Spyker and Youngman complete transaction

Many of us would have loved to read this post in June 2011 and not in June 2013. But somehow this piece of news remains interesting, as Spyker-Youngman plans to also build Phoenix-based cars in the near future.

The new question is, who will build the best Phoenix-based cars?
—-

ZEEWOLDE, THE NETHERLANDS | JUNE 28, 2013

Spyker N.V. (“Spyker”) announces that, based on the subscription
agreement including accessory agreements (the “Transaction”) that
were signed 6 December 2012 and to the full satisfaction of both parties, it
has completed the transaction with the Chinese car manufacturer Zhejiang
Youngman Passenger Car Group Co, Ltd (“Youngman”) today.

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Spykers Case Against GM Dismissed

Spyker’s US$3bln lawsuit accusing General Motors of trying to bankrupt SAAB has been dismissed by a US federal court judge who said GM had the right to block the sale of a company using its technology.

This quote was everywhere yesterday and was not too surprising. Some of us thought there was a case when looking at the big picture but the US District Court Judge Gershwin Drain looking at everything before him ruled otherwise and granted the motion to dismiss the matter.

General Motors had a contractual right to approve or disapprove the proposed transaction.

He also stated that the deal Spyker had reached to purchase Saab had given GM the right to stop changes in ownership and that GM’s statements voicing its opposition to the Youngman deal were not made with malice or to intentionally harm Saab.

GM’s lawyer, Kathryn Kirmayer, called Spyker’s deal with Youngman where they would eventually take a 70% ownership in Saab, “sketchy in many respects”.

Spyker’s lawyer Ben Chew, had said that Spyker and Youngman had reached the framework of a deal that would have allowed the assembly of Saab vehicles without the use of GM technology and platforms. They had also agreed to loan Saab 200m Euro which would have kept the company moving.

Spyker has not said if it will appeal the decision and at this point with everything that has happened, it’s hard to say what the right move would be. Reuters had spoke to Victor Muller who said “we will be awaiting the written order and then we will assess”.

It is very hard to look at things from where most of us sit and think that GM’s actions and words were not made to intentionally harm Saab. It is beyond most of us to not think that it was very deliberate and direct. That all being said, if GM did in fact act within the agreement and within the laws that govern them, as crappy as their actions were….. maybe it is best to move on from this whole mess and focus on the future.

The future for Victor and Spyker looks to be promising with a beautiful new car set to be produced and a partnership that was formed through the Saab trials. For Saab/NEVS, we have not even scratched the surface of what they can be or where they are headed. We know now that turbo engines are not just the DNA of the past but will be a part of the future.

It may be time to forget about GM and look forward, I say forget as most will never forgive.

What happened in the meantime.

SaabsUnited was down for maintenance for one week. And during this week lots of things have happened. Here are some snippets from the last week.

Last Tuesday the Geneva Motor Show opened its doors to the press. This time two things were missing at the motor show, on the one side NEVS had no both on the show, which makes sense as they have nothing to show at this moment, and on the other side SU had no reporters in Geneva too give you a first hand impression of the news from the auto industry.

But thanks to the internet we have been well aware of what was going on in that nice city in western Switzerland.


In September of last year Koenigsegg reached two milestones in their company life. In 2002 Koennigsegg delivered the first car to a customer, ten years later they started the production of their 100th production car.

From their press release

2002 – After eight painstaking years of constant development, the small striving Koenigsegg team delivered the first production cars to anticipating customers.

10 years later, in September 2012, the first carbon prepreg pieces were cut on the routing machine for Koenigesgg’s 100th production car. The car was duly named “Hundra” (Swedish for 100) – a unique one-off Agera S being built for an excited car collector.

Fast forward to March 2013 – The Hundra is finished in time for the 2013 Geneva Auto Salon. A beautiful clear carbon right hand drive Agera S with celebratory, artisan hand laid and swirled, 24 carat gold leaf inlays, creating an intriguing mix of traditional and hi-tech craftsmanship.

KoenigseggAgeraS_2

Taking into account that this car cost only half as much as the fugly Lamborghini Veneno, and that the Veneno will be one third as exclusive as the Hundra, I would rather pay for Swedish engineering excellence than for an Audi on steroids.

