This is a misleading statement. Overall, he managed to significantly reduce his exposure to Saleen's failure. When it was just SMS, he was the main bagholder, then he went public and owned 72% of the shares. Which was probably representative of his exposure to a bankruptcy from SMS. Then he manages to siginifacntly reduce the debt he was personally accountable for with SMS, now SLNN. It was millions and now it is basically just the bank loan. He diluted the stock to reduce the debt. Basically transfering the burden to the OTC market.
He probably thought he could get rid of the debt before maxing out A/S, but now his stake was dramatically reduced, so he converted his officer's salary, or whatever SLNN owed him, to more svp shares, approved an increase of A/S and now he is going to try for a third time to transfer debt to the market.
All I see from Steve Saleen is an attempt at transfering his financial exposure to the OTC market. My best guess is that he doesn't care about his SLNN shares, all he cares is getting rid of the few debt he is personally accountable for at SLNN.
