Why would SLNN CEO Steve Saleen incorporate a new entity called Saleen Motors International (SMI) and agree to be a wholly owned subsidiary of a privately held corporation WM Greentech Automotive? Rather than just signing a joint venture agreement with GTA? Or a distribution agreement between SLNN an GTA? There is no reason for Steve to create a new privately held business (SMI) entity outside of his publicly traded (SLNN) unless he was planning to divert his attention and resources to the new entity and away from his old entity (SLNN). He must be diverting resources to this new entity, even if it just his time and effort right now. SLNN shareholders should be concerned that their CEO is off making a deal outside of SLNN. Although Steve is one the worst CEO's in the history of the Automotive Industry he should still be dedicating all his time and resources to his bankrupt and fledging Saleen company.
Saleen shareholders have been getting screwed by their CEO from the beginning and if there was more money involved this would be an easy case for the shareholder to sue in court and win. There is no integrity at the office of Saleen. None. Steve should be voted off the BOD's of Saleen (again) and a new CEO who gives a s--t for the shareholders should be hired.
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