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.
The man in the weineresque photograph is Alex Mascioli, head of North Street Capital in Greenwich, Conn. Supposedly, he will come up with $70 million by this weekend to save Saab form the abyss once more. Not much is known about the man – Wait, I take that back.
Guy Lofalk, the administrator of Saab’s reorganization, will ask the court in Vänersborg to terminate the reorganization process. Before, Saab expressed “ doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011.” Finally something we can agree on.
What happens if the court accepts Lofalk’s recommendation? Stockholm News explains it: