”.

    “Muller” is of German origin and means “he who grinds the grain”, i.e. the miller. In Swedish it would be “Mjölnare” which is very close to the high German “mülnære”. Anyway: This miller also needs an useful apparatus to perform his task, i.e. he needs a mill. Until the two latest centuries, in the Netherlands, the dominating type of mill has always the one driven by wind, hence the true meaning of Victor Muller is:

    “He who conquers the wind mills”

    • Well, if he does succeed then he actually will have conquered the ‘so let them build windmills’ (remember Marie Antoinette’s of France famous quote that propelled the French revolution: ‘If they don’t have bread, why don’t they eat cake then?’. It cost her her life) idea of the former and unlamented Swedish Minister of Industry Destruction. All comparisons to Don Quichote would be false anyway as DQ fought windmills but didn’t conquer them. Moreover, if, what the heck, WHEN VM prevails, he will be, contrary to DQ, all but the laughingstock of the world. He will be the automotive David who conquered multiple Goliaths.

      VICTOR UP!

      Ivo

        • You’re right
          But Rousseau also said:

          “The world of reality has its limits; the world of imagination is boundless”

          So let’s let the story live. It is a good legend

            • Oh… The really good legends do like the legend of Marie Antoinette and “let them eat cake” have a basis in reality.
              Just look at the info given in your own link regarding that.

              There also was a legend that Vikings discovered America.
              It was a legend until they found the settlements.
              Personally I also like the legend that Quetazlcoatl was a redbeard Viking and that his magic raft of serpents was a Longship.

                • Nope..A Norseman..Which is approx. the same as Danish as Norway used to be the place we stuck the ones we didn’t like in Denmark.When they got unpopular there they fled to Faroya, and from there to Iceland, then to Greenland, then to North America.

                  The Quetazlcoatl guy must have been really unpopular in the old country 😉

                • And I think I just made a common scandinavcian lingvistic error.
                  Norseman up here means from Norway these days.
                  Actually the english phrase refers to our word, Nordbo, which is someone from Scandinavia/Northern Germany.

                • Old Quetz was a Mexican deity. And I thought the Vikings had landed about a continent further to the north, so he must have been quite a walker, too. Small wonder he was so ugly.

                  BTW, I believe the Norwegians see their Viking heritage somewhat differently.

                  Ivo

      • This thread just gets better. A bit of history thrown in, too. My second-favourite topic. Marvellous. But you missed a rather important bit, mina Nordiska vänner: before settling Iceland, I believe the Norsemen conquered/settled Scotland’s northern and western seaboard and other parts of the British Isles and Ireland. Large parts of Scotland retained a divided loyalty to the Scottish and Norwegian crowns until the 15th century. Even today, a significant proportion of males in Scotland’s Northern and Western Isles still have Norwegian DNA; ie, red hair, peely-wally skin, and a fondness for strong drink, pickled herring and giving their children names like Magnus Nicholson. In fact, a lot of folk say “bairns”, not children, because the Scots still use an awful lot of Scandinavian words even if most don’t realise it any more. Anyway, just to prove this is not totally OT … it seems the Swedish Vikings and their allies still like to head EAST in search of their booty 🙂

        • Oh yes, I think the Vikings dared to go beyond where the Romans decided to build a wall 😉
          The only reason the Normans took over in 1066,(BTW, Norsemen too, only earlier explorers) was that the army of Harold II lost was because they had just fought 2 battles with a Viking invasion army, and destroyed that but lost battle power in the process.
          1066 was the year that the world order in England turned from north to south.

          Oh..and I hear that the Scots wants to return to Scandinavia. Please do.

          But you’re right, the swedish Vikings has always gone East. The people in Kiew are very proud of their Viking ancestors.
          And I like that part that says that Russia and Belarus is named after the Rus, the Viking rowers.
          And Vikings did make graffiti on the walls of the Sofia Cathedral in Byzans, way back before their other ancestors destroyed that Great Christian City on their way to Jerusalem.

          Yup..those were the days 😉

          Don’t forget that Denmark and Sweden used to be superpowers
          Just check the scale of the Great Northern War:

          http://en.wikipedia.org/wiki/Great_Northern_War

          Ok, it was mainly Russia and Sweden. 😀

          • Ah, but we did kick those Swedes’ asses big time at Prague, didn’t we? Old von Königsmarck couldn’t conquer the city of Prague in 1648 while outnumbering the defenders by about 10 to 1 and was finally forced to leave the venue with his tail between his legs. The Battle of Prague, by the way, was the last major bit of serious warfare in the 30-Years-War. A lot less popular war, that one, in Scandinavia, well, in Sweden anyway 😉 . Okay, I’m ducking now 😉 .

            Oh, Chris, you forget to tell us about old Holger Dane. Shouldn’t be missing in this college on Scandi history.

            HOLGER UP!

            Ivo

  5. 1 thing is fact if VM had not saved Saab it would have gone 2 years ago! GM had no intention of keeping it so he did an amazing job in saving it and how anybody can doubt his efforts is incredible!

  6. Oh these sites are too entertaining!

    – 60 years of turbocharged thinking
    http://dyc.saab-web.com/microsites/60years/GLOBAL/en/index2.shtml

    – The Turbo Gene Test
    http://dyc.saab-web.com/microsites/turbogene/GLOBAL/en/index.shtml

    – For the people with an OG 9-5
    http://dyc.saab-web.com/microsites/animalvision/GLOBAL/en/index2.shtml

    – Anything But Ordinary
    http://anythingbutordinary.saab.com/

    – Saab 9-3 (2003+) “Pilots Wanted”
    http://dyc.saab-web.com/microsites/pilotswanted/GLOBAL/en/index2.shtml

    – The one and only Saab Aero X, one of Muller’s favorite Saabs
    http://dyc.saab-web.com/microsites/aero_x/GLOBAL/en/index2.shtml

    – Saab 9-3 (2007) – The Test Track
    http://dyc.saab-web.com/microsites/designmovement/GLOBAL/en/index2.shtml

    – Power when you need it
    http://dyc.saab-web.com/microsites/turbopower/GLOBAL/en/index2.shtml

    facebook.com/saab

  7. although there is no doubt this is excellent news for Saab, how does this side step GMs refusal to allow any sale to China?

