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Everything will fall into place just fine.
Don't depend on slander comments.
A quote from you yesterday about 24 hours ago regarding proof of steve getting fired:
Well it looks like a house to me but he doesn't live in that house... But thats right, you know more then me about Saleen right?
What I thought exactly... No proof you can provide regarding Steve getting fired.
I call you out about his pay as well and nothing to say about that.
And now its all personal experience you say??? What is it really? You have said many tines that what you say is fact, well prove it. Problem is that the only thing you can prove is when you go through the 10-k and take whatvis in it and then stretch it out with your own personal opinions.
Start to compare apples to apples between Tesla and Saleen. The CEO of Tesla isnt even completely devoted to Tesla as he is involved with 2 other company's. He makes no cash salary BUT is the top stock holder in Tesla. This is all in Tesla's 10-k for all to view.
Steve doesn't get paid (Per 10-K) BUT dedicates himself 100% to the company.
Another thing is when you read through Tesla's 10-k you will read the same type of terms that are used in Saleen's 10-k if not even worse IMO. Tesla's stock is at just under $229.00 but they had net losses of $74 million, $396 million and $254 million respectively years ending 2013, 2012 and 2011. No profit except 1st quarter of 2013.
So just because Saleen might be burning through money right now with a new loss of $11 million, Tesla's combined total net loss over the last 3 years is almost 3/4 of a BILLION dollars but Tesla is a good bet?
Basically you and a few others are just trying to talk it down to profit on Saleen yourself. Its not hard to see that regardless of what you say. Just trying to brop the price, then pump and dump it for a profit.
And link to steve getting fired from Saleen Inc in 2007???
Also in the 10-k steve forgave his pay that was due to him and also loaned the company $20,500... Don't forget that he isnt getting paid currently for the job he is doing.
Regarding living expenses... You are wrong again and have no proof about this as well. It is just your opinion once again. I would also still like to see the proof of him getting fired that I asked for over 12 hours ago...
It seems everything you bring up now is just making things up and pulling them out of thin air.
Steve didn't own majority of Saleen inc from 2003 on and Hancock park execs had control of the company. Steve left the company and Hancock Park ended up selling what they could to MJ and running with the money. Hancock Park ceased Saleen Inc operations and filed BK. Steve didn't have anything to do with the company at the time they filed BK. Also you have to realize that everyone big or small hurt around that time of the recession so that must be Steve's fault as well right?
Here is a link talking about the sale of Saleen inc to MJ:
http://autoweek.com/article/car-news/most-saleen-sold-michigan-group
It is recorded in the 10-K his pay and anyone else on the exec board... BUT he never pulled a paycheck and ended up forgiving the $300k that was due to him.
You say he is "accepting" his salary... No he isn't. They owe him money as of the last 10-k. He forgave the $300k and also lent the company money...
Expenses that he would be getting would be anything to do with the company like when he travels to shows, meetings with clients etc. Nothing wrong with that and we should expect there to be costs for this.
Just the proof please... There is no proof which is why you keep bringing other things up instead of providing proof. We are all waiting...
Please supply us all a link to where it states Steve was fired? Your statement of that is just opinion not fact. I can support what I stated. Maybe you are think Rich Rinke as Steve fired him.
Why continue to pull numbers out of the air... 35 million??? Come on. Where did you come up with this number? Oh, also would like to see a link for this one as well.
Destroyed the relationship with ford... Again, not true but please supply a link to that information. IF that was true, why was Saleen Automotive invited recently to a ford event held in Michigan? But thats right, the relationship with Ford is damaged.
I look forward in reading the links to all this info you posted later today.
I haven't been in front of my computer all day to be able to post this until now as trying to do so from my cell phone would have taken all day.
In response to several posts last night and today, I want to clear a few things up.
Firstly, you don't know who I am or what I know about Saleen and how they operate. Now, the only way anyone on here could know any specific details about how they currently operate other then what is available to read would be IF you currently work for Saleen which I don't think is the case at all, your just "thinking" this is the way they operate in your "opinion" and nothing more.
