Replies to post #7400 on Saleen Automotive, Inc. (fka SLNN)

[AutoInvestor]

To say Saleen has been in business since the 80's is referring to Steve Saleen.
Saleen has been bankrupt twice and changed ownership three times, four if you count SMS, five if you count Champco. All four have gone bankrupt and now this fifth version operated by Steve Saleen is also bankrupt.
During the last 30 years Steve has lost over ($70M) of investors' money and never returned a dime to anyone investor who has trusted him with their money.

Additionally, There is millions of dollars of unpaid invoices from vendors who have been screwed by these Saleen companies. As far as Saleen's relationship with Ford, it's over. They are done with Steve and many of the Ford Dealerships will have nothing to do with him due to non payment of warranty claims and his lack of delivery on orders placed. Ford of Escondido is suing Saleen now for stealing seven chassis and never paying a dime for them.

Do not fall into the smoke and mirror PR branding coming out of this fourth bankrupt version of Saleen.

[wj2005]

Very well said!

Yes, Steve has been around since the 80's and also Saleen the company.

Saleen Inc went bk back in 2009ish because Hancock park ran it into the ground. Gotta love when a company thinks just because they have money they can run a company which with Saleen was not the case.

They didn't want to listen to what Steve had to say which is why Steve resigned from Saleen Inc and started SMS.

So Hancock park continued with their vision which IMO seemed to be what is the ugliest car we can build and design cheaply for people to buy so we can make the most money.

Well they did exactly that and what happened? They lost sales, pretty much all of them because they didn't sell. Nobody wanted them because they were ugly. They were NOT a Saleen at all!

So they ended up filing bk, illegally transferring the money god knows how many times when they had there fire sale. But then Steve is blamed about this how? He wasn't even there when this happened and left at the peak of the company because he didn't like the vision all these pencils pushers had and felt it wasn't going to work.

Well was Steve correct in his opinion? You better believe it. They barely lasted a couple of years before they were done.

So IMO who was the bright one of the bunch with Saleen inc from let's say 2002-2007? Steve was with the help of the money from the investment firm.

Steve leaves them with the vision they had and what happened? They closed the doors via bk!

To close Saleen automotive (slnn) is basically a new and growing company. Any new company will have its growing pains but with Steve's vision and automotive experience, we have a lot of exciting things to come from Saleen! The 2015 Saleen mustang in all 3 trim levels are a hit! Entering the China market is just an ever growing market!

It might not look too pretty on paper right now BUT things are falling into place for this to become a very successful company and a great long term investment.