The Truth About Cars » delaware http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Tue, 30 Jun 2015 20:00:22 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars » delaware http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com General Motors Shareholder Lawsuit Dismissed In Delaware http://www.thetruthaboutcars.com/2015/06/general-motors-shareholder-lawsuit-dismissed-in-delaware/ http://www.thetruthaboutcars.com/2015/06/general-motors-shareholder-lawsuit-dismissed-in-delaware/#comments Tue, 30 Jun 2015 18:00:24 +0000 http://www.thetruthaboutcars.com/?p=1102945 A group of General Motors shareholders found their lawsuit over the February 2014 recall dismissed in Delaware Monday due to lack of evidence. The lawsuit — one of four linked to shareholders; the others are in Michigan — alleged GM’s directors acted in bad faith over the handling of the February 2014 ignition switch recall […]

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GM First Day as a Public Company Celebration

A group of General Motors shareholders found their lawsuit over the February 2014 recall dismissed in Delaware Monday due to lack of evidence.

The lawsuit — one of four linked to shareholders; the others are in Michigan — alleged GM’s directors acted in bad faith over the handling of the February 2014 ignition switch recall affecting 2.66 million vehicles, Detroit Free Press reports.

In his dismissal of the suit, Delaware Chancery Court Judge Sam Glasscock found the board “did not consciously fail to monitor” the company’s operations, thus was unable to find “substantial likelihood of personal liability on the part of a majority of the board.”

GM praised Glasscock’s ruling, especially in light of the various lawsuits still on the table, among other legal actions:

The Delaware Court properly dismissed the complaint because GM’s board of directors did its job in exercising oversight over the company. The other shareholder derivative actions pending against the board make the same allegations, so we hope the courts will dismiss those as well.

The Michigan-based lawsuits, two of which are in federal court, were held pending the Delaware decision. Spokesman Jim Cain hopes said decision leads to the trio’s dismissal.

(Photo credit: General Motors)

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Fisker May Follow A123 To China http://www.thetruthaboutcars.com/2013/02/fisker-may-follow-a123-to-china/ http://www.thetruthaboutcars.com/2013/02/fisker-may-follow-a123-to-china/#comments Fri, 15 Feb 2013 17:23:16 +0000 http://www.thetruthaboutcars.com/?p=477700 Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company. With a $200 million Department of Energy loan still outstanding, and a possible cash crunch looming mid-year, Fisker has been […]

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Reports by Bloomberg suggest that Fisker could sell up to an 85 percent stake to Chinese automaker Dongfeng. The automaker apparently bid $350 million for the beleaguered plug-in car maker, according to sources close to the company.

With a $200 million Department of Energy loan still outstanding, and a possible cash crunch looming mid-year, Fisker has been looking for a buyer. Company spokesman Roger Ormisher told Bloomberg

“The company has received detailed proposals from multiple parties in different continents, which are now being evaluated by the company and its advisers,”

If Fisker were to be sold to Dongfeng, the possibility exists that production of its vehicles would move from Finland to China, without the ex-GM factory in Delaware having ever produced any cars. Fisker’s battery supplier, A123 Systems, declared bankruptcy in 2012, and was sold to a Chinese firm.

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