Spyker sues GM for more than $3 billion over Saab bankruptcy

AMSTERDAM (Reuters) - Dutch sportscar maker Spyker is suing General Motors for more than $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.

Saab Automobile, one of Sweden's best-known brands, stopped production in May 2011 when it could no longer pay suppliers and employees. It went bust in December, less than two years after GM sold it to Spyker. GM's efforts to kill any sale were made to eliminate a potential rival in China, Spyker said.

"GM never intended to allow Saab to compete with it in China," Spyker said in its complaint, filed in the United States District Court of the Eastern District of Michigan.

"When Saab found a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM was determined to scuttle the deal by any means necessary, including the publication of false information about its rights under the parties' contracts," Spyker added.

GM spokesman James Cain said the U.S. automaker had not seen the lawsuit yet, but added, "It is hard to believe."

Spyker Chief Executive Victor Muller said GM "had it coming" with regard to the lawsuit.

"They never thought we would survive," he told Reuters. "Well, Spyker's still here. They assumed Spyker would end up in the graveyard with Saab and obviously that didn't happen."

In asking for a jury trial, Spyker is seeking at least $3 billion in compensatory damages, as well as interest and punitive damages, and legal fees.

"GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's ... interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern."

For months, Muller tried to pull off a rescue deal with various Russian, Middle Eastern and Chinese investors, including China's Pang Da Automobile Trade Co Ltd and Zhejiang Youngman Lotus Automobile Co.

He told reporters the $3 billion claim was based on what Saab would have been worth if a deal with Chinese firm Zhejiang Youngman Lotus Automobile Co, or Youngman, had gone ahead.

Spyker spent hundreds of thousands of dollars in litigation fees preparing the case over the past six months, Muller said.

Spyker's lawsuit was being funded by an anonymous third party, who will share in any settlement, he said.

GM, which operates in China in a partnership with state-run automaker SAIC Motor Corp Ltd, late last year effectively blocked deals with two Chinese investors, Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile.

GM said it would stop supplying vehicles and technology to Saab's new owners because it would run counter to the interests of its own shareholders. Saab filed for bankruptcy months later and stopped producing cars.

"GM created the appearance of initially encouraging Saab to enter into a deal with Chinese investors to save the company, only later to unlawfully pull the rug out from under Saab, driving it into bankruptcy liquidation," Spyker said in the lawsuit.

"Indeed, it was GM's intent by whatever means necessary to quash any financing or investment deal that could save Saab from liquidation, because GM simply sought to eliminate Saab from competition, particularly in the Chinese automobile market," the complaint said.

Spyker charged GM with interfering in a prospective deal with the Chinese companies by claiming it would no longer license its technology to or build cars for Saab even though the last agreement was structured to exclude the U.S. automaker's intellectual property, according to the lawsuit.

Saab had created its own vehicle platform that did not use any GM technology, so GM's statements that it would not support a deal were "intentionally false" because such support was not needed, Spyker said in the lawsuit. Spyker also said the agreement for GM to supply parts and build the Saab 9-4X SUV ran through 2014 and was not subject to termination "for convenience" by either company, the lawsuit said.

Saab, which had been making cars since 1947 and built a small, loyal following, was declared insolvent with debts of about 13 billion Swedish crowns ($1.93 billion), around 2.2 billion of which is owed to the Swedish Debt Office.

GM bought 50 percent of Saab in 1990 and the rest 10 years later. It decided to sell the brand in 2009 after the financial crisis and came close to closing it before Swedish Automobile, then called Spyker Cars, bought Saab in January 2010.

Despite its well known name, Saab was a niche players whose future had been questioned by analysts. Saab was profitable in only one of the 19 years GM owned it, executives with the Detroit automaker have said.

Following Saab's bankruptcy, Sweden's bankruptcy administrators in Sweden said they had chosen a consortium called National Electric Vehicle Sweden (NEVS) AB to buy Saab for an undisclosed sum. Muller said that deal was between the receivers and NEVS.

(Additional reporting by Ben Klayman in Detroit; Editing by Helen Massy-Beresford, David Cowell and David Gregorio)

Source: http://news.yahoo.com/spyker-sues-gm-3-billion-u-court-over-122122515--finance.html

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Do Something About That Dry Skin With The Right Care

Many people suffer from dry skin and for some it is a symptom of a disease or a condition like dermatitis or a rash. But often dry skin is caused by medications you take, foods you eat, deodorants or soaps or other products you use and even medical conditions like diabetes or psoriasis that can cause dry skin. Dry skin is also caused by the environment - the sun, wind and harsh weather can dry out the skin easily. Some dry skin problems can be easily remedied while others might be more difficult.

