This is interesting -- Wiki usually gets things fairly accurate fairly quickly. Quoting...
In the late 1990s, the company was renamed Saleen, Incorporated. Hancock Park Associates provided an infusion of financial support to allow Saleen to grow. Beginning at the end of 2004, major shifts occurred in the corporate structure of Saleen, moving away from a race-team style hierarchy toward a structure commensurate with an automotive OEM. It was at this time that the Saleen workforce reached its largest size of 435. At the end of July 2006, to much fanfare, Saleen opened a retail store at the Irvine Spectrum in Irvine, California which quietly closed in December 2007. Beginning with the 2007 model year, the Saleen-designed 450 hp (340 kW) supercharger kit in the F-150-based S331 was offered by Ford as a ship-through Ford-endorsed performance option on Harley Davidson Edition F150s. In early 2007, Daniel Reiner was appointed Chairman and CEO of Saleen. At the 2007 New York International Auto Show, Chip Foose unveiled a Ford-endorsed limited edition F150, powered by the Saleen-designed powertrain used on the Saleen S331SC. On May 14, 2007, Steve Saleen and Billy Tally resigned from Saleen after nearly 24 and approximately 9 years with the company, respectively. At the time of his resignation, Steve Saleen was serving in the position of Vice Chairman of the Board of Directors while Billy Tally was the Chief Officer of Technology. John Spruill, having last served as domestic programs manager, resigned from Saleen in early June 2007 after a nine year tenure with the company to continue his career working with Saleen and Tally in a different business venture.
On August 8, 2007, Paul Wilbur was named President and CEO of Saleen to succeed Reiner while Chris Theodore, formerly VP of Product Development at Ford, was appointed to the position of CTO, filling the position vacated by Billy Tally.
In early 2008, Saleen began reducing the non-engineering staff located in Irvine, California and consolidating operations in its Troy, Michigan manufacturing plant, relocating its official headquarters to that location. Chris Theodore, previously in the position of CTO, was promoted to the position of CEO at Saleen on August 8, 2008 when Paul Wilbur vacated the position to pursue business opportunities outside of Saleen.
On August 12, 2008 Miedema Auctioneering held a 10 hour auction for Saleen Inc. at 6567 Sterling Drive South, Sterling Heights, MI 48312. During the auction it was possible to obtain everything necessary to assemble a new Saleen Mustang. All factory furniture, tooling, and facilities were for auction. Computers, milling machines, work tables and office equipment hastily piled was listed for sale. On August 18, 2008 Miedema Auctioneering executed a similar auction at Saleen Inc. 76 Fairbanks, Irvine, CA 92618
Corporate operations sale
On November 11, 2008, Saleen announced intentions for a sale of its corporate operations. Shortly thereafter, the remainder of research and development operations ceased with the departure of the remaining Saleen engineering staff in December 2008. A few months later, on February 2, 2009, MJ Acquisitions acquired the tooling and rights to the design of Saleen's supercharger, along with the aftermarket and high-performance street vehicle business units (Ford Mustang and Ford F150-related products). However, the business units associated with the S7 and S5S Raptor in addition to the paint operations (including the Dodge Viper contract) were integral components of Saleen not purchased in the sale.
Originally, MJ Acquisitions stated, "Regrettably, Saleen Inc. is unable to honor any warranties" after ceasing operations. Saleen Performance Vehicles, however, reversed their position with a press release on July 24, 2009, stating that all Saleen vehicles are still covered per their original warranties.
The Saleen and Saleen Racecraft brands were owned and operated by MJ Acquisitions, Inc. then Revstone Aftermarket under the name Saleen Performance Vehicles although Saleen, Inc. no longer exists. In March 2011, Revstone Aftermarket, a division of Revstone Industries, announced that Saleen Performance Vehicles would cease production of automobiles under the Saleen brand (approximately three years after Steve Saleen's departure), in order to refocus resources on its more viable aftermarket parts and OEM Tier 1 operations.
On April 2nd, 2012, Steve Saleen announced via press release and his twitter account (@SteveSaleen) that he has, "Reunited With the Saleen Brand" followed by a link to Saleen.com's website."
Here's what I find interesting -- "In early 2007, Daniel Reiner was appointed Chairman and CEO of Saleen." If Saleen was a incorporated ("Saleen, Inc") -- it seems to me that the Board of Directors picked someone besides Steve to lead the way. Steve may have owned stock -- even a lot of it -- but was not able to keep the Board from naming a new CEO. His only choice appears to be his resignation. Looks like stock prices dropped, the corporate venture without Steve was doomed and ultimately the Board authorized the sale of the remaining assets to MJ -- who basically liquidated the company. My guess is that Steve's shares were worth next to nothing. Bob - this gets at your comment about a legal no-no selling the company without Steve's permission. I can't see Steve having a right to approve or disapprove that sale with Saleen structured as a public corporation. When he owned the company privately - sure, he'd have a huge say (THE say). But that's the price of a public offering - you trade your ability to independently run the company for a bunch of operating capital, some shares of stock in the company you used to own and a Board of Directors that is your new boss. Further -- if you read a bit further up -- I'm thinking that the expansion of workforce and opening a retail outlet incensed the Board -- and that led to the naming of Reiner as the new CEO.
Scrolling on down -- it reads to me like once MJ decided there was no value at all in the Saleen brand any longer -- that cleared the way for Steve to try and regroup. It'll be interesting to see what the new venture is called.....and how it's structured. It's no secret that Steve always wanted to build his own car - not just modify someone elses. He had to go public to raise enough capital to try that. And once he did that - he was no longer in the driver's seat. (pun intended) And history is chock full of failed ventures of that type. It is extremely difficult to pull off successfully. It's my belief that Steve bit off more than he could chew from a corporate perspective, and the Board finally said 'enough'.
Michael Yount - Charlotte, NC - 82 Volvo 242 - 6.2L lurking; '15 Fit; '16 CrossTrek
Last edited by Michael Yount; 04-03-2012 at 08:55 PM.