Thread: Goodbye to Saleen

Tweet

Just saw a notice that Saleen filed documentation with the SEC on September 30th, 2014 showing a very grim review of a company that is seriously on the ropes, with only $7,261 in cash available and over $5.6 million in debt, composed of $583,000 in payroll taxes, $1.1 million in past-due invoices and unpaid salaries, and over $750,000 in loans that are either defaulted or soon to be defaulted. The rough break of it is that the company is claiming $668,629 in assets and over $5.6 million in liabilities. According to the filing, “These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s independent auditors, in their audit report for the year ended March 31, 2014, expressed substantial doubt about the Company’s ability to continue as a going concern.”

The new Mustang is coming available, they have a new deal to tweak Tesla's, and the Challenger refresh is complete and available, but things don't look good. Sounds like they can stay open through about years end, but they've been paying debts in stock, which is crashed to about $0.03/share. Apparently they are actively seeking investors to infuse cash into the company....

Sounds rather bleak to me

It seems to me that there "spec" builder car market had been over-run with manufacturers, heck even Rousch was in there, and there just isn't much disposable income available imho... all the oems, the former "big 3".. all have their niche cars competing also.

I thnk the market just isn't there any longer, and no matter how many times "our officials" tell us the economy is great.. here's another indicator that it isn't.

Just my opinion of course... fwiw, ymmv, yada yada yada....

I believe that you're on target, Mike. We keep hearing all of the hooplah about economic recovery, but it seems to me that it's just people playing with numbers. The old adage rings true with me, statistics can be made to tell any story that the guy pushing the buttons wants told. I'm growing a bit tired of trying to see through wool every day when they start spouting the mantra of the day.....

Someone I respected very much once told me, "numbers use liars and liars use numbers!"

It still "rings true" today.... 8-)

Believe this is the 2nd time around for Saleen...... Numbers are an amazing thing, worked part time for a guy here in town for a couple years. In the course of his business career he filed bankruptcy 3 times and now is retired and very wealthy, condo in Colorado, home here in Madison, and a home in Phoenix.....