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so now that you have been proven that a short squeeze is not possible even though people have be claiming it for weeks now based on misinterpreted short data (not suspicious at all), you change your approach to revenue? short squeeze to revenue? That's a weird segue.
If Saleen gets only $2 million in revenue from January to March it will be disastrous. $2 million in revenue is nowhere near enough to be cash flow positive from operation. Then when you take into account SLNN's interest expenses, they are still going down the toilet...
There it is. The numbers you posted are NOT representative of short interest on SLNN. You are confusing short volume with short interest.
Here is the only relevant data on short interest on SLNN: http://www.otcmarkets.com/stock/SLNN/short-sales
again please read this good primer on the difference between Short Volume - Short Interest and why short volume is a meaningless data on the OTC. This is should clear any confusion: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108310909
I'm asking do you actually know what the numbers that YOU are posting actually mean? What this short volume percentage means?
do you know what these numbers mean?
comparing assets to market cap is worthless. you need to compare market cap to shareholder equity, this is basic.
in SLNN's case shareholder equity is in the red by $7.5 million. So a $300k market cap is actually extremely overpriced if you really want to look at book value.
you are sharing short volume, those are not short sales.
Those you call "dumb enough to let go" are lenders who got their shares at 40% discount on the lowest trading price. They are the only ones making real money on SLNN. KBM Worldwide have a note that matured on the 18th. They must be still converting on this one since they are not filing for 5%.
maybe because it is not worth a penny.
lol apparently they CAN'T otherwise the bank wouldn't be suing them now would they? Saleen has been in default on this loan for a while, which mean they COULDN'T pay. Then they negotiated an extension of 3 months for the full amount and they DIDN'T pay. Then they got another 3 month extension for the full amount at the cost of $60k. But guest what? Yes that's right... they again COULDN'T pay.
Now the bank got enough of it and didn't agree to another extension and instead asked for collaterals which Saleen COULDN'T or didn't want to turnover.
So if the amount is really "nothing", then Saleen is not even able to pay "nothing".
500 million common + 1 million authorized super preferred voting share at 1/1000 = 1.5 billion common shares. Are you denying my math here?
READ THE WHOLE SUIT: http://pdfsr.com/pdf/slnncitizen
This is just one of the 9 complaints. SLNN has defaulted and they already agreed to pay back the loan in full! They failed to do so 3 times.
This was true for the first lawsuit from Citizen last year, but since then SLNN has defaulted on multiple other terms of the loan as per filling and the new lawsuit is because SLNN refuses to turnover collaterals or even prove that they are still in possession of these collaterals according to the filling.
I recommend you read the suit: http://pdfsr.com/pdf/slnncitizen
SLNN is not denying that they are in default on loan, it has been shown in default for a while on their fillings and they negotiated extensions a few times. Last time it didn't work...
So again what I said that wasn't true? That's the comment you are responding to, but you can't point to anything I said that wasn't true?
Yet I'll point to something you just said that isn't true:
wait a minute. The court didn't say the suit is "frivolous". Saleen said that and of course they would say that. This suit is far from frivolous. I suggest you read it: http://pdfsr.com/pdf/slnncitizen
Saleen took money from the bank and they can't pay back and they refuse to give them collaterals. This thing look very bad.
you say that yet you can't point to anything that I said that isn't true. Or with any proof for that matter.
First of, I've never said a billion shares will hit the market. I said 1.5 billion shares have been AUTHORIZED. that's fact. Which bring a total authorized to 1.5 billion common.
What is a lie though is that Saleen owns all the preferred shares. That's not true. There's been 1 million preferred shares authorized. That's worth 1 billion common shares. Steve owns 220k super preferred so 220 million common + what he already had.
last 8K:
Please prove that there's any short interest on SLNN.
I do. I care. Lying about a short squeeze is detrimental. There's no short interest on SLNN. Short volume is not an indicator of short sales.
How come a "respected member of the community" would be spreading false information about short data and a short squeeze?
There's no bet to be having, it's a fact that there's no short interest on SLNN and you can't prove otherwise. You are confusing short interest with short volume. Short interest is the only data that can indicate a potential short squeeze, not short volume.
There's no short interest on SLNN: http://www.otcmarkets.com/stock/SLNN/short-sales
again please read this good primer on the difference between Short Volume - Short Interest and why short volume is a meaningless data on the OTC. Because you're spreading false information on short squeeze and SLNN
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108310909
Who cares? everyone thinking that a short squeeze would be possible because they are fed wrong information about short volume. that's who.
you keep saying that there will be a short squeeze and that there's "short shares" on SLNN. You are confusing short volumes with short sales and short interest. They are not the same and there clearly not "100 million short shares" that "must cover".
