When Spyker sued GM for mucking with Saab’s failed deal with Youngman, and wanted $3 billion for its trouble, TTAC’s resident garage lawyers did not give Spyker big odds.
Yesterday, the suit was thrown out.
A U.S. federal judge said the GM had the right to block the sale of a company using its technology, Reuters reports. Said U.S. District Court Judge Gershwin Drain said in a hearing in Detroit:
“General Motors had a contractual right to approve or disapprove the proposed transaction. The court is going to grant the motion to dismiss the matter.”
Spyker Chief Victor Muller was in the court room. He did not want to say whether he would appeal. “We will be awaiting the written order and then we will assess,” Muller told Reuters.
The allegedly aggrieved entity was Saab and not Spyker. Saab went bankrupt, and its assets were bought by a murky Chinese entity. Spyker acquired the rights to sue GM. As usual, Muller did not use his own money. Back then, a Spyker press release said:
“Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor.”
More money down the drain.