Now that I have said that, I will move on and back to something I brought up about when Steve left Saleen Inc. It was in the summer of 2007 when he decided to leave them, he did NOT get fired like someone else posted. The partners that he had at the time had control of the company since 2003. Reason why is because Saleen Inc needed the financial backing because of not only the Saleen S7 but also the Ford GT project for Ford and only reason for Saleen Inc to put a plant in Michigan was for the Ford GT project. Because of this, Steve did not have control of his company from 2003-2007 and the vision that the Execs had for the company Steve didn't agree with and felt that it would not be a stable decision for the company. Instead of going for the ride he decided to resign from the company (Saleen Inc).
Once this happened, the investors/Execs decided to sell off some assets of the company (Saleen Inc) to MJ Acquisitions which at the time that this happened many many things where happening that were illegal when it comes to the transfer of the assets etc. The problem is that the company (Saleen Inc) sold the assets to "Saleen Performance Vehicle AKA "MJ Acquisitions" and then continued to use the name "Saleen" calling there cars Saleen Mustangs but produced by Saleen Performance Vehicles.
The investment group (MJ Acquisitions) that was led by Michael Shields... He also worked for Saleen Inc at one time right before all this happened but then ended up having this "investment group" purchase certain assets to start the new company "Saleen Performance Vehicles". When all this started to fall into place, they ended up moving everything from the Troy,MI plant to another location in Michigan not to far from where it was at and also closed down the plant in Irvine, CA. Once that was all complete, the original "Saleen Inc" (The one Steve resigned from in 2007) ceased operations in early 2009.
Because of this Steve filed a lawsuit on July 17th 2009 against the owners of the "Saleen Brand" AKA "Saleen Performance Vehicles" AKA "MJ Acquisitions". Another thing that Saleen Performace Vehicles decided to do was to NOT honor the warranty that people still had left on vehicle manufactured by Saleen Inc before all this asset selling happened. At that point, Steve and SMS Supercars stepped in and stated that they would honor and back the warranty that people had on there vehicles. Now did he need to do that.. not at all. But he wanted to do that because he valued his customers and wanted them to be treated correctly.
Fast forward a few years and Steve ends up winning the court battle with them and now he is reunited with his name, his brand Saleen!
Now, with all this talk about 10-k this and that I ended up spending some time today reading the most recent one dated 6-30-14 for period ending 3-31-14.
One thing that I found that has NOT been mentioned at all... Well it has but not what is actually in the 10-K which is about the CEO pay (Steve Saleen)
Several people keep bringing up that he takes $300k+ a year from a company that isn't making any money and just burning through money... His company is a scam and trying to scam investors etc... etc. Well I will post a link to the PDF of the 10-K and I want everyone to read the following which is located on page 76-77 of the 10-K www.otcmarkets.com/edgar/GetFilingPdf?FilingID=10075367
And It Says...
Well... Saleen is an OEM but you and others will disbute that.
Looks like your edit was re-edited because what you posted was incorrect information. Everything on that page looks to be correct to me and is a pretty good source of information on Saleen from the beginning to current.
Just FYI... Anybody can join either the Saleen club of america or the Saleen owners and enthusiasts club if you own a Saleen or not.
Just wanted to clarify that as I do own a Saleen and I am part of one of the two clubs mentioned above
Thanks promisekpr!
I try to post what I know honestly about the Saleen brand. We all know that anything can truly happen with ANY company at ANY time but I personally feel that in the short term we will see some great things coming from Saleen.
It is truly a shame of some things that get posted on here but I hope that people that are viewing/posting here can make there own opinions about the company.
As I have stated before, it will take time for the company to be rebuilt since it was basically starting again from the ground up.
The vision that the Execs had with the "old" Saleen didn't sound very promising to Steve and that is why he left them around 2008. He didn't own 51% of his company at that time and didn't have the ability to rule over them. Fast forward several years and those other "execs" basically ran the Saleen brand into the ground and after a legal battle that Steve started with them he got the rights to his name back. Those years that they were selling "Saleen's" after Steve left actually wasn't legal for them to do as he (Steve) still owned the name and graphics with Saleen, Racecraft etc. But the best thing that happened is that they ran the company into the ground and Steve picked up the pieces he wanted to continue his vision for the company he started back in 1984.
Your "quiz" has nothing to do with Saleen and is ridicules to even post.
