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Old 22.06.2021, 13:17
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Aston Martin sues car dealer in cash wrangle

Hm, I wonder what's been going on?

"Aston Martin has begun legal action against a Swiss dealer, accusing it of withholding customer deposits for its £2.5m Valkyrie sports car.

The carmaker says it will no longer work with the dealer, Nebula Project, and will now take deposits directly.

Nebula signed a deal in 2016 to help finance the Valkyrie and took some deposits from customers, to be used to fund development of the car.

Aston Martin said customers affected would still get their cars on time.

It also asked Swiss prosecutors to consider a criminal investigation."

https://www.bbc.com/news/business-57567068
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Old 22.06.2021, 14:15
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Re: Aston Martin sues car dealer in cash wrangle

Ho does this make any sense with negative interest rates?
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Old 22.06.2021, 16:56
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Re: Aston Martin sues car dealer in cash wrangle

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Ho does this make any sense with negative interest rates?
You're assuming they've done something legal with the deposits in a segregated account; this sort of story tends to end up with the money having been spent by the (usually former) directors on absurd salaries, or invested badly in some pyramid scheme and now the directors turn out to be living in the Cayman Islands or similar.
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Old 22.06.2021, 17:51
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Re: Aston Martin sues car dealer in cash wrangle

What’s quite interesting in the article is that the company in question are strongly associated with the AM dealership in St. Gallen, who based on their building and stock aren’t a fly by night operation.

I suspect there is far more to this story than the bbc article is reporting.
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Old 22.06.2021, 18:25
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Re: Aston Martin sues car dealer in cash wrangle

It doesn't look nice. Apparently some people invested 5 years ago in the company and today some new people at the head of AM decided the contract was not good.

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Under a 2016 agreement, the Swiss company Nebula had helped to finance the development of the Valkyrie and other mid-engine cars, an area of focus for Aston Martin, in return for royalties from the carmaker. Aston Martin said ending that contract meant it no longer had to pay future royalties, a claim Nebula disputes

“We consider Aston Martin’s alleged unilateral termination of the contractual relationship with Nebula Project AG as illegitimate and unjustified and are prepared to pursue the necessary steps to preserve our rights,” Nebula said in a statement.

Analysts at A.J. Bell said in a note that the royalty component of the dispute was likely to be hard fought in court as Nebula had stepped in with funding during a “very rough patch financially” for Aston Martin.
https://www.reuters.com/article/asto...-idUSL3N2O418M
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Old 22.06.2021, 20:48
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Re: Aston Martin sues car dealer in cash wrangle

Astongate (wiki).

Further, it looks like AM had to lay off 500 employees last March. And an additional 95 this March. According to Wiki some 3000 employees remain.

Looks very ugly indeed.
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Old 22.06.2021, 20:57
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Re: Aston Martin sues car dealer in cash wrangle

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What’s quite interesting in the article is that the company in question are strongly associated with the AM dealership in St. Gallen, who based on their building and stock aren’t a fly by night operation.

I suspect there is far more to this story than the bbc article is reporting.
Their dealership agreement has also ended.
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Old 25.06.2021, 10:07
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Re: Aston Martin sues car dealer in cash wrangle

Noticed a couple days ago there's an Aston Martin dealership near home. Considering Emil Frey is one of the largest car importers to CH. How come AM works with 2 importers for a relatively small country as CH?

https://www.google.com/maps/@47.3237...7i13312!8i6656
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