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Magna and Sberbank want their money back. Everything they had so far invested into Opel needs to come back from GM, says Das Autohaus in Germany.” We are in negotiations with GM and we hope that we don’t have to go to court “, said Sberbank boss German Gref. “If all else fails, we’ll defend our position in a court of law.“ Gref did not name any sums. Magna also wants their money back. Magna’s Siegfried Wolf said “it is a considerable sum.”
The German government also wants to have their loan back before it will entertain any further discussions. The loan is due by end of November.
8 Comments on “Berlin, Magna, Sberbank: We Want Our Money Back!...”
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So… Do these guys realize who exactly it is they “loaned” money to?
Court of law. Aren’t they cute.
At this point, as a sufferin’ taxpayer, after watching the gigantic brains at GM bumble from one hornet’s nest to another since their reorganization as a company with little debt, I’d like to get my money back too.
And not a hope in hell.
Hardball, pure and simple. The creditors know they have Washington trapped. The only way the Obama administration can avoid politically visible failure at Government Motors is to step in and float Opel via GM. The creditors know da boss can not afford to have his walks-on-water image holed below the waterline – especially at a time when he requires his full credibility to deal with a host of other issues.
The German government will get their money back one way or another. Do you honestly think they’ll accept a cheap ass failure of a company like GM ripping them off? No way. It’d make the German government look like a failure to the voters.
If GM act funny in paying back money in any way, expect the Germans to step in and take ‘what is owed’ – with interest.
GM has stated that they will pay the money back to Germany, but what did Magna and Sberbank invest? The deal did fall through, but I was unaware that they (Magna and Sberbank) had given any money to GM.
I thought they forfeited the money back guaranty by accepting a $500 discount when they originally agreed to buy it?
..it’s only money… especially when it’s other peoples’ money. At the risk of sounding like a conspiracy theorist, this simply cannot be the result of stupidity. With such intelligent, accomplished people on the GM Board in this current incarnation, one has to wonder: 1) who’s money is being laundered? or 2) who is the cash being funneled to?
Looks like a conspiracy theorist to me. Why the accusation of laundering?