Saleen Automotive is best known for building hot numbers including countless tuned Ford Mustang muscle cars, and more recently, for offering a custom version of the Tesla Model S. Unfortunately, the company needs a huge infusion of cash even faster than its cars if it wants to stay on the road beyond the end of the year. In a new Securities and Exchange Commission filing, Saleen admits that its financial situation is dire, and it has just $7,261 in cash sitting in the bank as of September 30.
In recent days, Tesla Motors stock (TSLA) has been climbing and climbing, hitting a high of $58.18 earlier today before closing at a respectable $53.99. The rise comes amid a string of headline-making events – higher-than-expected sales, franchise dealer fights and a new warranty program, to name just three – but under all of the good news lies a potential problem. The Wall Street Journal revealed today that Tesla was served subpoenas from US federal prosecutors over details on the c
The Securities and Exchange Commission is moving forward with charges against four former Delphi executives, including the company's ex-CEO, J.T. Battenberg III. Paul Free, the company's former controller and chief accounting officer, Milan Belans, who served as the director of capital planning and Catherine Rozanski, Delphi's former accounting director are all facing a civil suit along with Battenberg in relation to four suspect transactions the company made in 2000 and 2001. The SEC alleges th
According to Reuters, the Securities and Exchange Commission is set to settle with the former head of the Obama Administration's auto task force, Steven Rattner. Earlier this year, the SEC charged Rattner with participating in a pay-to-play pension program, but the commission is expected to announce today that the former car czar has agreed to pay a fine of more than $5 million and accept a multi-year ban from the securities industry.