I suggest reading this good primer on the difference between Short Volume - Short Interest and why short volume is a meaningless data on the OTC. Because your knowledge of shorting is very lacking.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108310909
This is wrong. A/S is now 1.5 BILLION. 500 million common + 1 million super voting = 1.5 BILLION
Not old. This is the first time these documents have been public. The lawsuit is far from frivolous. go read the actual lawsuit: http://pdfsr.com/pdf/slnncitizen
The company is not denying that owe the money and that they have been defaulting under the terms of the loan for years now.
And by the way there's no short interest on SLNN so a squeeze is impossible: http://www.otcmarkets.com/stock/SLNN/short-sales
The bank is suing them NOW, not in 2009. The lawsuit is a direct effect on the stock NOW. inciting not to think about it is suspicious.
go read the actual lawsuit: http://pdfsr.com/pdf/slnncitizen
it goes way beyond a change of control. There are 9 claims. SLNN's disclosing of the lawsuit is one paragraph for a 32 page lawsuit. Relying on their disclosure is clearly a poor decision.
You're posting short volume.
How many time do we have to say it. This is misinformation. Short volume doesn't mean that people are shorting this stock. Not even close.
SHort volume is not short interest.
I suggest reading this good primer on the difference between Short Volume - Short Interest and why short volume is a meaningless data on the OTC
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108310909
I'm saying that the bank is filling to seize SLNN's assets that's a fact. And that could easily lead to bankruptcy.
How could that be salnder anyway since Saleen's auditor are saying that's a really possibility.
Agreeing with auditors is slander now? please...
lol there's a big difference between being financially bankrupted (without filings) and having your bank suing you to seize your assets.
SLNN's Bank is trying to push Bankruptcy
NEW information regarding the Lawsuit from the Bank
I got my hands on the filings of the lawsuit. It can be access here: http://pdfsr.com/pdf/slnncitizen
it is way worse than Saleen let it seems in the 8K disclosing the suit. They are pretty much saying that Saleen stopped paying back the loan and sold or transferred the collaterals of the loan. They are also saying that Saleen refuses to disclose records of the collaterals and therefore can't prove that they are still in possession of the collaterals.
Saleen says: "We believe that this suit is without merit and will vigorously defend the claims asserted against us."
But they are NOT disputing that they are in default on this note for years and that as per the agreement they are owe collaterals.
The bank played fair by giving them multiple extensions, but they refused to give one last time (March) after Saleen failed to comply to the firsts few extensions.
This case looks pretty straightforward: Saleen owes $370k to the bank and accruing interest of $60 every day. Saleen can't or won't pay and can't or won't turnover collaterals. The bank is seeking legal recourses to force Saleen to pay or turnover collaterals.
Bankruptcy has never been closer.
Beware this is only a pump and dump
Look into the big holders here: David Weiner, Fred Knool, KBM Worldwide.
In 2013, Saleen Automotive, mostly known as SMS Supercar back then, was in a bad financial situation with $11 million in accumulated deficit, so they went public through a reverse merger. I don't know how familiar you are with reverse mergers, but basically in order to avoid all the red tape that comes with going public, a private company in bad shape is absorbed by a publicly traded shell company. In this case, Saleen received $3 million for merging with David Weiner's shell company W270. In the process, David Weiner and his associates got a lot of shares of Saleen for cheap. Earlier this year, they even changed the conversion rate of the convertible notes held by Weiner and his associates which will result in them owning a majority stake in the company at maturity unless they unload shares as they go which is evidently what is happening since the stock went from $1.00 2 years ago to now just $0.0035.
Now David Weiner does this scheme a lot. These days mainly with pot related companies because there's lot of hype around the sector with the growing popularity of the legalization movement. These companies' stock always go straight up right after Weiner goes in and then crash. Just like Saleen's stock.
Here is a good writeup from Bloomberg on what Weiner did with a few companies: http://www.bloomberg.com/news/articles/2014-06-18/legal-pot-sets-off-penny-stock-frenzy
Here is an easy to understand visualization of the links between Saleen's ownership and 2 of Weiner's companies mentioned in the Bloomberg article: https://i.imgur.com/MnmZNpr.jpg
Saleen took 3 different loans from a company called KBM Worldwide (See the 3 8K below).
As far as we can tell, these loans have nothing to do with Weiner and friends, yet this new alliance is troubling on its own. All together, these notes are worth $211,000 - $224,000 with interest. This might not seem like much, but with the ridiculous terms attached to the notes (0.6 of low 5 of 10 days), if the notes were converted today, they would get 28.7 million shares at $0.0078. These 3 notes matures in June and July 2015. We can expect tremendous pressure on the stock from these shares starting in the next 3 months.
