The last earnings report was just over 3 months ago, at which point Saleen was 6 months behind (despite having $3.3 million cash on hand as of Dec. 31st). Maybe if they keep catching up a month or two every year, we will eventually have current filings in a few years! Yay!
I am sure that sorting out the China fraud will be a little tricky for the poor souls that got assigned to Saleen's accounting team, so try to have patience.
It seems to me that the board has a fiduciary obligation to liquidate everything and return what's left to shareholders. For a delisted and revoked company that hasn't managed to become current again after several years and just got caught up in a fraud, it seems like the only reasonable option left. At this point, I would happily take a few pennies per share and use the loss to save a little bit on taxes.
Saleen will most likely keep tuning a few Mustangs every year until the money runs dry, leaving us with $0, the bad memories, and a worthless stock certificate to hang on the wall as a reminder of what not to invest in.
