Bellavia Blatt Announces The Distribution of Funds Representing 72% Of The Claims Filed On Behalf Of Over 160 Former Saab Dealers In The Saab Cars North America, Inc. Bankruptcy Proceeding
Bellavia Blatt & Crossett, P.C. ("Bellavia Blatt"), a law firm that advocates for and represents franchised or licensed automobile dealerships, has announced the recent distribution of funds representing 72% of the approved proofs of claims filed on behalf of over 160 former Saab dealers in the Saab Cars North America, Inc. ("SCNA"), bankruptcy proceeding.
In December 2011, Saab Automobile AB, the parent company of SCNA, filed for bankruptcy in Sweden. The following month, Bellavia Blatt & Crossett, P.C., on behalf of U.S.-based dealerships, filed an involuntary Chapter 11 petition against SCNA. Thereafter, Bellavia Blatt, on behalf of over 160 former U.S.-based Saab dealerships who are unsecured creditors of SCNA, filed proofs of claims seeking payment for unpaid incentive and warranty payments as well as the reimbursement for such items, among other things, as losses realized on the sales of Saab vehicles and parts.
On April 22, 2015, the United States Bankruptcy Court for the District of Delaware approved the distribution of 72% of the former Saab dealers' approved proofs of claims filed by Bellavia Blatt. The distributions by the SCNA Trustee commenced last week.
"This is a major victory for our clients," said Leonard Bellavia, Senior Partner, Bellavia Blatt & Crossett, P.C. "Usually, a plaintiff receives only pennies on the dollar in a bankruptcy settlement. For the dealers, their distribution can go up to 80%, depending on the outcome of our ongoing lawsuit with General Motors."
For more information, call (516) 873-3000 or visit www.DealerLaw.com.