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But the S/S is maxed out already in SLNN,
if you calculate the conversion of the Super prefs with the given O/S.
And here AGAIN what the CO filed about this ISUUE:
Each share of Super Voting Preferred Stock is entitled to a number of votes equal to the number of shares of our common stock into which it is convertible at the applicable record date. Each share of our Super Voting Preferred Stock will immediately and automatically convert into 1,000 shares (subject to adjustment for splits, dividends and similar transaction) of our common stock at such time that we file, at such time as determined by our board of directors, an amendment to our articles of incorporation effecting a reverse stock split of our common stock or effecting an increase in the authorized shares of our common stock, in each case so that we have a sufficient number of authorized and unissued shares of our common stock to permit the conversion of all outstanding shares of our Super Voting Preferred Stock into our common stock.
No R/S because SS is too small??? LOL
Is there any rule for what the SS has to be in order to do a R/S? Answer NO there is non.
The A/S can even be set to whatever the CO wants together with a R/S filing.
Just one example of a CO doing a R/S and increasing the A/S at the same time:
- a change our corporate name to XXX, Inc.;
- an increase the number of authorized shares of our common stock from 250,000,000 to 650,000,000 shares; and
· a reverse stock split of our outstanding common stock on the basis of one for one hundred twenty-five (1:125).
The company CANNOT do reverse split because THE SS IS TOO SMALL..
The holders of our Super Voting Preferred Stock are entitled to vote together with the holders of our common stock, as a single class, upon all matters submitted to holders of our common stock for a vote. Each share of Super Voting Preferred Stock is entitled to a number of votes equal to the number of shares of our common stock into which it is convertible at the applicable record date. Each share of our Super Voting Preferred Stock will immediately and automatically convert into 1,000 shares (subject to adjustment for splits, dividends and similar transaction) of our common stock at such time that we file, at such time as determined by our board of directors, an amendment to our articles of incorporation effecting a reverse stock split of our common stock or effecting an increase in the authorized shares of our common stock, in each case so that we have a sufficient number of authorized and unissued shares of our common stock to permit the conversion of all outstanding shares of our Super Voting Preferred Stock into our common stock.
With Steve as Head this is going nowhere...
he obviously doesn't care about shareholders at all.
He still lives his dream and that's what ruins the CO.
He and his dreams are driven by the blood of a racer but not by the blood of a profit oriented Businessman as the filings for his Co do show.
The official name of his Business is still "NICHE CARMAKER" who makes Lifestyle Cars. How people many are up to this lifestyle at these days?
As of today things in the Car Industry have changed significantly and obvoiously he missed or better refused to align with those.
He made a few 100 cars in a good year but at what costs?
One of the main problems of this Co seems to be Steve himself.
BTW regarding the IP... there aren't that many Patents the Co or Steve owns
http://patents.justia.com/assignee/saleen-incorporated
There is NO twisting.
It's copied 1:1 out of THEIR Filing!!
It's hard to find any positives,
if you look at SLNN's filings.
This is a public traded stock and has to be judged by those.
The Company behind the Stock is kind of an old american idol, but that was years ago... there are Fanclubs for the Cars and yes they made Cars for Movies, Race Cars etc. But did it made the CO any money?
If it would have made $, would the Co trade on the Pinks and at these Levels with all the ongoing Lawsuits, Debt Notes etc?
Reason for Super Voting Stock is in the filing already...
The holders of our Super Voting Preferred Stock are entitled to vote together with the holders of our common stock, as a single class, upon all matters submitted to holders of our common stock for a vote. Each share of Super Voting Preferred Stock is entitled to a number of votes equal to the number of shares of our common stock into which it is convertible at the applicable record date. Each share of our Super Voting Preferred Stock will immediately and automatically convert into 1,000 shares (subject to adjustment for splits, dividends and similar transaction) of our common stock at such time that we file, at such time as determined by our board of directors, an amendment to our articles of incorporation effecting a reverse stock split of our common stock or effecting an increase in the authorized shares of our common stock, in each case so that we have a sufficient number of authorized and unissued shares of our common stock to permit the conversion of all outstanding shares of our Super Voting Preferred Stock into our common stock.
The court will decide if merit or not.
BTW how much are the royalties they get from SMI for a single car?
