1) The stock value is nearly zero and the Market Cap is only $579K. An interested party could buy all the shares of the outstanding shares of the company for $579K and then deal with the $9M of debt and the need to buy inventory to tune cars, let's say another $2M. So for $11.6M they could have the Saleen brand and be a private company. Steve would not have any shares or control over the decision making, but he may be able to eek out a management agreement.
2) More probable scenario: The same interested party waits for Saleen to declare bankruptcy. Should be soon. The Bankruptcy court will zero out all the unsecured debt so the vendors and banks would get screwed and the shareholders would get nothing for their SLNN stock (including Steve and the BOD's). Now the interested party could offer the bankruptcy court a deal to take over the company and pay the IRS the back payroll taxes $635K and agree to employ 20 people for at least a year. The court may find this arrangement more favorable than a Chapter 7 bankruptcy. The interested party may have to pay some of the critical vendors so that they can keep the parts flowing. This is the lowest risk approach with the least amount of haggling. They do not even have to argue with Steve. This is much cheaper than Option #1.
The only risk to option #2 is that there may be multiple bidders at the bankruptcy court and the bidding could drive the price/cost up.
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