Before you answer, I could honestly care less what you say about it because again its just an opinion that you have. All you know is what you read on SEC filings and thats all you can use to backup what you post... Nothing else nothing more.
First off, Ron Ward at Naples Motorsports has been selling Saleen's for many years.. Way before they came to Naples and way before he moved to Florida him self. Just because they ended up selling cars to them does NOT indicate anything but an opinion that you can make about it which is exactly what it is, an opinion.
I didn't know that Saleen was only selling cars in California now... Based on what you said that must be what Saleen does now? So now every time they sell to a dealer outside of California that means they had to "dump" the car quick for little to no profit?
Just a little more information, Naples Motorsports will be carrying the limited production vehicles (30th Anniversary, George Follmer etc) and the Black Label vehicles. Basically the high end of the Saleen lineup to match what they already carry.
All of your "points" that you are trying to make that indicate so many different things... I would like to see some links to these to back them up. Because as of right now all of the points are just opinions, and everyone can have there own opinion about all of this. Especially regarding them selling vehicles cheap in bulk and making little to no money on them.
One more thing.. Shipping would not be $1500 per vehicle when shipping multiple vehicles at the same time since they were picked up and dropped off at the same time. The only one that I know of was the Speedlab Yellow Speedster was being shown at auto shows and was shipped down to them after a show.
If you don't like the value of the vehicles then don't buy them. Its no different then any other vehicle out there. The Shelby Super Snake package isn't worth what it costs IMO but people but it because they like the way it looks and the performance you get. Its no different with Saleen.
One of the first things I will actually agree with you on which is the manufacture owned dealerships being illegal.
Again, yes they don't have a "Saleen" dealership (at this time) the way Tesla does BUT I still call Naples a authorized Saleen Dealer any way you look at it. But again I can understand this and I guess others cannot.
Where is the link stating that a lawyer said that the investor presentation could be used against them? Link?
So you are now bringing something up that I was referring to back then and not now...? That was almost 8 months ago and at that time that was my opinion then and has nothing to do with now.
So based on what you call a Saleen Dealership... Then Ford, Lincoln, Dodge, Chrysler etc Dealerships are not dealerships? Because dealerships owned by lets say "John Smith" are not owned by Ford or whatever brand. I personally know the owners of several dealerships by me and they are NOT owned by the brand. Again, Naples Motorsports does not have any other franchise at there location BUT Saleen!
Now if you are talking about SALEEN OWNED locations then yes, Naples is not owned by Saleen but they are a Saleen Dealer and at this time Saleen has no Corp owned locations.
So what in your opinion classifies one as a Saleen Dealership???
1) "Making all the profit on that yellow Saleen not Saleen" Doesn't make any sense... I would love to know how you can say they dumped it for cheap. Paying the freight to ship it to Florida doesn't really matter but if it is true, it was prob part of the first few cars they purchased.
2) Saleen DOES crash test there vehicles regardless if you think they need to or not.
3) Glad to hear you had a Saleen at one time.
4) If that was the case then it would only be him and no other employees which is not the case at all. You are supporting an american brand x2 by buying a Saleen Mustang... Both the Ford Mustang and Saleen are american brands. Thats like saying that buying a Ford is only supporting Henry Ford LOL
Actually... That is not true regarding them starting at #1.
They do skip #6 ever since the first cars were built. But normally the first car numbers to the public are at least #10 and up from there. Now that doesn't mean they haven't produced any below #10 but this is just how it has been over the years.
As for the 30th anniversary cars those are numbered 1-11 skipping #6 to make a total of 10 in each. What I said above is just for the normal production and not special editions.
I never said that there money maker was Saleen.
They got 5 total vehicles in-stock before they had there "Grand Opening" breakfast on May 10th and have sold 4 of the 5 vehicles already. I would have to say not bad at all. I am sure that they have more vehicles on order that will be added to there inventory soon.
We can go back and forth about the opinion of what they are... if its a Saleen Dealership or not. You have your opinion and I have mine... everyone else has theirs.
Naples is technically a high end used car dealership so adding on the Saleen brand IMO makes them a SALEEN Dealer since they don't carry any other brand franchise. A propriety dealer would do the same as Naples Motorsport and deal in high end vehicles, deal in trade-ins etc. So yes, this is a Saleen Dealership! A third party distributor would be a Ford dealer selling Saleen Mustangs.
