Glad to see that a Saleen enthusiast is actually reading the 10K .
I do not agree with everything you stated regarding Steve's exit from Saleen but I do appreciate all the research to support your opinions .
Steve was fired for all the issues listed on my post yesterday plus a few more issues
I did not mention. This is not my opinion. This is fact.
I can name every board member who voted to fire him and the vote was unanimous.
By the time they did fire him he cost them $35M and he destroyed the company's relationship with FORD.
Without Ford Saleen is just a small tuner garage.
The question that I can ask now that I know you have read the 10K is,
Why would you or anyone else chose this company to INVEST in ?
I can understand that you like cars, but come on.
A start up company with no record or history would have a much better chance of doing well than Saleen.
Saleen is deep , deep in debt. Low sales and terrible margins on the cars they do sell .
The SG&A expenses are completely out of control .
There is no budgetary controls in place. They spend way more than they make and not on building cars, but on legal fees, accounting fees , law suits, public relations, BOD compensation, family, etc..
The business plan is impossible, not even close to being realistic.
Do you really believe that Saleen can develop an Electric Vehicle + a Supercar + 2015 Mustang + Plant expansion + Barracudas + Camaros + Tesla's +etc.... ?
Do you believe the CPA's going concern statements regarding the company's ability to continue without
Additional investment?
Why would you buy the stock of a company who's only solution to avoiding bankruptcy
Is to find a large investor and if they do find a large investor your stock will be significantly diluted?
Why would you buy stock in a company that is so close to bankruptcy?
It's just not smart.
Does'nt all that Saleen history you just researched and reported make you sick ?
That is a terrible corporate history. Multiple failures . Damaged customers. Damaged Vendor base . Damaged relationships with the investment community.
Why, of all the company out there would you pick this one?
If it comes down to being in automotive love for Saleen you are
lost on this investor website and should be blogging on the Saleen site.
It would be a lot less expensive than mixing your love for cars with
picking stocks to invest in.
My real gripe is that with all this knowledge you may just be posting to try and lure less knowledgable
investors into buying this stock with the hope that you can get out with less loss's .
That is a personal integrity issue.
These comments are my opinion. Invest based on your own research and conclusions .
AI
