Saleen Automotive, Inc. (fka SLNN)

[cure]

I hate to be the bearer of bad news.

Are you guys even sure that "Saleen Performance Parts" is owned by Saleen Automotive Inc.? I wouldn't be shocked if Steve setup the legacy parts business as independent company for benefit of himself and his family. He has involved this business with more than one known fraudster over the last few years (David Bergstein, Charles Wang), so who wouldn't be surprised at more shady dealings?

The reality is that the future of this company is dead now that the cash spigot from the JSAT fraud is shut off.

Big bag holders better file a class action lawsuit before the millions that Steve did manage to milk from JSAT disappear.

Just read the LA times article about the JSAT collapse or read Steve's op-ed in the WSJ "How Chinese Officials Hijacked My Company". It's pretty obvious that he has accepted defeat.

[wj2005]

Only parts is moving not the the vehicle production

[roller150]

not far from me.

[Rich540]

Yup, tones of news regarding this move.

[Silverboygt]

Did you guys hear about Saleen moving to Round Rock Texas!? Look it up!

[BigBake1]

It was suspended September 2017 and shortly after it was revoked.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=135372198

You can't trade the stock so its worthless. Check with your broker if they will do a worthless securities removal.

[MJ2000]

when was SLNN delisted? can I write if off

[wj2005]

It would be in the filings so there is no way that is even close to being accurate.

[BigBake1]

Believe??? Yet it was a public company at the time, fact is no such figure. Its not Steve Saleens personal brand, where is this $800M disclosed in the filings? The fact is, this scam was only getting royalties from each car sold.

Meanwhile, 14 months of straight deliquency in reporting, still 2 filings behind. Has not been current since July 1st 2019 barely a month after date of effect.

[portcitybob]

I believe that Steve got 800 million upfront from the Chinese and also paid for their research and development on some of the new cars.

[rudiger]

Gee thanks penny .

[DirtyPenny]

I wonder how much money Steve saleen got upfront on this whole china deal. - There, I fixed it for ya.

[rudiger]

I wonder how much money saleen got upfront on this whole china deal . I hope he wasnt dum enough to trust them completely.

[BenjOnLine]

To me it was like this: The Chinese state invested because they could just go get whatever IP of Saleen (and maybe others) and bring it back to China, so it was OK to put billions in Chinese state money into it. Do you see how this works? Think: all other companies too.

Translated: we can just go to the US and get whatever IP and 100% own and build it in China. Pay no attention to the man behind the curtain and all those jobs and opportunity lost in the US.

With this gone Saleen loses a competitor for his IP, but also a state run well funded development partner. Saleen was probably totally ripped off anyway. Chinese state was garnering 100% ownership over the Saleen IP, seems not so great for Saleen or even any US investor.

Good or bad? only time will tell but it opens doors for new opportunity for Saleen, trying to be positive.

[Garyedward71]

I to was having a little trouble translating the English version but after clicking the link, and reading the Chinese version it all seemed to make sense. Basically the actual investors who put the money up would've ending up getting squat. So they used typical Marxist tactics that grant the local feudal Lord's. No cross out feudal Lord's replace with oligarchy. No cross out oligarchy. Ok the proletariat rose to inflict it's wraith upon the evil bourgeoisie capitalist pigs. Further it states that Wang and his buddies are more than welcomed to contest such claims in our most honorable and liberal court of justice. Due to Covid 19 restrictions increased execution cost will be incurred as the board and ropes can no longer be reused. Your family members will be billed for the board the rope in addition to the bullet. Come on guys I don't even speak or read Chinese, but it made perfect sense to me.

[Garyedward71]

I to was having a little trouble translating the English version but after clicking the link, and reading the Chinese version it all seemed to make sense. Basically the actual investors who put the money up would've ending up getting squat. So they used typical Marxist tactics that grant the local feudal Lord's. No cross out feudal Lord's replace with oligarchy. No cross out oligarchy. Ok the proletariat rose to inflict it's wraith upon the evil bourgeoisie capitalist pigs. Further it states that Wang and his buddies are more than welcomed to contest such claims in our most honorable and liberal court of justice. Due to Covid 19 restrictions increased execution cost will be incurred as the board and ropes can no longer be reused. Your family members will be billed for the board the rope in addition to the bullet. Come on guys I don't even speak or read Chinese, but it made perfect sense to me.

