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Blame whoever you want
FACT is: It's the Management who pulls those toxic lenders in, It's the management who agrees to the Terms of these Notes. The do know who and why they contact as their last resource for some fresh Dollars. They are very aware of the Fact that they will hurt shareholder by signing these notes.
These toxic Lenders are approached by the Management and obviously Management is willing to sign up with them, no matter how bad the TERMS for these loans are outlined PRIOR to the final signature.
JMHO
When To File Schedule 13G
The 45th day after the end of the calendar year corresponds to February 14. As with other reporting regimes under the Exchange Act, if the due date of a Schedule 13G (or Schedule 13D) falls on a weekend or federal holiday, the filing still is timely if made on the next business day.
In application, although a qualified institutional investor (beneficially owning no more than 10 percent of a class of equity securities) or an exempt investor may hold more than 5 percent of a class of equity securities throughout a calendar year, a Schedule 13G is due only if that person owned more than 5 percent on the last day of the calendar year.
Doing so minimizes the administrative burden of compliance with beneficial ownership reporting. Most qualified institutional investors can test their securities ownership for purposes of Schedule 13G as of calendar-year end, rather than on a real-time basis.
You should blame the Management, they are the ones who sign these toxic Debt Notes because they can't get any other loans anywhere else.
Just have a look at the Q's and K's, even without the Loans this CO isn't making enough money to keep the daily business running.
It's easy to blame the Lenders but its the CO that is signing those contracts well aware of the fact that it'll hurt their Shareholders very badly if they don't pay them back and conversion starts to hit. But well it's their last resource to some $ since no Bank will give them a loan after looking at their books.
Imo plain and simple -> The CO is fully aware of the Fact that shareholder will get hurt as soon as the conversion is starting.
Get rid of the toxic lenders and at least 70-80% of the OTC Stocks will disapear with them, since they can't get any $ to run their share selling Businesses, no matter if real Co or shell...
Why would they have to buy them back if they are selling them in the first place?
Thy could easily just keep them and wait for a higher price to sell em if it would be a strong Company. But those toxic lenders just want their $$ back. Do some DD on Death Spiral Financing, i'm pretty sure you'll find what you are looking for.
It's not only happening in this Stock, you can look-up every stock these Lenders are involved in, it's always the same.
Somebody is selling his 2003 S7 at an Auction...
http://www.barrett-jackson.com/Media/Home/Reader/the-all-american-saleen-s7-supercar-one-of-only-four-naturally-aspirated-ultra-rare-s7s-with-saleens-competition-package-offered-at-scottsdale/
http://www.barrett-jackson.com/Events/Event/Details/2003-SALEEN-S7-COMPETITION-PACKAGE-188780
as said GL with that!
Next 10Q Filing or maybe even sooner via a PRE14C will tell the story here.
A/S is only 2.5 Billion and there is a lot of debt to convert into shares at these prices. Remember they convert at an average discount of 50% from the lowest price during the last 5-20 days. Depending on the terms of the related notes...
Lots of shares to come, imo
GL with that, selling at 3 and covering at 3?? LOL
Good one
What's going on? Massive shorting again?? LOL
NOT! Pure Dilution, ongoing for weeks already.
JMHO
Restated on the 21st and today the A/S increase hit the NVSOS
Previous Stock Value:
Par Value Shares: 850,000,000 Value: $ 0.001
Par Value Shares: 10,000,000 Value: $ 0.001
No Par Value Shares: 0 Total Authorized Capital: $ 860,000.00
New Stock Value:
Par Value Shares: 3,000,000,000 Value: $ 0.001
Par Value Shares: 20,001,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 3,020,001.00
Yep, here the BIO:
Mr. David F. LaFave has been President of SNM Global Holdings, Inc. since October 2012. Mr. LaFave served as Chairman of the Board and Chief Executive Officer of NX Global, Inc. from November 2010 to November 2011 and served as its President and Chief Financial Officer from March 2010 to November 2011. Mr. LaFave served as President of Green Stone Holdings, Inc., an investment holdings company that has primarily invested in small cap stocks since April 2005. Mr. LaFave served as the President of National Energy Services Co Inc. from March 17, 2010 to September 3, 2010 and its Chief Operating Officer since March 17, 2010. He has the knowledge of building construction, affordable housing techniques, energy efficient mechanical and building systems and building renovation with renewable energy systems. Mr. LaFave operated LaFave Contractors, Inc. for 20 years where he honed in skills in the building trades in various construction types. He has been a Director of SNM Global Holdings, Inc. since October 2012. He served as a Director of NX Global, Inc. from November 2010 to November 2011. He served as a Director of National Energy Services Co Inc. since March 2010.