    I seem to have gotten a little lost with all the events of the last week and a half

    • According to the new plan there is no approval from GM needed because there will be no changes in the ownership structure – instead Youngman will purely act as a financieer/lender together with the still unnamed bank. These loans could as well be transferred into ownership in a few years from now, but until then it’s likely that there is very little GM IP left.

    • The idea is for a construction to be set up that will eliminate the need for GM approval as it circumvents the prohibitive ‘change of ownership’ clauses in the sale contract between GM and Spyker/SWAN. If no -or less than 20% of- Saab shares are actually sold and transferred then SWAN remains the owner of Saab so that GM can’t invoke their right to block the deal but is still obligated to honor the contract by supplying parts and licensing the use of GM IP.

      Ivo

  8. Well, this really shows how committed Youngman is to try and make this work. To continue to invest non-trivial amounts of money to keep Saab alive when there is still no certainty that a solution will be found to satisfy all the parties that must approve it….this says quite a lot. Hope is obviously still strong that a solution can be reached.

  9. “I can confirm a first payment from Youngman. Funding has come into Saab accounts,” Eric Geers, Saab spokesman, said, declining to detail the amount.

    Business daily Dagens Industri reported that Youngman, which wants to get a stake in Saab, has given the Swedish firm $5 million to cover immediate tax expenses.

    It said Youngman will pay a further 20 million euros ($26.43 million) to Saab on Wednesday to cover unpaid salaries and 10 million euros more before the end of December.

    • The transferred amount wasn’t used for taxes etc. (As has been mentioned in some news, they have incurred a debt during reconstruction; it’s probably going to be used to cover that debt.)

      They had a refund today on VAT and could use that to clear the tax for December, something around 21 MSEK, and 3.4 in taxes, so at the moment around 17 MSEK plus on their tax account.

      Obviously very good that is cleared, and the debt, and hopefully funds for salaries will arrive in time, before the end of the week.

      (Then they have some tax debt since the time before entering reconstruction, alleged to be some 24 MSEK, but it’s not to be paid during reconstruction.)

  10. I am very impressed by the perseverence and creativity of all involved in crafting a deal that may work. Surely if they succeed, something arising from such passion and effort must yield a great future. I have a great deal of respect for Youngman execs (Mr Pang and Rachel) and VM, thanks for working so hard to save us from boring “me too” rolling appliances. I hope I will own several more SAABs in my lifetime.

  11. Before getting too enthousiastic, it is worth to look at the overall picture. By any standard, Saab is shortly before bankruptcy. The administrator has applied for end of reconstruction. The judge will decide over it next till next Friday. Apparently a small amount for taxes has been paid, but bigger amounts for overdue November and for December salaries have not yet been received on Saab’s accounts. Without them being there at the latest on Thursday, forget it. Just complaints about GL’s harmful iniatives will be insufficient for the court. It is money, that matters. More money needs to come for smaller expenditures additionally. Just a non-binding MoU might be insufficient. If Saab can not show a convincing business plan and a financial committment by the new lenders with an exact timeline, the judge will probably have to end reconstruction. I don’t know Swedish law and practice, maybe the judge can prolongue the timeline for a short period, in order that contracts and approvals may be finalized. Whatever, the timeline is incredibly tight, and no delays, hesitation and dealmaking are any more possible. Up to now, the amounts paid do represent nothing than an option premium to have the right to buy Saab later on, in case everything works fine. Things will be different, once the whole amount targeted is on Saab’s accounts, and creditors are paid. Then, the true Herkulan task only begins.

    • I think purchasing an option to buy SAAB at a later date has not value unless it is also including significant investment. So creating a joint venture may be the best way around all the rules. Youngman will not be “buying” a company, rather setting up a foreign joint venture. So it is possible even the NDRC ma not have a say in it…or it may have a less rigourous approval process.

  12. I think this is a very good and realistic analysis of the situation Saab is in at the moment. These have been just my thoughts, too. Until production has resumed, I stay very cautious with cheering for VM or even putting the champus in the fridge. I am afraid that we are going to face some more ups and downs throughout the next days. It ain’t over ’till it’s over. Nonetheless – I appreciate Youngman’s obvious commitment for Saab. Therefore: GRIFFIN UP!

      • I repeat myself: This is business, no game.
        It is about the survivor of a great company that holds several thousands of jobs. I still don’t understand how overwhelmingly unprofessional this whole case has been handled by some of the parties/stakeholders involved, and I’m sorry to say that VM is not completely out of the picture here.
        Maybe “cheering” was not the right word in my comment. “Celebrating” would have fit much better in here. We should certainly cheer up those who continue the hard work and never ever seem to give up. But this is also what these people are being paid for.
        So, please just maintain an objective view on things. What I was trying to say is that we (the Saab community) have been celebrating over and over again, too often if you ask me, at the sight of the smallest steps towards a good outcome which – at the end – all turned out to be worthless, so far. Too many attempts, too many MOUs, so-called deals, false promises, etc. It’s time to get things done. Stop playing games. Go Victor – but please no more accusations, personal dogfights, leakages, or half-worked plans.

  13. This is very good news, and it looks like the announcement the faithful have been waiting for is getting nearer. My glass is half full. I look forward to raising it soon.

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