[rudiger]

Benji can you translate the transtaion ?

[BenjOnLine]

Time to get this back and ramp US production, this article shows the brazen thinking of state funded stealing of technology.

http://www.jwview.com/jingwei/html/08-10/339393.shtml
Must use translate to see English.

"Qiao Yudong’s accusation describes an “empty glove white wolf international scam”: Wang Xiaolin actually controlled four foreign-funded shareholders of Saleen Corporation, who used false technology to invest 6.6 billion yuan in capital, defrauding Saleen's shares and gaining company control. right. Sai Lin Company’s sole state-owned shareholder Nantong Jiahe "has provided a total of 6.6 billion yuan in capital, and Wang Xiaolin did not contribute a penny to the performance of the duties of state-owned asset investors at Sai Lin Company because of Wang Xiaolin’s utmost obstruction. Wang Xiaolin did not even allow state-owned shareholder Nantong Jiahe to appoint or remove an executive from Jiangsu Sailin.""

"In addition to the so-called "assessment by three evaluation companies," Wang Xiaolin emphasized to China News Weekly that the American Saleen provides mature models, the technology is brought back from the United States, and the localization in China is done by a domestic team. There is no problem of false technology funding."

[BenjOnLine]

Ha! I invested $2K too. About 10 times. I think its great there is still just a possibility that it might come back!

[roller150]

Heck I'm pissed I wasted $2k!! I cant imagine having put $40k in a penny stock!

[Garyedward71]

Agreed! Does look like somethings brewing. I thought it was a joke, the newest Tesla will have jet propulsion. Check it out on YouTube Engineering explained.

[portcitybob]

I just want them to re-list SLNN so at least we all have a chance to re-coup some of our investment! They are slowing getting current on financials, that’s a good thing!

[Garyedward71]

I have that feeling, that Saleen is going to get one of those Government sweet heart deals like Kodak did
Fisker who wasn't even a US citizen got $500,000,000.00 from Obama. Saleen has the ducks lined up. These being the intellectual property theft by the evil China, American manufactering, history, potential electric platform and Jay Leno. Jay Leno could call Trump and he, d take the call. That's a direct line to the president. I am so upset with the fact that I am out close to $40,000 and 7 years into this folly. I'm so pissed off about this whole matter. That if something like that occurred. I'm not even sure if I'd be even more pissed off. Pride can cloud your judgement. As it stands now I think that a least he knows what it's like to be in our shoes.

[Garyedward71]

I have that feeling, that Saleen is going to get one of those Government sweet heart deals like Kodak did
Fisker who wasn't even a US citizen got $500,000,000.00 from Obama. Saleen has the ducks lined up. These being the intellectual property theft by the evil China, American manufactering, history, potential electric platform and Jay Leno. Jay Leno could call Trump and he, d take the call. That's a direct line to the president. I am so upset with the fact that I am out close to $40,000 and 7 years into this folly. I'm so pissed off about this whole matter. That if something like that occurred. I'm not even sure if I'd be even more pissed off. Pride can cloud your judgement. As it stands now I think that a least he knows what it's like to be in our shoes.

[portcitybob]

Another 10-Q filed today for period ending December 31,2019. One step closer to possible re-listing!

December 31,2019 10-Q

[rudiger]

Good one lol

[portcitybob]

Yeah, but the good news is that Steve got paid 800 million!

[wj2005]

Problem is they would have a very hard time getting anything into the USA from China. Something will happen it will just take time

[rudiger]

I guess that what you get for making a deal with the devil .

[AK2003]

https://www.foxbusiness.com/markets/china-coronavirus-nationalize-america-owned-car-company

So, shareholders money taken and company delisted and now Saleen’s money and intellectual property taken. I guess you reap what you sow.