I'm not saying that is the only cars they are selling (30th)... They are selling more then just those over the last few months.
They ARE doing R&D on the 2015 Mustang... They ARE doing R&D on the Tesla and there are photos out there to prove that.
Your comment of "Ford will have nothing to do with Steve Saleen now" just proves you don't know the connection that those two have. Even though Saleen now does 2 other brands, Ford and the Mustang is where Saleen's heart is and will always be there.
Again like I said in another post, he is rebuilding the company. The company that was already established in the 2000-2007 years CANNOT be compared to a company that you can basically say is brand new.
I don't think talking about Steve's lifestyle has anything to do the company at all especially when you have no clue what his lifestyle is or what he has done since leaving "his" company in 2008. Anything you could even say about that is completely your opinion and you would have no proof to prove otherwise.
You need to understand that IF there wasn't money to be made, then Naples Motorsports wouldn't be carrying the line its that simple! Ron Ward has been in the automotive business for many years as have Naples Motorsports too. And they have sold a few cars in the last couple of months so they must be doing something right.
You can ask how many buyers are willing to pay $x.xx amount on a Saleen just like you can Roush, lingenfelter, renntech etc. There is a market for such vehicles because if there wasn't, non of them would be around. BUT, the biggest difference is that Saleen actually crash tests there vehicles to meet safety standards and doesn't just slap bumper covers on it and calls it a day.
Have you ever driving a Saleen Mustang? My guess is no. So my suggestion is for you to go for a ride in one and then tell me if it is or isn't worth it because I can tell you that you will get a lot more attention with that $100k Saleen then you will a $100k other high performance vehicle and at the same time be supporting a company that manufactured that vehicle in the USA.
You copied it and it said "We are in the PROCESS" That does NOT mean they did. Yes, they have Authorized dealers that sell the line and now recently added Naples Motorsports which is NOT a Ford, GM or DODGE dealer BUT they sell the complete Saleen line.
Here is a link to a video of all 3 30th Anniversary cars in Indiana at a used car dealer. This dealer bought all THREE of them from Naples Motorsports about 1 1/2 months ago. When you watch the video you can see the window sticker and see that it has Naples Motorsports on it. But then again they haven't sold ANY cars recently you say?
I already knew they were in the process over the past year or so before they signed up with Naples Motorsports and they are one of them.
I don't have a link to provide for the China cars that were sold... I know they sold more then what they took. And let me correct myself is saying that 3 of the 4 cars they took over there were pre-sold... Just the S7 was available at the autoshow.
I can also tell you that they had all 9 of the 10 total produced 30th anniversary mustangs sold as of last month and I'm sure the last one is gone too. The other 20 (10 each of Camaro and Challenger) where half gone as of a couple months ago. They have built several 351 mustangs over the last several months as well. So yes they are selling cars but now with the redesign of the Mustang, people are now wanting to wait for that new design to become available.
You claim to know a lot as well but much information you are providing is based on vehicles produced 6-7 years ago and have nothing to do with the current Saleen Automotive.
I love coming on here reading all the posts with information that a lot of times is not true but everyone goes running with it. Do you own a Saleen Vehicle or ever have? I have personally owned several and still do to this day. I have been around Saleens for over 15 years and know much of the history of Saleen over the years.
Time will tell what happens with Saleen and what they come out with. The same people saying now that they won't do this or that would have said the same back in the early 2000's when they DID produce the S7. If Ford didn't think Saleen could do what they have done, then Ford would not have had Saleen build the Ford GT.
You have to realize that Steve has had to rebuild his name/brand (Saleen) because of what they did (the guys in Michigan) so it will take time and $$$ to do so. He has done it before and he can do it again.
Take it as you want what I am posting here... Anything is possible. They could be closed by the end of the year (which I don't think will happen) or you will be reading about them oepning new Saleen locations, the new Saleen Mustang 2015, the new Saleen Tesla and the new Saleen Supercar.
Well of course they will need money... just like Tesla needing 800 million and 1.2 billion... All companies need money to keep going.