Yep unloading could happen at any time, the only question is if the given Bid will be enough to take all the load... and how much more to come.
The listed CEO is DAVID LAFAVE per NVSOS
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=VI58VHyrb9YIhQ7gfSOOCQ%253d%253d
It's all about SMI and GTA and has nothing to do with Saleen Automotive, Inc. unfortunately. Read the Deal Filings from 2014/15 it's all in the Records.
Reinstatement Filing hit the NVSOS
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=VI58VHyrb9YIhQ7gfSOOCQ%253d%253d&CorpName=SNM+GLOBAL+HOLDINGS
That's what VFIN BMAK BKRT and VNDM ar known for, right?
They short the Hell out of every .000x stock in OTC Land...
GL
That's total BS and i hope you know it...
Those reports have nothing to do with an actual Short Position and are an "ownership" marking requirement of SEC Rule 200. Because the OTC is a two tier market, one tier with Brokers and the other tier Broker Dealers, anytime a transaction cannot be executed internally by your broker the order goes to their contracted MM. That MM executes Riskless Principle transactions in which the initial leg is short the shares and then purchases the actual shares from the selling party for the cover.
A good post to read on Short Volume:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80871478
Try this Post: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80871478
explains it very well and clearly outlines that the numbers are meaningless...
The BS about an upcoming squeeze is just a Fairytale especially for OTC Stocks in the tripz...
Some more Posts about it can be found here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97705125
Is that why he signed the death spiral financing contracts?
Is that why he didn't pay the bank loan?
Is that why this Company is where it is?
Steve will not want to damage his reputation.
The prob with that is, Saleen isn't selling anything in China.
It's all GTA/SMI. Saleen will get some Soyalty's for the usage of the Name... Just read the related Filings...
Not far... he's waiting just around the corner.
But his Buddy BMAK is right there
How about the TOXIC NOTES as signed by Steve with nearly every known toxic lender available?
Toxic Convertible
Used by companies that are in such bad shape, that there is no other way to get financing. This instrument is similar to a convertible bond, but convertible at a discount to the share price at issuance and for a fixed dollar amount rather than a specific number of shares. The further the stock falls, the more shares you get. Popular in the mid to late 1990s. Also known as death spiral convertibles or floorless convertibles.
Yes Sir, as expected by a few...
The amount of convertibles is just too big imo, and obviously they aren't done.
The PR disagrees with you...
The rapid expansion of Saleen's customer base in China has not only made the legendary Saleen cars available to the vast Chinese market, but also increased manufacturing jobs in our production facility in Tunica, Mississippi.
IF VFIN and BKRT done dumping... maybe some kinda run will happen.
BUT currently the OS is growing on a daily basis, imo!
It's NOT Saleen its GTA/SMI...
READ THE 8K's... like this one: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10756755
File Date: 1/20/2016
a month ago...
A/S increased to 2.48 BILLION shares per NVSOS
Previous Stock Value:
Par Value Shares: 960,000,000 Value: $ 0.001
Par Value Shares: 20,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 980,000.00
New Stock Value:
Par Value Shares: 2,480,000,000 Value: $ 0.001
Par Value Shares: 20,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 2,500,000.00
OTC's don't trade AH...
It was a Net Trade as exlained many times previously by BigBake already.
