Saleen Is Facing A Liquidity Crisis Amid Legal Challenges
Saleen faces derinkasse amid legal action
Saleen is facing a liquidity crisis amid legal challenges. Penala Mustang legend Saleen is facing a growing crisis as she takes legal action and loses millions of people.
Red McComb’s Ford, of San Antonio, Texas, sued, alleging fraud and breach of contract, after three 2015 Mustangs he ordered from Saleen came six months late and lost an increase worth 22,000 U.S. dollars. Traders are unable to get a refund for lost options and ground fees.
Ford’s friendship in Bristol, Tennessee, meanwhile, has waited more than a year for Mustang’s “Yellow Label,” which he ordered from Saleen. The car was originally due to be delivered at the end of last year, then at the beginning of June this year. Ford’s Mustang friendship has not received a car, in fact, its existence is now a complete secret.
Saleen’s history dates back to 1984, but today’s Saleen Automotive was founded in 2011, after a protracted legal battle with founder Steve Saleen to regain the rights on VonSes’ behalf. Since then, the company has been in ongoing financial difficulties, generating a one-time quarterly profit in 2014. At the end of the year, it was a terrible compulsion that listed only USD 7,261 in cash-on-hand.
At the end of 2015, Saleen’s filing had assets with a liability of USD 11.4 million. The account’s debts of .3 million dollars were more than 90 days late and owed more than 400,000 U.S. dollars in rent in March.
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Total revenue for 2015 was USD 3.8 million, with a loss of USD 8.5 million. Red McCombs’ claim of 30,000 US dollars accounts for half of Saleen’s cash reserves.
Saleen’s latest quarterly report states: “These factors raise serious doubts about the company’s ability to remain alert.”
Steve Saleen himself did not exist: “There is a reason why there are not many companies like us that do this, but so that we have made it every year the models, as long as we have, we have to do something right. Year after year we have improved. Like any company, we still need capital.”
There is no contractual relationship between Ford and Saleen. The company is also gearing up for Chevrolet Camaro, Dodge Challenger, and Tesla Model S.
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