I believe Steve Saleen's compensation package for the China deal would have netted him $100 million or more, while he left us with essentially nothing.
I also suspect, that it is quite possible that this latest $4 million equity deal included some shares in the China deal out of Steve's personal hoard. I'll go further and state the possibility that this latest equities offerings main incentive was a percentage of Steve's stake in the China deal.
And this is why. First we have to ask why would anyone even think of putting any money into the financial sink hole known as SLNN. There needed to be an additional sweetener. The China deal is an executory contract. Which renders it null and void and subject to renegotiation by the debt holders upon SLNN's bankruptcy. For Steve to keep his nest egg in tack it would be essential to keep the minimal payments flowing to his note holders to avoid a forced bankruptcy.
Does anyone really think that accredited investors put up $2.5 million dollars without updated financials that at least promised some kind of lucrative returns. You could argue that they would be dumped after a pump, but look at the staggering amount of loss to the SLNN's share price which went into the trips just trying to cash in on $120,000 worth of convertibles.
We as investors need to hire an attorney and attempt to negotiate a buyout option on the $11,000,000 debt on behalf of the SLNN shareholders. We will then need to find a partner to put up the funds for the buyout and renegotiate this whole China deal upon SLNN's bankruptcy. There are assets here, in fact we don't even need a partner we should be allowed to liquidate every car he owns including the alleged S7LM's to buy out the note holders, not pay off. My opinion is that the China deal is worth $100,000,000+ after it is renegotiated to the SLNN's shareholders.
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