Normal healthy skin contains fatty substances called natural lipids that keep the skin moist as well as soft and supple. But when the fatty oils are stripped from the skin it leaves the skin with no protection and this causes the skin to dry out. Dry skin then becomes itchy and red and irritated the longer it goes untreated.

Dry Skin Affects How

You Feel When people develop patches of dry skin it is normally on their arms, hands, feet and lower legs but it can also be on the face and other places on the body. Usually the dry skin becomes itchy because it is so dry it can cause flaking which can also be noticeable to others and become embarrassing as well as stressful. Of course, stress can then make it worse. Dry itchy skin can become red because you are generally scratching it sometimes unconsciously because it bothers you.

Untreated Dry Skin Can Cause Worse Problems If the dry skin condition goes untreated the skin can become cracked and dried out plus it can provide an easy access for bacteria and other debris that can lead to more serious problems so it is essential that you treat the dry skin so that it does not become infected or lead to something more serious.

Moisturizers Are Essential

A good moisturizer is essential for treating dry skin but it has to be the right moisturizer. It should not contain any alcohol or fragrances as these can tend to irritate the skin even more especially those who already have sensitive skin. The moisturizer should be applied on damp skin rather than on the skin when it is completely dry otherwise it will not absorb into the skin. It is best to apply it after a shower or bathing or cleansing the face so that the moisturizer can capture the moisture that is already there. Let it soak in but apply it as often as possible - at least twice daily.

Check out the Products You are Using

Very often soaps or other cleansers are contributing to the dry skin problem because they contain ingredients that are drying out your skin or are too harsh for your skin and you need something milder and gentler that will cleanse the skin but not rob it of its essential oils. You should look for fragrance free soaps but the best thing to use is a mild cleanser because often unscented soaps still have perfumes in their ingredients. Check the labels very carefully and ask your skin care professional for advice in finding the right products for your skin because each person's skin is different so it requires different types of products.

Do not use brushes or sponges that are abrasive to cleanse the skin. Most people's skin cannot tolerate these types of cleaning implements as they strip away more natural oils that are what we need to keep the skin healthy. Likewise do not wear clothing that is itchy like a wool sweater or one that scratches and can easily irritate the skin. It is unnecessary and can lead to rashes and other skin conditions.

Medications often have a side effect that dries out the skin such as diuretics or products that are used to treat acne and other skin conditions. If your doctor prescribes a medication be sure to check whether it will lead to dry skin. Always ask for medications or products that are made for those with sensitive skin that becomes dry easily. There are so many products on the market today that there are always alternatives to those that are too harsh for your skin. So look for those that are gentler to the skin so that it can remain healthy and nourished at all times.

Dr. Farid Mostamand, Founder of DrSkinSpa.com bring you the latest research in anti aging skin care. Learn more about Lierac skin care products and Glytone anti aging skin care products.

Source: http://articles.submityourarticle.com/do-something-about-that-dry-skin-with-the-right-care-284874

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NASA's Curiosity Rover Lands Safely on Mars

News | Space

The elaborate landing of the $2.5-billion mission went off without apparent incident

By John Matson ?| August 6, 2012?|

FIRST LIGHT: One of Curiosity's first images of Mars. Image: NASA

The seven minutes of terror are over.

NASA's Curiosity rover touched down safely on the surface of Mars early Monday morning, Eastern Daylight Time, sticking the landing in what had been one of the most anticipated?and feared?arrivals in the history of robotic planetary exploration.

The 900-kilogram rover autonomously navigated its landing sequence, slowing from 21,000 kilometers per hour at the top of the atmosphere to a dead stop on the surface, with nary an apparent hitch. The elaborate process, which involved a detachable heat shield, a supersonic parachute and finally a hovering sky crane that lowered the rover to the surface, had been branded the "seven minutes of terror" in a NASA video released in June. In the end, based on preliminary data at least, the fears were for naught.

"It looked good, in short," said entry, descent and landing engineer Adam Steltzner in a post-landing news conference. "Good and clean."

The data from the descending rover were relayed to Earth by the Mars Odyssey orbiter, which passed nearby as Curiosity executed its landing sequence. On NASA TV Steltzner could be seen pacing in front of his workstation in the control room at NASA's Jet Propulsion Laboratory (JPL). But each successive step of the landing sequence passed by without incident, and finally a mission controller announced words that caused the room to erupt in cheers: "Touchdown confirmed. We are safe on Mars."