GL and happy WE
and NO $$$'s in the bank...
With a 20M "CREDIT LINE" it should be in the $$...
LOL
Conversions are still ongoing imo.
BKRT and VFIN are there to sell them (imo)
Don't be surprised to read in the next 10 that the actual O/S is way above 1B shares. It would be easy to confirm now if the TA wouldn't be gagged.
People will disagree with that... but read the Term of the old Notes. Many defaulted due to an insufficient A/S at the time prior to the A/S increase.
Unsecured convertible notes
From September 2014 to December 2014, the Company issued Unsecured Convertible Promissory Notes (“Notes”) to eight separate accredited investors that had a remaining principal balance of $618,225 as of March 31, 2015. The Notes bear interest ranging from 8% to 12% per annum and mature on various dates from April 2015 to December 2016. The Company is currently in default of payment for Note that matured from April 2015 to July 6, 2015 in the principal amount outstanding of $52,879. The Company may not prepay the Notes without the Note holder’s consent. Further, the Notes contain provisions that under certain events of default, as defined in the agreements, the amount owed could increase by amounts ranging from 135% to 150% depending on the event of default. In addition, in the event of non-payment when due, the interest rates would increase to between 20% and 25% per annum from the date due until paid.
The Notes are convertible into shares of Common Stock of the Company at the option of the holder commencing on various dates following the issuance date of the Notes and ending on the later of the maturity date or date of full payment of principal and interest. The principal amount of the Notes along with, at the holder’s option, any unpaid interest and penalties, are convertible at price per share discounts ranging from 42% to 38% of the Company’s Common Stock trading market price during a certain time period, as defined in the agreement. Further, the conversion prices are subject to a floor such that the conversion prices will not be less than a certain price, as defined in the agreement, with such floor prices ranging from $0.001 to $0.00005 per share. In addition, the conversion prices are subject to adjustment in certain events, such as in conjunction with any sale, conveyance or disposition of all or substantially all of the Company’s assets or consummation of a transaction or series of related transactions in which the Company is not the surviving entity. The note agreements also require the Company to maintain a reserve of Common Stock, as determined based on a formula stated in the note agreements, which, upon request by the note holder, can be adjusted based on the formula and the then share price of the Company’s Common Stock as of the date of request. The note holder can convert up to the number of the then shares reserved for conversion of their related note. As of September 30, 2015, the Company was in default of such reserve requirements due to insufficient availability of authorized and available Common Stock shares to fulfill the note holders’ reserve requests. In October 2015, the Company increased its Common Stock authorized to 2,500,000,000, which is sufficient to cover the share issuable upon conversion (See Note 10).
A peak in the Filings tells the Story here.
No need for Pictures
Yeah another Dream...
that'll never become true, imo.
Like the Team-up with Fisker eh? LOL
Too bad that Tesla never confirmed it...
isn't it?
done this week and last week? LOL
Is that why she is saying
Today is the first Day of Spring
A/S increased to 950M shares per NVSOS Filing
Previous Stock Value:
Par Value Shares: 250,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 250,000.00
New Stock Value:
Par Value Shares: 950,000,000 Value: $ 0.00001
Par Value Shares: 10,000,000 Value: $ 0.00001
No Par Value Shares: 0 Total Authorized Capital: $ 9,600.00
TA is "gagged" only the Co will get the Numbers.
A/S is 2.5 Billion shares
O/S you'll have to guess, but with the continuous dumping since Dec i'd assume it has exceeded 1 Billion easily. Float almost identical to O/S imo
A/S increased to 755M shares per NVSOS
was 75M previously
Previous Stock Value:
Par Value Shares: 75,000,000 Value: $ 0.001
Par Value Shares: 1,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 76,000.00
New Stock Value:
Par Value Shares: 755,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 755,000.00
Sounds a little different here:
Meanwhile, the now-transformed VL Automotive tried joining forces with Saleen to conquer the Chinese market, but we haven't heard any significant news on that topic.