“North Street Capital was not real,” according to Victor Muller.

Please note that our site has moved to phoenixsaab.org.

While not 100% SAAB related at this junction, it still pertains to the twists and turns within SAAB.

The U.S. private equity fund that would buy the Spyker sports car business from Saab Automobile’s former holding company Swan is now out of the picture. “North Street Capital was not real,” writes former Saab chief Victor Muller in a text message.

With the SAAB bankruptcy, Victor Muller is essentially left with an empty holding company – Swedish Automobile, or SWAN. But Spyker sports car is still under Swans roof.

In late September, Victor Muller introduced a plan to sell Spyker to U.S. private equity firm North Street Capital for 32 million euro, which is more than 282 million krona.

“Our business is safe,” said Alex Mascioli, a racing driver behind “North Street Capital”, when referring to NSC mid-October.

In November, at the height of Saab Crisis, Victor Muller told that Spykers’ deal with North Street Capital would be completed before the year end.

Near the end of October, this company up as a potential savior of Saab. A rights offering of 70 million krona and a loan of nearly 400 million krona to Saab would be guided by the reconstruction.

Guy Lofalk did not accept this deal, and chose to discontinue the reconstruction. “There is no money we have seen,” said of the promised funding from the North Street Capital.

Now it seems Victor Muller have reached the same conclusion about the U.S. venture capital firm.

But is North Street Capital is still in the process of buying Spyker?

“North Street Capital was not real,” replies Victor Muller, “This means they pretended to make a deal, but in fact they could not at all that. They could not provide credible evidence of assets.”

In mid-January, all SWAN directors left, except Victor Muller himself. There were differences of opinion about the Swan would be financed, according to their press release.

Talks about a sale of Spyker continues; yet another option is to retain Spyker in SWAN, and “expand the business through acquisitions,” according to the press release.

Source: DI.SE

Copyright © 2012, by Shawn Holwegner. All Rights Reserved. Please do not republish without permission.