[BigBake1]

That is the very definition of money laundering, selling debt for cash, they sold debt to Venture Capitilist in exchange for shares. The debt was accrued through normal business activity, not related to the VC.

You should probably read up on Regulatory AML Laws pertaining OTC stock.

[BigBake1]

You obviously did not read that correctly, I said the 10K is the only audited filing and costs money.

It is right there in black and white...lol..

[wj2005]

So an accountant to do auditing for the company is free? Never knew that! Smh

[wj2005]

Wow really lol

Money laundering now? Give me a break!

[BigBake1]

The only filing that costs money is the 10K and well they haven't spent money in a year. That is the only audited filing. The obvious dragging out to prevent lawsuits comes to mind......

[rudiger]

So why spend money and time on the filings ?

[BigBake1]

They are not current, have not been forc13 months now, no broker is going to submit a Form 211 for this turd. They became effective and failed to file timely reports on the very first required filing, went Deliquent and haven't been current since.

The registration will likely be suspended and revoked yet again.

[rudiger]

Big bake do you think they are trying to become current and relist ? If not why do the filings as they have been doing ?

[BigBake1]

I don't think you understand the purpose of why they went public, they are an insolvent business, they burned all of their creditors in multiple ways. Their only access to cash was to RM into an empty penny stock shell, in order to receive cash, they sell debt to a VC who is not interested in investing in Saleen. They are only interested in short term loans at ridiculous borrow rates paid out by free trading shares.

Nobody in this process is investing in Saleen the company, it is a money laundering scheme to bilk the unaware and unsophisticated OTC Market investors. The cash from the VC goes directly to pay Steve and keep the doors open to produce an image of operations. The fact that those who bought common shares on the open market believe they are investing in a company is a fallacy. Instead they are paying the VC extraordinary fees to loan money for 6 months at a time. That individual is not the originator of the debt and therefore has not given any consideration to qualify for Rule 144.

Its a scam and always has been.

[portcitybob]

I’d love to see him keep the share count as low as possible. Re-list and then as business grows, do a forward stock split in to lower share price and pay back long investors!

[BigBake1]

Well to be accurate he sold debt to venture capitalists, who in turn received free trading common shares as repayment plus interest. Its also known as money laundering, since he had no cash to pay the original debts. This death spiral financing is common with such penny scams, as those are the only willing lenders out there as Saleen burned the banks, dealerships and vendors.

Saleen cannot directly sell shares into the market to raise cash without a registration and filing of a prospectus for such a cash raise. Couldn't qualify in the first place, the business was already insolvent before becoming a public company and thus why they had to RM into a pennystock shell. It was a money grab scam from the beginning.

[DirtyPenny]

not unlike the scam that a grease monkey ran, selling billions of shares all the while taking advantage of the previous shareholders, huh??? but this dude is like some kind of idol to the dolts he ripped off....hilarious

[BigBake1]

Refresh us, how many times with links.

By the way still delinquent, has not been current over a year, no Form 211 and well still not trading.

The days for filing lawsuits are getting less and less while Steve continues to bill investors.

[wj2005]

Seems like the typical bad China scam taking advantage of a US company!

[wj2005]

Looks like China has done it again unfortunately

[wj2005]

How many times was mentioned that Saleen wouldn’t exist past 2016 I believe... lol

[wj2005]

The Shelby isn’t better then the black label Saleen.

I’m sure there is something in the works as there always is it seems

[rudiger]

I think saleen needs an invester to shoot up 40 or 50 mil . Otherwise this company will not survive .my opinion , the gt500 is all around better then a black label . You also have a strong libe up from ford with bullit , mach 1 and gt350 .So is the ford raptor better than a saleen xr truck . And the saleen one is a disappointment with its 4 banger . He needs to bring back an s7 succesor or the raptor concept . I vote a raptor powered by the a twin turbo gt 350 vodoo engine .just my unwanted opinion here .

[BenjOnLine]

Maybe a tanked JSAT opens the door to reclaim the IP from China who probably strong armed it away for Saleen anyway and start manufacture in the US. Could be a big win, just like the S7 :) !

[cure]

True. I was looking forward to someone else being the final bagholder though haha