Well, perhaps the turmoil of the last year is over for at least one of GM's orphaned brands, Saab.
For 20 years GM has had control of Saab but it now has reportedly struck a deal with Spyker Cars NV, a Dutch sports car builder, for sale of the trouble Swedish Saab brand. Spyker sought, and apparently obtained government loans to back the deal, reportedly in excess of half a billion dollars.
The new company will be called Saab Spyker Automobiles NV and will be owned in small, toe-hold part by GM.
The $74 million price tag will be paid for in two lump sums, if the deal goes through. $326 million worth of preferred shares in the merged company also goes to GM but those shares represent less than 1 percent of Saab Spyker's voting rights, Spyker said.
While some Saab dealers have already cut back or closed, it's good news for the struggling brand and its remaining dealers.
ABOUT THE AUTHOR
Known nationwide as a leading Lemon Law attorney, Ronald L. Burdge has represented literally thousands of consumers in "lemon" lawsuits and actively co-counsels and coaches other Consumer Law attorneys. From 2005 through 2018, attorney Ronald L. Burdge has been named as the only Lemon Law Ohio Super Lawyer by Law and Politics magazine and Thomson Reuters Corp., Professional Division. Burdge restricts his practice to Lemon Law and Consumer Law cases. The Ohio Super Lawyer results are published annually in the January issue of Cincinnati Magazine. Ronald L. Burdge was named Consumer Law Trial Lawyer of the Year 2004 by the National Association of Consumer Advocates, the nation's largest organization of consumer law private and government attorneys. "Your impact on the auto industry has been magnified many times over because of the trail you blazed for others," stated NACA's Executive Director, Will Ogburn. Burdge has represented thousands of consumers in Ohio, Kentucky and elsewhere since 1978 and is a frequent lecturer to national, state and local Bar Associations and Judicial organizations. Burdge is admitted to Ohio's state and federal courts, Kentucky's state courts, and Indiana's federal courts. Other court admissions are on a "pro hac" temporary, case by cases basis.