Just to get an idea how much they will make...
Building a Car will cost $$ that SLNN doesn't have.
They can't even fullfill the orders from customers who paid already $$ upfront...
GL Nad
You should contact Steve with that Idea...
Maybe you and your guys will get Super voting shares if you tell him you wanna bail him out.
BUT whill that help the CO to make $$ ?
Will that reduce the cash burn rate significantly?
What makes you think that Steve will change anything IF somebody bails him out? He drove this CO into this mess., not the shareholders.
He signed those contracts, not the shareholders.
Per the given Facts he will be the majority holder... so do you expect any change?
IF that would be an Option for Saleen
why wouldn't they have paied off the last Notes in advance or pay off their debt with the Bank?
WHY would they even consider to get engaged with people like Seth Kramer?
SLNN has no $$ and no chance to borrow it from "normal" sources that's why they selected JSJ, KBM and all the other aka "death spiral" or toxic Financiers.
After realizing they lost the majority due to the ongoing conversion of those notes, the stakes in those Super shares got increased. And again thei won't be effected and they can have as many as 1M of them or 1 Billion in Commons if converted.
It was the closing price at the Day of issuance.
Why would that be a bottom?
Those shares aren't effected by a R/S imo the main reason why everybody close to the CO is getting them right now.
Steve 303k
Molly 19k
MLG 63K
Total 385k or 385.000.000 commons after conversion
Currently the CO has ~300M O/S (a few M more or less...)
The Super shares IF converted would already exceed the give A/S, and they do allow 1M of those = 1 Billion commons... but that's not why they are issued... IMO
The holders of our Super Voting Preferred Stock are entitled to vote together with the holders of our common stock, as a single class, upon all matters submitted to holders of our common stock for a vote. Each share of Super Voting Preferred Stock is entitled to a number of votes equal to the number of shares of our common stock into which it is convertible at the applicable record date. Each share of our Super Voting Preferred Stock will immediately and automatically convert into 1,000 shares (subject to adjustment for splits, dividends and similar transaction) of our common stock at such time that we file, at such time as determined by our board of directors, an amendment to our articles of incorporation effecting a reverse stock split of our common stock or effecting an increase in the authorized shares of our common stock, in each case so that we have a sufficient number of authorized and unissued shares of our common stock to permit the conversion of all outstanding shares of our Super Voting Preferred Stock into our common stock.
Mommy seems to be pretty sick, and the kids will move on nontheless since the Testament is already in place...
Too bad hat they call SMI Family but NOT Saleen.
A new entity, Saleen Motors International (SMI), which is a wholly owned subsidiary of GTA and not affiliated with Saleen, will be used by GTA to distribute Saleen branded products.
Just filling some Gaps... LOL
But wait for all those shorts to cover LMFAO
Nad, you know better than that...
An explanation of Finra's daily short volume.
(Courtesy of a post made by pantherj)
The daily short interest report from FINRA is as widely misinterpreted as any report ever put out. Yet, once a few basics are understood, it becomes very logical. The huge short volume seen in the daily reports are almost instantaneously covered; within a few milliseconds or a few hours at worst. The best explanation of this report, that I've ever seen, was posted by "Dave Patch" of "Investigatethesec.com."
Posted by: patchman Date: Wednesday, March 03, 2010 6:31:31 PM
In reply to: fourkids_9pets who wrote msg# 648 Post # of 951
Short Sale Volume Reporting’s are deceiving.
I spoke to FINRA today and found out some very interesting things that until now I did not fully understand. I knew there was something wrong with this transparency of information but was not 100% sure what it was. I think I have my answer and it was enlightening.
I was first directed to the Notice to Members memo dated 9/29/2009
www.finra.org/Industry/Regulation/Notices/2009/P120045
The individual I spoke with wanted to make clear that to maintain proper trade volume reporting accuracy, a trade with multiple legs in the trade would only be reported once in the volume reports. The example given would be.
Investor A is long 100 shares and wants to sell. They enter the order through their broker that is routed to a market maker. That market maker will go out and sell the stock into the market before they have bought the stock from you/your broker to close out their account. They do not take possession first as there is no guarantee they can sell the order into the market. By this Notice, the actual sale INTO the market is a short sale because the market maker sold the stock into the market BEFORE they had purchased the stock from you. It is a technicality since they know there position will be closed out minutes later when they go in and buy your shares. To avoid doubling up on trade volume and distorting the picture, only the sale into the market (consolidated tape) is recorded and not the second leg which was the sale transaction between seller and market maker.
