A federal appeals court has dismissed Spykers $3 billion claim against GM for blocking the sale of Saab to Spyker to prevent GM technology going to the Chinese.
It’s two years since Victor Muller decided there was still a way to extract value out of the debacle that saw Spyker take over Saab and then try to sell it on to China’s Youngman.
It wasn’t a cheap route to pursue, but Muller said he had the funding to see a claim against GM for $3 billion through to the end. Well, the end has come and Muller has had his claim thrown out by a federal appeals court in the USA.
Muller had claimed that GM’s statement as Muller was busy trying to sell Saab to Zhejiang Youngman Lotus Automobile that consent would not be given for the sale as it would mean the Chinese getting their hands on GM’s tech had scuppered the deal, and bold Victor decided that was worth $3 billion in damages.
The court found that GM was within its rights to make the statement and that the contract Spyker had with GM when it bought Saab clearly stated GM had the right to end the licence agreement if Saab were to be sold without its consent.
So Victor fails to get a pay day from GM and Saab stumbles on – again on the brink of bankruptcy – in the hands of China’s NEVS.