Within minutes Curiosity relayed its first images of the Red Planet, beaming back a low-resolution shot of one of its six wheels. A higher-resolution version followed, along with a photograph of the rover's own shadow cast across the Martian soil.

In a nearly two-year, $2.5-billion mission, the rover will explore Gale Crater, a basin with a towering mound of sedimentary layers. The mission should help determine what Mars was like during an earlier, wetter era billions of years ago, and whether the planet could have once been hospitable to extraterrestrial life.

The three-meter-long, two-meter-tall rover comes equipped with 10 science instruments, including an onboard sample analysis unit for assessing the chemistry of rock and soil samples and a laser that can vaporize small regions of rocks several meters away to analyze their composition. Curiosity's unprecedented science payload draws its power from a radioisotope thermoelectric generator, a 4.8-kilogram plutonium fuel source whose radioactive decay provides heat, which devices called themocouples convert to about 110 watts of electricity.

"Nobody has ever done anything like this," John Holdren, the White House science adviser, told NASA TV. "This is by far the most capable device, set of instruments, we've put up there for determining whether Mars ever could have supported life."

Nobody had ever attempted anything like the sky crane?enabled landing, either. But some saw good omens, even before the seven minutes of terror had begun. At the post-landing news conference, JPL Director Charles Elachi said he had stepped outside to look at Mars in the evening sky shortly before the landing sequence commenced. "In an hour and a half, you're going to have a visitor," Elachi said as he gazed to the west, he recalled. "And the planet smiled."

Source: http://rss.sciam.com/click.phdo?i=c1ce3a5b84fbc1d0fb33429ac5ac8060

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NASA picks 3 private firms to develop space taxis

This artist's rendering provided by Sierra Nevada Space Systems shows the company's Dream Chaser spacecraft docking with the International Space Station. NASA has picked three aerospace companies to build small rocketships to take astronauts to the International Space Station. This is the third phase of NASA's efforts to get private space companies to take over the job of the now-retired space shuttle. The space agency is giving them more than $1.1 billion. Two of three ships are capsules like in the Apollo era and the third is a lifting body that is closer in design to the space shuttle. (AP Photo/Sierra Nevada Space Systems)

This artist's rendering provided by Sierra Nevada Space Systems shows the company's Dream Chaser spacecraft docking with the International Space Station. NASA has picked three aerospace companies to build small rocketships to take astronauts to the International Space Station. This is the third phase of NASA's efforts to get private space companies to take over the job of the now-retired space shuttle. The space agency is giving them more than $1.1 billion. Two of three ships are capsules like in the Apollo era and the third is a lifting body that is closer in design to the space shuttle. (AP Photo/Sierra Nevada Space Systems)

This undated artist illustration provided by Boeing shows the Crew Space Transportation (CST)-100. NASA has picked three aerospace companies to build small rocketships to take astronauts to the International Space Station. This is the third phase of NASA's efforts to get private space companies to take over the job of the now-retired space shuttle. The space agency is giving them more than $1.1 billion. Two of three ships are capsules like in the Apollo era and the third is a lifting body that is closer in design to the space shuttle. (AP Photo/Boeing)

This undated computer generated illustration provided by SpaceX shows a Dragon Crew spacecraft in Earth orbit showing solar panels in the process of deploying. NASA has picked three aerospace companies to build small rocketships to take astronauts to the International Space Station. This is the third phase of NASA's efforts to get private space companies to take over the job of the now-retired space shuttle. The space agency is giving them more than $1.1 billion. Two of three ships are capsules like in the Apollo era and the third is a lifting body that is closer in design to the space shuttle. (AP Photo/SpaceX)

WASHINGTON (AP) ? NASA picked three aerospace companies Friday to build small rocketships to take astronauts to the International Space Station.

This is the third phase of NASA's efforts to get private space companies to take over the job of the now-retired space shuttle. The companies will share more than $1.1 billion. Two of the ships are capsules like in the Apollo era and the third is closer in design to the space shuttle.

Once the spaceships are built, NASA plans to hire the private companies to taxi astronauts into space within five years. Until they are ready, NASA is paying Russia about $63 million per astronaut to do the job.

In a statement, NASA Administrator Charles Bolden said the move "will help keep us on track to tend the outsourcing of human spaceflight."