So, this is why the short sale volume is high but also why the FTD’s and bi-Monthly short interest reports are not showing any indications of this volume. The short isn’t really a short it is the execution of a long sale by a market maker. The key language in the FINRA notice is this:
Quote:
--------------------------------------------------------------------------------
The Daily Short Sale Volume File will provide daily access to the aggregate volume of short sales in NMS Stocks and OTC Equity Securities reported to a consolidated tape and traded over-the-counter during regular trading hours on each trading day.
Kind of impossible to misinterpret that Paragraph eh?
But yes you are right it does state "out of its authorized and unissued Common Stock" but that's where your misinterpretation starts... since you obviously didn't read it all the way to the end
Reservation of Shares. The Company shall at all times, so long as any principal amount of the Note is outstanding, reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Note, such number of shares of Common Stock as shall at all times be sufficient to effect the conversion of all of the principal amount of the Note then outstanding.
Sounds like you don't read the Filings of the Company you are invested in...
How about this Paragraph then?
Reservation of Shares. The Company shall at all times, so long as any principal amount of the Note is outstanding, reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Note, such number of shares of Common Stock as shall at all times be sufficient to effect the conversion of all of the principal amount of the Note then outstanding.
Maybe he should have read what he signed...
End of this month
Based on the Terms of the signed Loan agreements
only a R/S or an A/S increase can satisfy the need for an appropirate amount of shares in treasury per the given conversion price. That's not speculation, thats a fact.
Feel free to do the calculation yourself and let us know if you come to a different conclusion.
TIA
Again pure speculations, i'm not into that.
Personally i highly doubt they will be anywhere close to your assumption. Technically there will be more and more shares flooding the market due to the upcoming comversions of maturing debt notes.
Now that Steve has regained the control of the CO via the conversion of a 220k loan (only god knows when that happened since its not part of any prior filing) he will be forced to either R/S in order to keep the control of the CO or initiate a R/S to satisfy the Terms of the Debt Notes (sufficiant amount of shares available for conversion)
I know what answer you are looking for, but based on the last quarters why would you even consider the last quarter could be any better at all?
Here a very good write-up about the numbers you are talking about...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57101068
But since people are screeming squeeze is coming lets look what a site specialized on real SQUEEZE Date has to say:
Short Percent of Float %
Short Interest Ratio (Days To Cover) 0.0
Short % Increase / Decrease -30 %
Short Interest (Shares Short) 39,600
Short Interest - Prior 56,900
http://shortsqueeze.com/?symbol=slnn&submit=Short+Quote%99
GL with that Squeeze Theory...
TA doesn't answer any questions.
Nice try
.0016's are getting taken out
on the bid... .0015's next?
Another Gap Fill??
Congrats to all who banked big here!
Accumulated Deficit 21,406,128 (per last 10Q) and growing DAILY
No chance for a Loan from a Bank... GL Saleen
Ticker SLNN might bounce further, no wonder with all this pumping and hyping, but it doesn't mean the Company is doing any better at all.
Next moth the next Note will hit ~55k from KBM at a conversion price of ~.0005 ! That's just 110M shares for the market and the conversion will exceed the current A/S of 500M by far.
BTW did you see that there are even more KBM Notes?
They mature or better, have matured THIS month, and will add aprox. 300M shares to the float.
Prior convertible promissory note in favor of the Buyer dated September 11, 2014 in the amount of $123,500.00 for which 13,500,000 shares of Common Stock are presently reserved; and
(b) Prior convertible promissory note in favor of the Buyer dated September 16, 2014 in the amount of $32,500.00 for which 4,500,000 shares of Common Stock are presently reserved
Obviously they CAN'T pay anything right away...
Just read the last Filings especially the 10's
Maybe you can help them out, i'm pretty sure can get a similar Deal like Seth Kramer, Sameer Hirji or Joseph Lerman
Shorting a subpenny LOL get real dude!
Do some DD before you write stuff like that, pls.
LOL, GL with that!
He needed the 220M shares to stay above 50%.
