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  1. #1
    Frank
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    Spyker Cars

    Almost exactly 3 years after the Saab Automobile bankruptcy in 2011 on December 19, Spyker has reached the same end of the road.

    Spyker and especially Mr. Muller always had a lot of critics. Many have a strong opinion about the cars or Mr. Muller's business practices. However, not many can or are willing to take the risks in starting a car company and designing and building their own unique cars. He also was one of the few who saw the potential of Saab and showed real compassion and interest in the brand, the company and the people.

    I am sure we haven't seen the last of Mr. Muller and his adventures in the automotive world. But everytime a car company goes away, the car world becomes a little less interesting.



    Press release:

    SPYKER COMPANIES DECLARED BANKRUPT

    Zeewolde, the Netherlands, 18 December 2014. Today the District Court of Midden-Nederland, at the request of the administrator, converted the moratorium of payment, granted to Spyker N.V. and its wholly owned subsidiaries Spyker Automobielen B.V. and Spyker Events & Branding B.V. (collectively “Spyker” or the “Company”) on December 2nd, last, to bankruptcy. The cause for this conversion was that the committed bridge funding did unfortunately not reach the company in time. The administrator will continue his work but now as receiver.

    Victor R. Muller, Founder and Chief Executive Officer said: “None of the ambitions we had when we founded Spyker 15 years ago, has vanished as a result of today’s events. In 2000 we set out to establish a super sports car business from scratch with a global distribution and we achieved that. Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise.

    However, I would like to make clear that as far as I am concerned “this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning” to quote Winston Churchill. I will relentlessly endeavour to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology.

    This is the moment to express my gratitude to our customers, dealers, suppliers and of course our employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half. They can count on us continuing to live by the Spyker axiom “Nulla Tenaci Invia est Via” (Latin for “For the tenacious no road is impassible”).”


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  2. #2
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    I was looking over some Bloomberg articles when I stumbled over one on Victor Muller and said his business history was linked to a string of failed companies. Corporate raiding only became popular here when Donald Regan, Ronald Reagan's secretary of the treasury made up a parcel of changes to the corporate tax and finance codes, resigned and then took many small companies by surprise. The essential scheme is to find a small but solvent company and then procure loans for operational expenses, paying hefty salaries and then defaulting on the loans and monies owed to suppliers. The one source was from a series by the Philadelphia Enquirer. Ahhhh, harken back to the days of the wild west but substitute the Colt .45 with a Mont Blanc pen.

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  3. #3
    Frank
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    When you thought Mr. Muller was defeated and sitting at home watching daytime TV, he strikes back and continues like it never happened..

    Press release from Spyker:

    SPYKER N.V. WINS APPEAL: BANKRUPTCY DECLARED NULL AND VOID WITH RETROSPECTIVE EFFECT.

    Back in Moratorium of Payment, Spyker expects to reach an Agreement with its Creditors and exit Moratorium in a Matter of Weeks.

    Zeewolde, the Netherlands, January 29th, 2015. Spyker N.V., together with its wholly owned subsidiary Spyker Automobielen B.V. (collectively "Spyker" or the "Company"), today won an appeal filed on December 29th, 2014 with the Appeals Court of Leeuwarden, the Netherlands.Pursuant to the ruling rendered today the decision of the District Court of Midden-Nederland in Lelystad, the Netherlands (the "Court"), declaring Spyker bankrupt on December 18th, 2014, was overturned and the bankruptcy declared null and void with retrospective effect.

    This means that by law Spyker was never bankrupt and that the Company has, with immediate effect, returned to the moratorium of payment status, in which it was since the Court granted Spyker that protection on December 2nd, 2014. On that day, Spyker filed a voluntary petition for temporary moratorium of payment ("surseance van betaling"), the Dutch equivalent of the American Chapter 11 procedure, in an effort to address certain short-term operational and liquidity challenges. When expected bridge funding did not arrive timely, the Court appointed administrator who, together with the Board of Management, bears final responsibility for the management of the Company as long as the legal moratorium of payment status is in force, filed a request with the Court to convert the moratorium of payment to bankruptcy.

    Fortunately, in the days following the bankruptcy ruling, the bridge funding did come in, which provided a solid foundation for lodging an appeal with the Appeals Court on December 29th,2014.

    Victor R. Muller, Spyker's Founder and Chief Executive Officer said: “On December 18th, last, perhaps the blackest day in our 15 year history, I announced that as far as I was concerned, this was not the end and we would live up to our commitment to relentlessly endeavour to resurrect Spyker as soon as practically possible.

    But even I could not foresee at the time how quickly and unscathed Spyker would emerge from a situation which usually heralds the end of an era. The Appeals Court's ruling has eradicated the bankruptcy and put Spyker back in "Chapter 11". Since we spent the time between lodging the appeal and today's ruling to reach an agreement with the majority of our creditors, we should see Spyker exit moratorium of payment in a matter of weeks.

    Following that exit we will forthwith pursue the execution of our plans which include the introduction of the Spyker B6 Venator, our entry-level luxury sports car which will give a larger audience access to the Spyker brand, and the merger with a US based manufacturer of high performance electric aircraft, the exciting new sustainable and disruptive technologies of which will find their way into full electric Spyker cars in the foreseeable future.

    I again wish to express my gratitude to our customers, dealers, suppliers and of course our shareholders, employees and Board. Their loyalty and support was vital to build the brand over the past decade and a half and has now proven invaluable to achieve the overturning of the bankruptcy ruling and subsequent exit from moratorium so we can continue building our business for many decades to come.”

    Additional information about the restructuring is available at the Company's website. For access to Court documents and other general information about the temporary legal moratorium, please visit News | Spykercars.

