Is Saab betting on being saved by a man with a mile log rap sheet? We are not talking Vladimir Antonov. We are talking Alex Mascioli.
On Wednesday, Swedish Automobile N.V. including Saab Automobile AB published its 3rd quarter 2011 report. It is a report written in red ink. It talks about the well documented troubles with China and GM. It mentions that there is “a memorandum of understanding for a conditional agreement for the sale of Spyker Automotive business to North Street Capital with net proceeds for Swan of EUR 32 million.”
The report then says:
“The future of Swan will depend on the outcome of these negotiations.”
A lot has been written about the Chinese aspect. Very little is known about the mysterious North Street Capital, LP, of 500 West Putnam Avenue, Suite 400, Greenwich, Connecticut 06830. Some claim it works out of a virtual office. The company is so discrete that its website shows a white page (at least on my browser.) What is known is that the alleged hedge fund is owned by an alleged car enthusiast (aren’t we all) by the name of Alex Mascioli. His track record in the world of car racing and the world of finance is sketchy at best. Whoever hinges the future of Swan on Mascioli and North Street Capital should do some due diligence.