Proof pls
Who bought? Link pls
Enjoy it while it's there...
Besides BMAK and he's happy to fill the bid with his .0004's
as he just did...
Citizens Buisness Bank vs SLNN (Saleen)
http://pdfsr.com/pdf/slnncitizen
Here what SLNN said in the related 8K Filing :
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10716475
The Lawsuit reads a "little" different imo...
The Brand or Name will likely survive.
They have already everything in place to secure it.
But the Stock... doubt it!
That where the Problem starts...
THEY HAVE NO CASH !!!
A/S increased to 10B per NVSOS Filing
Previous Stock Value:
Par Value Shares: 1,000,000,000 Value: $ 0.001
Par Value Shares: 5,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 1,005,000.00
New Stock Value:
Par Value Shares: 10,000,000,000 Value: $ 0.001
Par Value Shares: 5,000,000 Value: $ 0.001
No Par Value Shares: 0
Total Authorized Capital: $ 10,005,000.00
Yippy, Inc. CEO Files $50 Million Lawsuit Against Magna Group LLC
Jun 18, 2015
OTC Disclosure & News Service
New York, NY -
NEW YORK – June 18, 2015: Richard Granville, the CEO of technology company Yippy, Inc. (YIPI), filed a $50 million lawsuit in New York Supreme Court against the “death spiral” financier Magna Group LLC and its principals Josh Sason, Ari Sason, and Michael Abitebol.
The lawsuit, filed on June 16, 2015, alleges that Magna participated in a scheme to manipulate the price of Yippy’s stock. Magna’s “pump and dump” scheme involved the issuance of phony press releases, hypothecation and naked short selling of Yippy’s stock, and attempted corporate bribery, according to the complaint. Granville is suing Magna for fraud and unjust enrichment.
This lawsuit comes on the heels Bloomberg’s March 12, 2015 report about Magna and its founder Josh Sason entitled, “This 27-Year-Old Made Millions Riding the Death Spirals of Penny Stocks.” The Bloomberg article describes how Magna profited from the collapse of small, publicly traded companies that had borrowed money from Magna. (See article: http://bloom.bg/1HIedWP)
In March 2015, Granville posted statements referring to the Bloomberg article and describing Magna’s business practices. In response, Magna’s principals Josh Sason, Ari Sason, and Michael Abitebol sued Granville for defamation, claiming that his words had cause them “severe emotional distress.” Granville responded to the defamation suit by claiming truth as a defense: “Granville stands by these statements because, as discussed below, they are true. Granville is fully prepared to come into court, swear an oath, and defend his words and actions.”
The complaint adds: “As a businessman, a U.S. Navy veteran, and man of devout faith, Granville feels a moral and ethical obligation to help expose the truth of the Magna Parties’ business practices. In so doing, Granville’s objective is to save other entrepreneurs from the Magna Parties’ vicious and immoral business practices, and to see that the Magna Parties are brought to account for the jobs, companies, and lives that they have destroyed in the name of personal enrichment.”
Granville and Yippy are represented by the Manhattan law firm John H. Snyder PLLC, which has initiated an investigation into the broader business practices of the Magna Group in preparation for a potential class action. Any person or company who has been harmed by the Magna Group is welcome to contact John H. Snyder. Snyder may be contacted at (212) 856-7280 or john@jhs.nyc.
Granville may be contacted at rich@yippyinc.com
http://www.otcmarkets.com/stock/YIPI/news/Yippy--Inc--CEO-Files--50-Million-Lawsuit-Against-Magna-Group-LLC?id=107702&b=y
Agreed, A/S increase appears to be more likely
Try SIMH it was granted...
I guess we'll see what will happen.
But those Toxic Notes won't be paid off by SLNN they are disigned to mature per the given Terms. Steve is already in need of every penny to run at least some daily business with a more than $4M cash burn rate every quarter. Normal Banks do not credit his Business any longer thats why he ended up with people like Seth Kramer etc...
But IF , as you said, the CO is so undervalued and Insiders would believe in the Company and their own performance, wouldn't they buy two handed at these levels? Why isn't that happening?
In fact they have already everything in place to secure the brand even if they have to file for BK which will likely happen sooner than later (imo).
Nothing wrong with gambling on a stock like SLNN it's your $.
GL