2005 Saab 9-3 Arc Convertible 2-door 2.0l on 2040-cars

Auto blog

GM denies Spyker claims in $3B Saab lawsuit

Reuters reports General Motors has dismissed claims by Spyker outlined in a $3 billion lawsuit. Spyker alleged GM deliberately bankrupted Saab by preventing a deal with Chinese investor Zhejiang Youngman Lotus. GM, meanwhile, filed a response with the U.S. District Court for the Eastern District of Michigan saying that as the former owner of Saab, GM had the legal right to approve the deal with Youngman. But Spyker's lawsuit claimed GM's refusal to approve the deal with Youngman stemmed from the fact that the American automaker didn't want to create a competitor in China.
GM has said the issue stemmed more from the fact that it would stop licensing its technology to Saab or stop building vehicles for the manufacturer in the event it was bought by Youngman. Since Saab built its own platform that didn't use any GM tech, Spyker says that argument is meritless.
The lawsuit has Spyker seeking $3 billion in compensatory damages, though that number could swell with interest, punitive damages and legal fees, as well. Victor Muller, Spyker chief executive, has said the lawsuit is being funded by an anonymous third party. That party will share in any settlement. Youngman has refused to comment on whether or not it's footing the legal bill.

Saab tries [again] to emerge from bankruptcy

If we've learned one thing from watching The Walking Dead, it's that the only way to terminate a walker is with a swift and brutal blow to the brain. Sadly, no one has come along that's willing to do the gruesome deed to the stumbling shell that is Saab. The company's latest owner, National Electric Vehicle Sweden is trying, yet again, to crawl its way out of bankruptcy with a "composition proposal in order to exit the reorganization." That proposal, outlined in the attached press release, will see the majority of the company's many creditors receive full repayments. For 104 of the 573 creditors, all of whom have claims over 500,000 Swedish Krona (roughly $60,000), their claims will be reduced by 50 percent. If creditors approve the proposal, it'd provide "the conditions for completion of ongoing negotiations with two major OEMs," which the press release claims could come on as either a joint-venture partner in Trollhattan or a majority owner in the struggling company. We won't be holding our breath. Scroll down for the full press release from NEVS. Thursday, February 19, 2015 A composition to get Nevs out of reorganisation National Electric Vehicle Sweden AB, Nevs, provides unsecured creditors a composition proposal in order to exit the reorganisation. It creates the conditions for completion of ongoing negotiations with two major OEMs and the implementation of a new business plan together with partners and owners. Nevs' owners and management has noted the difficulty of completing this type of complex negotiations during a reorganisation and the risk premium it implies. The current negotiations, together with two major OEMs, are mainly focused on two tracks that are complementing each other. One is to form a technical joint venture company in Trollhattan and the other is to introduce a new majority owner in Nevs, with the plan of making Saab cars a global premium product. - The negotiations are progressing but we also see the complication of reaching an agreement when we are in a state of reorganisation. Our main owner has single-handedly financed the reorganisation and intends to get us out of it. In order for this to be possible financially, we need to reach a composition arrangement with the creditors, says Nevs CEO, Mattias Bergman. The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500'000 SEK.

What would you drive in 1985?

Bereft of live baseball games to watch, I've turned to the good ship YouTube to watch classic games. While watching the 1985 American League Championship Series last night, several of the broadcast's commercials made its way into the original VHS recording, including those for cars. "Only 8.8% financing on a 1985 Ford Tempo!" What a deal! That got me thinking: what would I drive in 1985?  It sure wouldn't be a Tempo. Or an IROC-Z, for that matter, despite what my Photoshopped 1980s self would indicate in the picture above. I posed this question to my fellow Autobloggists. Only one could actually drive back then, I was only 2 and a few editors weren't even close to being born. Here are our choices, which were simply made with the edict of "Come on, man, be realistic."  West Coast Editor James Riswick: OK, I started this, I'll go first. I like coupes today, so I'm pretty sure I'd drive one back then. I definitely don't see myself driving some badge-engineered GM thing from 1985, and although a Honda Prelude has a certain appeal, I must admit that something European would likely be in order. A BMW maybe? No, I'm too much a contrarian for that. The answer is therefore a 1985 Saab 900 Turbo 3-Door, which is not only a coupe but a hatchback, too. If I could scrounge up enough Reagan-era bucks for the ultra-cool SPG model, that would be rad. The 900 Turbo pictured, which was for auction on Bring a Trailer a few years ago, came with plum-colored Bokhara Red, and you're damn sure I would've had me one of those. Nevermind 1985, I'd probably drive this thing today.   Associate Editor Byron Hurd: I'm going to go with the 1985.5 Ford Mustang SVO, AKA the turbocharged Fox Body that everybody remembers but nobody drives. The mid-year update to the SVO bumped the power up from 175 ponies (yeah, yeah) to 205, making it almost as powerful (on paper, anyway) as the V8-powered GT models offered in the same time frame. I chose this particular car because it's a bit of a time capsule and, simultaneously, a reminder that all things are cyclical. Here we are, 35 years later, and 2.3-liter turbocharged Mustangs are a thing again. Who would have guessed?