The CDO Magnate Behind New Saab
This morning, bankrupt automaker General Motors, their failed SAAB subsidiary, low-volume independent automaker Koenigsegg, and the Swedish government signed a deal for Saab’s future. Oh yeah, and some guy named Mark Bishop, an “American investor.” Who he? Can you say “junk bonds” and “sub-prime”? But before we look at Bishop’s CV, let’s break this deal down to its constituent parts . . .
Through his company Alpraaz, Christian von Koenigsegg will have a 42.6 percent stake in the newly reformed Saab. American investor Mark Bishop will hold a 22.2 percent share. Norwegian designer, industrial engineer and inventor Bård Eker will have 11.8 percent. The remaining 23.4 percent will be held by Koenigsegg Automotive AB, which again is co-owned by Eker and Koenigsegg, split equally.
OK, so, money man Mark Bishop was once a VP at Drexel Burnham Lambert—or so he says in every web res I found. Even if true, it tells you a lot about Bishop that he’s boasting about his time with the bankrupt Burnham boys, who pleaded no lo contendre moments before a grand jury was going to hand out a RICO indictment.
After that debacle, Bishop co-founded the now-defunct Brentwood Financial Group, “managing the bulk purchase, and subsequent pooling and sales of conforming and non-conforming residential mortgage loans on a national scale.” He then assumed the Presidency of IMPAC Mortgage Acceptance Corporation (more “non-conforming residential loans”). Bishop leveraged that experience to become President of sub-prime lender Novelle Financial Services.
Bishop’s now Managing Director of Liquiddium, a self-professed “leading private equity company that concentrates on “creative real estate transactions in select markets throughout the United States.” “Creative” as in specializing in real estate deals gone bad. “Creative” as in based in Malibu. “Creative” as in “properties are acquired on an all-cash basis as well as with the use of leverage.” At the same time, Bishop’s the MD and CEO of ABS Investment Group, selling residential mortgage-backed securities.
In short, the guy is up to his eyeballs in predatory lending and re-packaging of same. Now that CDOs (collateralized debt obligations) are a no go, Bishop’s moved on. However he insinuated himself into this deal (a story I’d dearly love to hear), Bishop’s goal is clear: strip and flip Saab using Swedish government money.
Bishop’s appearance on the post-C11 Saab scene is not a good sign for the brand. In fact, it could be a potential deal-breaker for the Swedish government, once this info gets out. Look for Bishop to get the old heave-ho. And not a moment too soon. In fact, what the hell were these guys thinking?
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