Now who is behind this KBM Worldwide? Two brother. Seth and Curt Kramer.
These guys are not the kind of people you want SLNN borrowing from and even less owning shares of SLNN.
Seth Kramer conspired in a lender mortgage fraud case and consequently had to settled for $1.2 million and he is barred permanently from HUD programs.
United States Attorney’s Office Recovery press release: http://www.justice.gov/usao/nys/pressreleases/December11/cambridgesettlementpr.pdf
His brother Curt is no better. Out of his 2 investment vehicles prior to KBM Worldwide, one received a cease and desist from the SEC and the other was dissolved. Much like his brother, he had to pay $1.4 million to settle the charges with the SEC. A company even had to cease all relationship with Curt Kramer, from which they borrowed money, in order for FINRA to accept their reverse split. (See comment below)
This is the kind of people Saleen is doing business with…
Sources:
The 8K announcing the notes issued by SLNN to KBM:
https://www.sec.gov/Archives/edgar/data/1528098/000149315214003040/form8k.htm
https://www.sec.gov/Archives/edgar/data/1528098/000149315214003160/form8k.htm
https://www.sec.gov/Archives/edgar/data/1528098/000149315214003262/form8k.htm
comment janice shell - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=112757109
Quote:
The Kramers are very bad news. Curt Kramer used to run a toxic financing company called Mazuma. The SEC finally got round to suing him in 2013:
www.sec.gov/litigation/admin/2013/33-9485.pdf
He settled with them for a sum he wouldn't miss:
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370540410863
In the meanwhile, he'd created a new company called Asher Enterprises, and was doing his financing deals through it. But there were unintended consequences for Kramer. Last fall, a company called Ecolocap decided to do a reverse split. ECOS had once accepted financing from Asher. FINRA refused to process the corporate action for the reverse split, saying that by virtue of his settlement with the SEC, Kramer had officially become a Bad Actor.
http://www.sec.gov/Archives/edgar/data/1290506/000100201414000516/ecos8k-09162014.htm
Eventually--and disappointingly--ECOS worked out its problem with FINRA, and was allowed to proceed with the r/s:
http://www.sec.gov/Archives/edgar/data/1290506/000100201415000052/ecos8k-02182015.htm
In the meanwhile, though, Asher dumped its positions in most of the companies it had agreements with. But if FINRA or the SEC thought he was admitting defeat, they were wrong. He and his brother Seth got KBM up and running as a substitute for Asher...
trade it how you want, but a bunch of people have been claiming that SLNN will run for the past month and it has been trading sideways ever since. There is a clear treat of bankruptcy here with the SLNN's own bank trying to seize their assets. I would proceed with caution and certainly wouldn't encourage others to buy and get stuck with stock because that's exactly what the convertible note holders are trying to avoid themselves.
This doesn't make sense. The converted shares are from convertible note holders not from Saleen. The company is not getting any money from the conversion. And if $370k is "nothing" then why didn't the company paid it back during the past 2 years it has been in default?
NEW information regarding the Lawsuit from the Bank
I got my hands on the filings of the lawsuit. It can be access here: http://pdfsr.com/pdf/slnncitizen
it is way worse than Saleen let it seems in the 8K disclosing the suit. They are pretty much saying that Saleen stopped paying back the loan and sold or transferred the collaterals of the loan. They are also saying that Saleen refuses to disclose records of the collaterals and therefore can't prove that they are still in possession of the collaterals.
Saleen says: "We believe that this suit is without merit and will vigorously defend the claims asserted against us."
But they are NOT disputing that they are in default on this note for years and that as per the agreement they are owe collaterals.
The bank played fair by giving them multiple extensions, but they refused to give one last time (March) after Saleen failed to comply to the firsts few extensions.
This case looks pretty straightforward: Saleen owes $370k to the bank and accruing interest of $60 every day. Saleen can't or won't pay and can't or won't turnover collaterals. The bank is seeking legal recourses to force Saleen to pay or turnover collaterals.
Bankruptcy has never been closer.
This is simply not true. IT was an amendment. Whether the note is satisfied or not the amendment is still valid until it is again amended. Which hasn't been the case. (last post of the day)
that's the point. There's no recent filings. They don't have any patent. They are all pre-bankruptcy: http://patents.justia.com/search?q=saleen
lol! good one. please take a look at Saleen's patent application. look at the dates: https://www.google.com/search?tbo=p&tbm=pts&hl=en&q=inassignee:%22Tesla+Motors,+Inc.%22#hl=en&tbm=pts&q=inassignee:%22saleen%22
on 10$ trades. Look where the volume is.