U.S. Investor Out of Pending Saab Deal
August 14, 2009
A controversial U.S. investor and part owner of Koenigsegg Automotive AB - the exotic 
sportscar maker planning to buy Saab Automobile from the "old" General Motors Corp - is out of the picture as the Koenigsegg Group progresses with its plan to acquire Saab.
Swedish business media report that Mark Bishop, who made a name and a fortune as an investor in securitizing sub-prime mortgages, sold his holding in Koenigsegg to another investor. Tiny Koenigsegg is hoping to acquire Saab by the end of this quarter.
It may never be known whether Bishop willingly removed himself from the equation, but some European press reports indicate some of Koenigsegg's other investors were uncomfortable with the attention Bishop's presence brought. It also is believed the Swedish government - which has to decide by August 20 whether to guarantee a European Investment Bank loan of nearly $600 million to help finance the deal - was not keen on Bishop's implicit involvement in the new ownership of Saab via his Koensigsegg holding.
Reports last week from Sweden indicated some of the Koenigsegg Group's investors were considering pulling the plug on the plan to buy Saab because they were unhappy with the increasing amount of publicity and scrutiny of the deal. Apparently they (and perhaps the Swedish government) believed Bishop's history of employment in the high-leverage finance sector did not impart the sense of long-term commitment vital to lead Saab to more secure financial footing. -- Bill Visnic
Posted by Michelle Krebs at 5:12 AM under Companies , GM , News , Personalities | Comments (0) | digg this | Seed Newsvine
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