SPYKER FILES A THREE BILLION DOLLAR LAWSUIT AGAINST GENERAL MOTORS
Zeewolde, the Netherlands, 6 August 2012 -- Spyker N.V.
("Spyker") announced that it has filed a complaint against
General Motors Company ("GM") in the United States District
Court of the Eastern District of Michigan today at 08.00 AM EST.
Spyker filed the complaint in its own right and on behalf of its 100
percent subsidiary Saab Automobile A.B., which was declared bankrupt
on December 19, 2011.
This lawsuit seeks redress for the unlawful actions GM took to avoid
competition with Saab Automobile in the Chinese market. GM's actions
had the direct and intended objective of driving Saab Automobile into
bankruptcy, a result of GM's tortiously interfering with a transaction
between Saab Automobile, Spyker and Chinese investor Youngman that
would have permitted Saab Automobile to restructure and remain a
solvent, going concern. The monetary value of the claim amounts to US$
3 billion (three billion US dollars).
Since Saab Automobile is in receivership and hence incapable to
contribute to the costs of litigation, Spyker and Saab Automobile have
entered into an agreement pursuant to which Spyker will bear the costs
of such litigation in exchange for a very substantial share of Saab
Automobile's award when the proceedings are successful. Spyker has
secured the financial backing required to see the lawsuit through to
the end from a third party investor.
Victor R. Muller, Spyker's Chief Executive Officer said: "Ever
since we were forced to file for Saab Automobile's bankruptcy in
December of last year, we have worked relentlessly on the preparation
for this lawsuit which seeks to compensate Spyker and Saab for the
massive damages we have incurred as a result of GM's unlawful
We owe it to our stakeholders and ourselves that justice is done and
we will pursue this lawsuit with the same tenacity and perseverance
that we had when we tirelessly worked to save Saab Automobile, until
GM destroyed those efforts and deliberately drove Saab Automobile into