    A temporary moratorium of payment under Dutch law is very similar to the American Chapter 11 procedure and allows a company to continue operating its business and managing its assets in the ordinary course of business. The temporary moratorium has been enacted to encourage and enable a company to continue to operate while restructuring its business, thereby preserving jobs and maximising the recovery for all its stakeholders.

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  4. #4
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    It's easy to smile when you have been "cash raiding" ... just like Milliken, the corporate till. This still does not absolve him of the tax evasion crimes he was arrested for.

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  5. #5
    Frank
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    Not much happening with Spyker lately. They owe €24.9 million to Saab UK but there isn't much hope they will even see a fraction of that. All Spyker employees in the Netherlands have been let go and I don't think they have much inventory either.

    If yuo don't repay your debt as a person, you have to file for bankruptcy and this will follow you for the rest of your life. If you owe money to criminals and don't pay, you get killed. If you're a company and don't pay your debts, you're a business man! Just go through bankruptcy and start again.

    Spyker Poised to Rev Out of Bankruptcy Protection, but Survival Not Yet Assured - TheStreet

    Hopefully, this new cooperation with electric airplane builder Volta Volare is going to work out for Spyker. If it was me, I would only do business with NEVS or Spyker if there's cash on delivery of goods or services.

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  6. #6
    Frank
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    Press release from today:

    SPYKER SUCCESSFULLY EXITS MORATORIUM, RESUMES ITS OPERATIONS AND PREPARES FOR MERGER WITH ELECTRIC AIRCRAFT MANUFACTURER VOLTA VOLARE.

    Zeewolde, the Netherlands, July 30th, 2015. After almost 8 months since entering into moratorium of payment (the equivalent of the American Chapter 11 proceedings) on December 2nd, 2014, Spyker N.V. and its subsidiary Spyker Automobielen B.V. (collectively "Spyker" ) successfully exited moratorium on July 29th, last at 11.59pm. Since no creditor filed an appeal with the Dutch Supreme Court the ruling of the Appeals Court of July 21st, last became final, confirming an earlier decision of the District Court which had already ratified the proposed creditor settlement on May 13th, last.

    Victor R. Muller, Spyker's CEO said: "We have gone through a very rough patch during the past year, going from moratorium in early December 2014 to being declared bankrupt on December 18th, subsequently filing an appeal of that decision, winning that appeal on January 22nd, 2015 and returning to moratorium as a consequence. After winning a long legal battle with just one creditor, we have now finally succeeded in exiting moratorium and we are back in business as a healthy, debt free enterprise. In the coming weeks we will finalise the agreements with investors which were held up for over two month by the protracted litigation. But true to our logo "nulla tenaci invia est via" (for the tenacious no road is impassable) we have persevered and we can now move on and pursue our ambitious goals including the merger with Portland, Oregon based electric aircraft manufacturer Volta Volare.

    I would like to take this opportunity to thank all those who supported us during these trying times: our employees, our creditors (minus one), our business partners, our competent Board and foremost our investors who stuck with us in spite of the massive difficulties we had to overcome. Without their impressive commitment Spyker would definitely not be where it is today. With some 250 Spykers on the road we have a great client base and we thank our customers for their unwavering loyalty to the Spyker brand. A special word of gratitude to our CFO Arjen Dikken who stayed the course no matter what and to Paul Peterson, Volta Volare's founder and CEO for keeping the faith that we would prevail.

    Finally I would like to thank Mr Henk Pasman, Esq., the court appointed administrator, and his assistant Robert van Faassen, Esq. for working relentlessly on achieving the best outcome for our creditors.

    In summary, Spyker is back with a vengeance and we look forward to a bright future for the company I founded 15 years ago and which is now set to build sensationally elegant and classy (electric) motorcars and electric planes for decades to come."

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  7. #7
    Frank
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    I drove by Spyker in the Netherlands today but not much was happening yet. The parking lot was empty except for a BMW X5 on this Monday afternoon.










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  8. #8
    Mike
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    Photos don't appear to be working.

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  9. #9
    Frank
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    The latest news is Spyker is leaving The Netherlands and moving production to the UK. They used to make cars in Coventry before so that's a possible location. After Spyker came out of bankruptcy earlier this year, they finished a few cars in Zeewolde but not much else has happened.

    I hope they start making cars again.


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  10. #10
    Frank
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    Just when you thought Spyker is no more, there is this new announcement for the Geneva Motor Show.

    Geneva, 7 March 2017 - Spyker Ltd. (“Spyker”) today announced its most significant technological advancement since the inception of the Dutch creator of meticulously handbuilt sportscars in 2000. Spyker Founder and CEO Victor R. Muller announced that Spykerhas signed an Engine Supply Agreement with Christian von Koenigsegg, Founder and CEO of Koenigsegg Automotive AB (“Koenigsegg”) from Angelholm, Sweden, during a press conference at the 87th Geneva International Motor Show. Both the Spyker C8 Preliator as well as its Spyder version, which was unveiled at the press conference, will be propelled by the new Koenigsegg engine.

    The normally-aspirated, Koenigsegg dry-sump 5-litre V8 engine boasts 600 hp and 600 NM oftorque. Koenigsegg has developed this engine specifically to meet Spyker’s needs and theKoenigsegg V8 will be installed in every Spyker C8 Preliator, both the Coupe, which waslaunched in March 2016, and the new Spyder unveiled today, and replace the Audi V8powertrain as from car one. The Koenigsegg engine will be mated to a six-speed manualtransmission.

    More: http://www.spykercars.com/uploads/ne...pyder_GIMS.pdf

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