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Nice 20% rise on 2,000 shares. 30$ worth of shares. Who trades that?
volumes are way down considering the price.
I'm not sure I'm following. I agree with pretty much everything you said about KBM's angle, but the notes that were disclosed yesterday have been issued to LG capital and JSJ Investments, not KBM Worldwide.
LG is a 1 year old debt issuing company and JSJ is an OTC investment firm.
LG's last investment, AEGY, also went bankrupt.
The loans are similar to the ones KBM made last month (similar terrible terms), but smaller and they can't takeover since they have a cap at 9.9%
In the case of the LG notes, saleen paid them $5,000 + other fees that are note disclosed.
Wash trading is back? up 25% on just 300 shares. That's $12 worth of stock. Who are they kidding?
Someone is trying to maintain the last sale price higher than where the volumes trade. Creditors are probably still trying to unload the remaining of their shares.
Saleen now worth less than $5 million.
for a few seconds it even traded at a $3 million market cap.
Past performance is not a good indicator for a less than 2 years old security.
If you look at the spread and then where the volumes actually trade, it becomes clear that the support is in the .03 cent and not .04 cent.
Anyway, if you look at the 1 year chart (below), the small bounce in August you are referring to is irrelevant in the big picture. Unless for someone who's trading the stock, but that would be extremely high risk considering the volume is low and not consistent.
Not just the bid. It traded at $0.0361 with 2 or 3 trades before 5k shares brought it back to $0.04
This is a good one - check this out:
As you probably know, the Saleen 416 is based on the Tesla Model S P85. Saleen named it the "416" because Tesla's (not Saleen) version of the P85 had 416 horsepower. Clever right?
Well no.
Saleen doesn't change the Model S' power. They rely on Tesla's powertrain for horsepower. Well with the recent changes in the Model S line up, Tesla upgraded the P85 to 470 hp (also the P85D has 691 hp).
Source: http://www.teslamotors.com/models/design
None of Tesla's current 6 different versions of the Model S has 416 hp making Saleen's branded "416" completely irrelevant.
60 - 380 hp
60D - 376 hp
85 - 380 hp
85D - 376 hp
P85 - 470 hp
P85D- 691 hp
If they want to make sense, any sale foward would need to have a different branding.
I hope they are at least aware of this.
Come on. Everyone knows that people use the word "bankrupt" to describe a very awful financial situation without being officially bankrupted.
Of course Saleen hasn't filled a chapter 11 (yet), but if the trend continues they will be force to at some point soon.
That's why people are using the word "bankrupt". That's the kind of word Saleen's financial situation inspires and it transpires through the PPS:
WRONG!
This was at the Hawthorne Airport which is private propriety. This features will not be activated in the Model S yet.
Elon Musk clearly stated during the presentation that all the hardware necessary for the autopilot are being installed in the Model S currently in production, but the autopilot will not be available.
PLease read the blog Tesla released:
http://www.teslamotors.com/blog/dual-motor-model-s-and-autopilot
Tesla unveils its Dual Motor option and makes the 416 even more irrelevant.
Fully equipped the P85D costs $135,000 - http://www.teslamotors.com/models/design
Compared to a fully equipped 416 which will cost $230,000.
Not only does the P85D costs $90,000 less than the fully equipped 416, but it also beat the 416 by 1 second (3.2 vs Steve's mid to low 4), it has 30 more miles per hour top speed (155 vs 125), it has 221 more hp (691 vs 470), it has 10 more miles of range because of dual motor efficiency and of course it's AWD since it has a dual motor.
I bet Saleen will try again to ride the hype and offer the "691", but this time he will scrap his "performance upgrade" and only offer a body kit and interior and he will charge $60,000 for it.
There are no price available through the NADA guide. The only pricing available are the MSRP which are the same as the ones on Saleen's website (obviously). There's no sale price, nor any average for any model.
It's almost as if they don't sell cars.
I checked just for fun and turns out Naples is still stuck with the same Saleen since this summer: http://www.naplesmotorsports.com/saleen/
They were supposed to order 4 more, but it seems like it was cancelled.
Make no mistake. SLNN went down 10% today.
If you look at the chart, the volume today was at $0.045 which is a 10% drop. Of the 650,000 shares, more than 500,000 exchanged at $0.045. What brought the stock back up at the end of the day was meaningless volumes worth less than $2000.
The spread was pulling downward all day. The spread troughout the day indicates the stock hasn't found its bottom. I think SLNN could break the little support it has at $0.04 before finding more significant support at $0.03.
It's a very interesting situation. Short of a massive injection of money or a majestic turnaround during the next financial report, SLNN is doomed.
I will be on the lookout for some accounting magic during the next earnings. It looks like SLNN managed to stay alive with the KBM loans long enough to show investors their next earnings.
Saleen relied on their stock to clear defaulting debt for a while, but it didn't turn out great for creditors. They will have trouble convincing creditors to settle with monthly selling limitations again.