NASA hopes that by having private firms ferry astronauts into low Earth orbit, it can focus on larger long-term goals, like sending crews to a nearby asteroid and eventually Mars. The private companies can also make money in tourism and other non-NASA business.

The three companies are the Boeing Co. of Houston, Space Exploration Technologies, called SpaceX, of Hawthorne, Calif., and Sierra Nevada Corp. of Louisville, Colo.

They are quite different companies. Boeing is one of the oldest and largest space companies with a long history of building and launching rockets and working for NASA, going back to the Mercury days. SpaceX is a relatively new company started by Elon Musk, who helped create PayPal and runs the electric car company Tesla Motors. Sierra Nevada has been in the space business for 25 years but mostly on a much smaller scale than Boeing.

NASA's commercial crew development program started with seven companies. The other companies that were not chosen can still build private rocketships and NASA still has the option to hire them to ferry astronauts at a later date, NASA spokesman Trent Perrotto said.

Boeing is slated to get the most money, $460 million for its seven-person CST-100 capsule. It would launch on an Atlas rocket, with the first test flight 2016. The company won't say how much it would charge NASA per seat, but it will be "significantly lower" than the Russian price, said John Mulholland, Boeing vice president. He said Boeing's long experience in working with NASA on human flight gives it a "leg up" on its competitors.

SpaceX is already in the lead in the private space race. The company earlier this year used their Falcon rocket to launch their Dragon capsule into orbit. It docked with the space station and successfully delivered cargo. NASA plans to give the company $440 million. The capsule holds seven people and will have its first test launch with people in 2015, said spokeswoman Kirstin Brost Grantham. The company will charge NASA about $20 million per seat, she said.

Sierra Nevada's mini-shuttle crew vehicle called Dream Chaser carries seven people and could be flown without a pilot. NASA would give them $212.5 million. The ship is based on an old NASA test ship design but hasn't flown as much as SpaceX's Dragon. "It may appear as though we are behind but in many ways we are more mature," said Sierra Nevada space chief Mark Sirangelo. Like Boeing's Mulholland, he said his firm will charge NASA less than the Russians, but won't give a specific price.

___

Online:

NASA's commercial crew program: http://www.nasa.gov/exploration/commercial/index.html

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/b2f0ca3a594644ee9e50a8ec4ce2d6de/Article_2012-08-03-NASA%20Private%20Space/id-e2e29ead45464a61aab9215799c62e9e

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University College Sports Area Rugs

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Navigating The World Of Real Estate Buying | Buy Property Overseas

The main issue of real estate is the risk that a property will lose its value. Continue reading this article to read what you need to know to be successful in your real estate purchases.

Become more educated on the subject of rental properties. Whenever you are thinking about buying rental property, don?t make any decisions until you have thoroughly reviewed all necessary records going back at least two years. You need to find out if the person who is selling it to you is giving you the right info about what income it can generate. Your lender will also want some sort of income verification prior to issuing you a loan.

Look for your dream house. While many investors say now might not be the ideal time to sell or buy a larger home, others disagree. Conventional wisdom tends to indicate that housing prices will inevitably rise once again, so it may be wise to grab that dream house now.

When you are ready to buy your property, it is extremely important that you have a good real estate agent working with you. You can find information about any Realtor through the Better Business Bureau or the Internet. However, the best way to find a reputable Realtor is through the suggestions made by friends and family members.

When you are purchasing a home, make sure to explore all your financing options. You might be surprised at the number of programs out there that offer help with down payments. You never know for which you will qualify if you do not investigate. Your up-front costs in buying a home are also greatly reduced if the seller agrees to cover the closing costs

When buying a house, hire your own people. It can be a lot easier to go with the appraiser and home inspector that has been chosen already by the seller. Not many people like to spend money on things that they are able to get for free. However, it is crucial that you know the people hired can be trusted to protect your welfare. Getting the unvarnished truth can save you a ton of money down the road.

Hire only experienced appraisers when purchasing real estate. If your real estate agency recommends an appraiser to you, find someone else. You will have to deal with conflicting interests. Verify that the appraiser working for you is licensed or certified by the state.

If you want to buy a spot for a business, ensure that it is located in a good area with reasonable stability and opportunities for growth. Deciding to launch a business enterprise in an undesirable area is likely to limit your pool of potential customers. Ask your real estate agent where an ideal location to open a business is.

When you are trying to work out a deal, you should first make a priority list on your goals. Look at all of the issues involved, and determine your expectations for every one of them. The expectations that are most important to you should take priority. Keep in mind that you cannot get all that you have asked for in the negotiation; some issues should remain flexible.