I know that Naples Motorsports is a high end dealership that has added the Saleen line to there dealership. I have been to there location in Naples, FL and I did business with Ron Ward that handles the Saleen line. He use to work at a Ford dealer in Indiana that also carried Saleen before moving to Florida. So yes I know who they are and who is selling the cars.
And yes, they are also in the process of opening retail locations the sell the Saleen Line of performance vehicles. These will either be stand alone performance locations or add on just like Naples Motorsports.
They sold more then just the ones that were at the show. The ones at the show were already sold before they got there.
Fred - They DID sign the agreement to distribute cars to China. The DID go to Beijing Auto Show and sold cars. They ARE opening retail locations like the one with Naples Motorsports.
So they ARE doing what they are actually talking about.
Another thing is that they are slowly ramping up getting specific high end dealerships like Naples Motorsports to carry the COMPLETE Saleen line of performance vehicles. They are working on getting a Saleen only dealerships open as well across the country which will also open the door for additional sale of vehicles for Saleen Automotive.
And you cannot forget about them entering into China... That will also help increase the sales numbers in the coming months.
They are working on things if you want to believe it or not that's fine. They are working on the Tesla, They did the 351 and they will be showing the 2015 Saleen here shortly among other things. R&D now a days cannot be compared to when they developed the S7. With the many advancements in technology, it allows them to be more cost effective on R&D then 14-15 years ago.
The couple of models you mentioned (Dan Gurney & Parnelli Jones) where made in 2008 & 2007 and are NOT current models so now, they don't have to worry about having the money to support those models.
A few things... They didn't get the base cars at no cost. They did pay for them as they ordered them through specific dealerships depending on if they were for the Troy,MI or Irvine,CA Plant or the Saleen dealers could drop ship cars directly to Saleen. The Chassis plus what the Saleen options cost were transferred over to the dealers floor-plan and Saleen was paid accordingly.
There are a lot of things that go with the deal of the "company" being sold to that Detroit based company that were not done correctly or legal for that matter. That is why Steve got back the "Saleen" name a few years ago after a court battle.
As for the S7 not being able to be registered is not true. The S7 is still being driven and can be registered to this day. Maybe specific local laws would not allow it to be but I know where I live I wouldn't have a problem getting plates for one.
Saleen is running on empty in regards to the money department according to the filings BUT they have the team in place to develop the next Saleen Supercar and its just a matter of time before they do this among other projects.
+1 I agree with you. If non of you have ever been around Steve (which most I'm sure haven't) then you will never know who he knows or how he works.
Well this stock is not going to be one that you can make quick money at IMO. And this isn't a crap stock, its crap to you because you haven't been able to make any $$$ in it!
It could be like Saleen did with Ford and the F150 Harley Truck with the supercharger option back several years ago or it might be a lot more then that and will be a separate upgrades like they do to the other models. Only time will tell
Sure, it could very well go into the single digits since they are spending A LOT on R&D currently and not too much coming in but once they start producing the 2015 Saleen Mustangs as well once we get more info on the Tesla this stock will bounce back. Like I said earlier today, this is not a short term stock or a get rich quick one either. Consider this an opportunity to get in even lower then what we thought.
Looks like it hit .20 back in DECEMBER didn't it? Seems it 3 months late from what you stated.
I never said it WOULDN'T hit .20 as I haven't been on here since December so I guess I was right that it wouldn't hit .20 in December
This is NOT a short term stock by any means or a quick get rich OTC Stock. So chill out and wait it out. It will reward you in the future.
The nice thing about the price going this low is you can get into more cheaper to bring down your total price per share especially if you got into it at say $0.45 per share.
http://www.saleenautomotive.com/testing---certification.html
Difference is that Saleen meets oem standards and safety standards with what they do... An example is crash testing vehicles to meet safety standards. And I am talking about the mustang not the s7...
As an example, Hennessy uses a magna supercharger system for bolt on performance on the mustang....
Saleen has designed and engineered there own supercharger that they use on there vehicles currently... No pulling out of a box and bolting it on from another manufacture on a Saleen.
I also don't see anything done to the exterior of the car for the bumpers or side skirts unless you want a different fuel door cover or chrome mustang letters for the rear bumper.
Glad to see that up turn today. It will maintain around this level into next year and then one the new product announcements are made.... Only up from there.