Yeah, but good luck finding shares to short. Last Short interest update dating 2 weeks ago shows 513 shares short. That's $25 worth of shares. I don't know what anyone would do with that.
http://www.otcmarkets.com/stock/SLNN/short-sales
Go read your comment again. Your phrasing make it sound like Saleen would be responsible for making an AWD 416. Which is not the case (and the name wouldn't make sense anymore). Saleen has nothing to do with. People are just trying to attach it to Tesla. For one, I'm glad it isn't working.
SLNN = worst stock ever
Sure there will be a few people with too much money who will buy the car.
they just need 5 persons ordering it and that makes between $750,000 and $1,000,000 in customer deposits that Saleen can legally hold on to for months until Tesla build the car then ship them to Saleen for them to put the body kits on. Just 5 reservations and $1,000,0000.
Once Saleen confirms their order to Tesla they have already spent half of that money, but still they have the order half to do whatever (hopefuly order the components for the mod...)
I don't know. Not long that's for sure, but they must have a lot of money (for SLNN) from deposits on the 416. Customers have to pay in full before Saleen confirms their order of a stock P85 to Tesla.
On the next financial report it will be interesting to look at cash and customer deposits on the balance sheet vs revenue on the income statement since they will have difficulties recognizing the revenue considering Tesla has a 2 months waiting list on the P85.
Another big dump of shares today. ~500,000 at $0.05
The chart below is very interesting. SLNN held $0.07 for about a month, but held $0.06 for only a week and it burned trhough $0.05 in just 2 days.
I saw some signs of wash trading at the end of day yesterday, so I wouldn't be surprise if the stock gains back some of its loss today, but I doubt the volume will be meaningful. If someone would really want to sell at higher levels, they would have dificulties.
You don't even mention Tesla in your post. I hope you mean that tesla making an AWD version of its Model S would be a "nice opportunity" for Saleen to make a AWD 416. Which would consist of buying a AWD Model S and putting a body kit on it.
Come on. A sound is a sound. Whether you hear it on video or in person. Moot argument.
No. I have driven the Model S and I know (since Saleen has disclosed them) the modifications they have done to the vehicle. Having driven the S, I can imagine what would the difference be with a straight cut gear. Which is not much, except an awful sound when accelerating.
I drove the Model S on multiple occassions, but I haven't seen the "416" in person. But I know people who did and they have confirmed the "modifications" Saleen did and didn't do. Which is barelly nothing.
You keep talking about other vehicles? No one will argue that Saleen build the S7 from the ground up (with Phil frank design).
My problem is with the 416 and especially comparing it to the Tesla Roadster.
The most "intetnsive" modification they have done to the Model S to "create" the 416 is changing Tesla's helical cut gear for a cheaper straight cut gear. They've done this in order to create a terrible noise. This is the biggest "mod".
In general I agree, but my understanding is that 2 and 3 are the same. The form D was in reference to the private sale of shares to KMB. The amount match exactly the amount of debt sold to KMB.
D for Driving? That doesn't make sense. The important word in self-driving is not "driving", but "self". At least you should have used D for driverless. That would make more sense.
Anyway, it will be an AWD. They might also announce some driver assist features, but that doesn't mean driverless.
Also sure SLNN might put a bodykit on the P85D too and try to sell it for what? $300,000? Again, everyone who doesn't have a stake in SLNN agree that the 416 is a failure and is just an attention grabbing scheme.
I wasn't saying they will be closed by October. Their CPA firm was saying they will be closed by October if they didn't raise more money by October and I agreed with them. I agreed with them because they were right, but SLNN did raise more money so they didn't close.
That doesn't make me wrong. They just raised more money. They poorly raised money (no one that have read the term can deny that), but they did raise money.
Look the price drop 95% in the last 12 months, how in the world can anyone claim that the bears were wrong on this stock?
I also never said that they wouldn't do the 416, I said they couldn't do anything with it. The 416 is unequivocally worse than the stock Model S. Almost everyone that doesn't have a stake in SLNN agrees with this. Tesla agrees with this. So I'm still in the right here.
In conclusion. Bears have been right on SLNN since it went public and the bulls have been wrong on SLNN since it went public. No one can deny that and this chart is the only proof needed:
PS: I also never said anything about the Mustang 2015 never happening. I don't care about the Mustang 2015.
It is almost certainly a dual motor Model S. Assisted driving features are already known and might simply be announced, but not at the expense of dual motor.
you say that like it's a good news. It's not. The more time it remains "open" the more investors get caught thinking they are buying share "on the cheap". Let's face it, the stock has been performing poorly and it shows no sign of turnaround.
It found support at $0.07 for a whole month, but burned through $0.06 in a week. Buying SLNN right now is trying to catch a falling knife.
The stock price may surge a little again like it did in early august, but it won't be as high and it'll go down even faster again with all the shares in the hands of creditors.
You don't have to believe. It's not like I have been calling this since SLNN was at $0.35.
Next week Tesla will unveil the Model S P85D which most people expect to be a Dual Motor version of the Model S.
I expect the price fully equiped will be equivalent or even less than the SLNN's 416 stock (without tech package or even "performance upgrades").
The P85D will most likely have supercar like performances, be less expensive than the 416 and service/warranty by Tesla.
It's not like Saleen's 416 had any advantages to start with, but now it doesn't even have a chance.
Picture: P85D