If you are interested in a home with a beautiful view, don?t pay that much more because of the viewing possibilities. This feature is entirely subjective and perhaps your buyer will not find it interesting. So, you should purchase a home if you like the view, but don?t pay too much.

Understand what type of houses encompass the neighborhood you desire. You don?t always want to shoot for the biggest house in any particular neighborhood. The smaller houses will always keep your property somewhat stunted in equity.

If a home is in need of many repairs and updates, it is likely to be sold at a greatly reduced price. This will let you save some money in the beginning, and fix up the house as you see fit. You can build equity in your home while making improvements that maximize its livability for you and your family. Concentrate on placing emphasis on the home?s possibilities instead of its flaws. That outdated, cracked paneling may be disguising your future dream house.

Before you purchase a home, make your own measurements of its dimensions. Make sure your home?s square feet is listed correctly on the public record. A number is considered valid if the difference is not more then about a hundred square feet. If it is more than this, then you might want to consider another property or do some research to figure out why the number as off.

Get a professional to look at the building you want to buy. Though it may seem like an unnecessary expense if a buddy thinks he can do it; hiring a professional will give you an expert perspective on the quality of your potential investment. A certified professional can also be held accountable for his opinion, unlike your buddy who will leave you holding the bag.

When you decide to purchase a new house, look at the long term potential. Even if you currently do not have children, if you are planning to have kids in the future, it is a good idea to find out if the area schools are of high quality.

If you are purchasing a home that has been foreclosed, keep in mind that it may call for some renovations. This is because these houses generally sit unattended for a while before they are put up for sale, and this means that there has been no regular looking after and care. Understand that foreclosed homes will often require plenty of renovation. For example, many need the installation of a new HVAC system, and they could be infested with pests.

Prequalification for a mortgage is essential prior to searching for a home. This is because nothing is more disappointing than finding a great property only to find that you are not eligible for the loan you need. Securing financing can take a long time, and you don?t want to lose your house waiting for that loan.

Most first-time homeowners aren?t aware of the complicated issues that are involved in buying a home. This advice should be utilized well when it?s time to purchase property.

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Fully maintained operating leases make fleet management and ...

Does the idea of freeing up your capital while cutting executive burden get your motor running? A completely maintained fleet operating lease may be the solution.. When you run a commercial fleet, you need more bureaucracy and unproductive upkeep like a hole in the head. Yet your really business is dependent upon a well-serviced fleet. A fully maintained operating lease permits you to dump that hard work to your lessor. So you can get on with business while enjoying freedom to invest time in more profitable areas of your establishment.

Peerless flexibleness in your fully maintained operating lease

Car leasing lets you build your fleet without major upfront cash outlay. So you keep capital liquid for investment in other business wishes. But managing a blossoming fleet can cause operational interruptions as you account for both planned and unplanned servicing. In todays difficult market, what business can afford such bumps in the road? A fully maintained operating lease smooths your productive path.When you transform your operating lease into an absolutely maintained option you hand over many key fleet management headaches. Your bank takes on the legwork while you real benefits like:

? Nil maintenance risk as unscheduled repairs are covered
? Liability and fleet assets are held off your balance sheet to keep capital liquid
? Better cost control as fleet service and upkeep are included in your lease repayments
? Fixed rates and payments so leasing costs are clear up front
? Possibly claimable against tax leasing costs

At the end of your fully maintained operating lease? Simply hand the leased automobile (s) back to your lender who bears residual risk.

Find your ?best fit ? fully maintained operating lease

Wanting to add a vehicle worth at least $10,000 to your fleet? Natloans can secure you a high performing operating lease with completely maintenance thrown in. Whether you are looking to lease:

? New or second user automobiles
? Trucks and utes
? Light or heavy commercial vehicles

Alongside the significant benefits of a fully maintained operating lease, you have far more to gain by putting Natloans finance brokers to work for you. With lease packages customized to your particular wishes and a broad panel of quality banks. Once again you can off-shoulder the legwork and concentrate on your fleet operations.

Mary Nebotakis ? has a B.Economics, Dip.Financial Services, Cert IV Workplace Learning & Assessment. On her website she has got many interesting videos and articles on car loans. You will also find more information on full maintained operating lease.

Source: http://www.qldlandcareconference.com/muscle-cars/fully-maintained-operating-leases-make-fleet-management-and-upkeep-straightforward

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