Our Daily Saab: Banking On A Chinese Bank, Not Bank Of China
Rumors that the Bank of China would be taking a role in the “rescue” of Saab turn out to have been something of a miscommunication. Saab explains the situation as it currently exists.
Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in Swan. The discussions include a short-term solution to enable Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders. [emphasis added]
As always, you can read about the proposed new structure (which has PangDa out of the picture) and why it will solve all of Saab’s problems over at Saabsunited.com. But far more interesting is the English-language interview with Victor Muller, found here (skip ahead to the 38:40 mark), in which Muller explains that GM can block any deal in which an automaker takes a 20% or larger stake in Saab, and that he is essentially Vladimir Antonov’s front man. After all, trying to understand Muller is far more compelling than this latest deal, which can be approved by GM (because it keeps automakers below 20% ownership), but won’t actually solve Saab’s basic problems (for precisely the same reason).
Because I have a day job, jackass.
Hey plattform, got any info you can share about North Street Capital? Sorry, had to ask. But I Had to ask that question here as it could get me banned over at your place. Got anything to say about the possibility that NSC is a fraud and its head has had "issues" with the law? Also why the "I know something I won't tell" attitude? You guys laid out this big "DEAL" but very hush-hush, no specifics because of the inside track you folks have. You folks presented it as a done deal. The rank and file swooned. How did that work out? Looks like some true believers are falling from their faith now. There was no deal. There was a plan or proposal on 1 side. It's not even known if GM even saw it.
"Jeff" or "plattform" has now turned back up at The Church Of The One True Saab and is rewinding quicker than a Walkman with fresh batteries: "I announced news that an agreement on structure had been reached between the parties last week as a sign that there was positive movement. I specifically cautioned that a deal was not final but had a much greater chance of being approved than the others floating around at the time, since a third party was involoved" "What was disclosed over the weekend is evidence of the deal, which as far as I can tell gives everyone except Guy Lofalk something to be happy with." "I can’t predict the speed at which the parties sign, only that we’ve been told that this is the best chance for anything to happen." "My piece was meant to give our readers hope that there was a viable plan B," Nice bit of newspeak there "Jeff", ever thought of a career in politics? If you're going to put yourself up as a cheerleader on the internet, my friend, make sure that you're cheering on the winning side. Then make sure that you don't start arguing with people who have a better grasp of the situation than you & don't look it at through the eyes of a disciple. Plus if you are going to start banning people from your domain for no good reason (like myself) don't be surprised if people then vent their feelings towards you on another site.
Saab administrator Lofalk reportedly wants to call it quits. SWAN board (Saab holding) wants to have Lofalk replaced, arguing that he intervenes with new ownership talks. After Pang Da was written off, the company now says it is still negotiating partnership. Sources are not sure the Chinese bank that was talked about refers to the Bank of China. Despite promises, salaries still not paid.