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Does The Spyker Lawsuit Matter To Us?

The lawsuit against GM by Spyker may seem to many to have nothing to do with Saab or the new owners of our iconic brand and I agree. That being said, I don’t fully support that way of thinking. Saab as we knew it was forced into bankruptcy and if Spyker comes out on top or even is awarded a settlement, it sends a message to the auto giants that you can’t just strong arm your way through and kill a company just because.

When a small company like Spyker takes on a “powerhouse” (and I use that term very loosely) like GM, people tend to think that the case will go nowhere and that GM will walk away a winner. Victor Muller in quotes from Just Auto today has stated where his confidence comes from and why he has taken this lawsuit on.

“You can rest assured me being a lawyer and my attorneys being the most serious you can get, we would not have started this if we thought we could not win,” Muller told just-auto.“Why throw money into a black hole?

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Youngman Considering Their Own Legal Action

Our favorite writer over at Just Auto, Simon Warburton, has posted a very interesting story today about Youngman looking at the possibility of filing their own suit against GM. What a crazy 24hrs this has been. Just yesterday Victor Muller through Spyker brought a 3 billion dollar lawsuit against GM for unlawful actions and now today there is this possible lawsuit to come forward from Youngman. It’s starting to look like a deck of cards falling in on General Motors and one that I think is rightfully deserved.

From the Just Auto article, Lars Holmqvist the former head of CLEPA says:

“Youngman is also thinking about suing GM,” Holmqvist told just-auto from Sweden. “I know that. They have not made up their minds and, of course, they would be encouraged by Victor Muller’s lawsuit.

“I have information. I know from people…they are looking into the possibility. It is obvious because they spent SEK550m…securing the rights to the new platform.”

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Spyker Cars sold to US Private Equity Group

This is hot off the presses and I can’t really comment much about it, but it appears that the Spyker Cars arm of Swedish Autombile has been sold to US private equity group North Street. You’ll recall the deal to sell the car company to CPP/Atnonov fell apart a few months ago.

According to this report, the reconstruction of Saab will continue on. Clearly this should ease the liquidity of SWAN to some extent, which is welcome news. Whether or not Spyker will rejoin Saab down the road is certainly in question. Read the article from the Financial Times (subscription only) after the break.

Thanks to Mihow for the tip!

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Press release: Hans Go resigns as CFO of Spyker

Zeewolde, The Netherlands, 1 June 2011 – Spyker Cars N.V. (Spyker) announces that Hans Go – CFO of Spyker – steps down as statutory director of Spyker effective per 1 July 2011.

With the planned sale of the Spyker sports car business to Vladimir Antonov, the remaining activities of the Spyker group will comprise only the Saab activities. As a result, the role of Spyker’s CFO will be assumed by the new Saab Automobile CFO, whose appointment will be announced later this year.

Since Rob Schuyt is temporarily acting as Saab Automobile’s CFO, and was recently appointed a statutory director of Spyker, he will also temporarily assume the role of CFO of the Spyker group. Mr. Go will remain involved as advisor until the end of the year to support the management with various transitional projects within Spyker and Saab Automobile.

I don’t think that Spyker Cars NV needs two CFO. Why has Mr. Go resigned and not Mr Schuyt, or why has Mr. Go resigned when they are searching for a CFD for Saab nobody knows, but the fact is that Swedish Automobile NV will only need one CFO.

Spyker Cars will be Swedish Automobile NV

UPDATE:
Some documents (english version) on the Spyker’s site do also talk about Swedish Automobile NV as the new name for Spyker Cars NV.

Thanks to Tim

If we have to believe the Dutch newspaper deVolkskrant, Spyker cars will be renamed to Swedish Automobile NV.

As we know, Spyker has sold the Spyker sportscar part of the company to the coach-builder CPP earlier this year, so it made no sense to use the name Spyker any more. Furthermore it is unknown if they are fully free to use the name SAAB, or if they have to always ask Saab technology AB if they want to use it differently.

I personally like the name, it denotes that they want to concentrate in their Swedishness and it is better than all those new artificially created company names.

Original in Dutch

Googletrans

Thanks to Ralph for the hint
/RedJ

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