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  #51  
Old 03-11-2009
awayne awayne is offline
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Quote:
Originally Posted by Jeepngli View Post
So just out of curiosity:

I purchased my car after February 2, 2009. Does that mean I have a 1 year warranty from MJ? Its an 08 leftover, but was purchased new from a dealer. The announcement says anything on or before Feb 2 no longer has a warranty since the warranty resides with Saleen, Inc which is bankrupt. But what about cars purchased afterward? Not very clear is it.

If you bought a 2008 that was a Saleen Inc produced vehicle you do NOT have a warranty. Even all of the current inventory that dealers have really have NO warranty. MJ will give discounts on any parts needed for warranty claims but it is up to them to contact the person that is representing Saleen Inc to try to get $$$ back for the labor and parts associated with the warranty claim.

The only other thing you could do is go back to the selling dealer and get an extended warranty added to the car that will cover the car if anything happens. There are warranty companies that will cover the things on Saleens.
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Last edited by awayne; 03-12-2009 at 11:35 PM.
  #52  
Old 03-12-2009
DAVESIKE DAVESIKE is offline
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Default WARRANTY WORK...just done

I just had some warranty work done on my saleen two days ago(rear main seal and oil pan seals)and paid nothing.
although that is ford parts...
wouldnt want to find out what happened if supercharger went!
  #53  
Old 03-12-2009
awayne awayne is offline
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Quote:
Originally Posted by DAVESIKE View Post
I just had some warranty work done on my saleen two days ago(rear main seal and oil pan seals)and paid nothing.
although that is ford parts...
wouldnt want to find out what happened if supercharger went!

Yep, if its Ford related then you are good to go... if not then watch out $$$
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  #54  
Old 03-17-2009
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Default ford warranty-repost

Dave or anyone, 04-464 posted a question if Ford would honor core mustang content or not. Any ideas on that?
  #55  
Old 03-17-2009
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I'll join the ranks of disappointed though here's my cheer up consolations. 1) I still have a hot rod factory designed and built. That was my number 1 purchasing decision though having home built stuff was rewarding. IT was not a good use of time working on the home growns every week maintaining a daily driver. 2) I intend to keep this 07 probably 10 years in adherence to my wife's wishes ; ). The previous 93 was bought used and was sold in 07 so I can hold onto a car no problem. I understand that the value on Slns should take a droop as the warranty is gone and that affects folks that were thinking of selling. 3) There's 08s and 09s on dealer lots that may go for a song for folks willing to settle on the compromised situation. I emailed a dealer that replied they were looking into aftermarker warranty coverage for their cars. Glass is half empty or a quarter full now? Cheers.
  #56  
Old 03-17-2009
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Quote:
Originally Posted by hfnav View Post
Dave or anyone, 04-464 posted a question if Ford would honor core mustang content or not. Any ideas on that?
I Had no problem..just replaced rear main..no charge..at sansone in nj,.ask for tj if ya there,
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  #57  
Old 03-18-2009
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What a nice letter
  #58  
Old 03-18-2009
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Wait a second, this looks like Saleen ceased operations and has opened under a new name?

If thats the case, that sucks.
  #59  
Old 03-18-2009
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By the time these guys are through with this legal mumble jumble anything with the Saleen name on it won't be worth a plum nickel.

What a shame!
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  #60  
Old 03-19-2009
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It definitely sucks to lose a company and the warranty that came with it, but pretty much all warranties expire at some point. The idea of new car values plummeting b/c the warranty is void is a little extreme (yes, they will drop some). You still have to take into account the economy in general, not to mention new cars lose value.

We newer owners are going to feel the same thing GM et. al. owners felt when the 0% deals came out after they sold previous year buyers the exact same vehicles not long before. On the other hand, it could be that I'm not quite as twisted over it because I bought a leftover '07 in '08 (thus reducing serious depreciation from the get go) and then added some mods (thus effectively depleting my warranty).

Who will know for sure without good ol' 20/20 hindsight, but in the meantime I'm driving one bad friggin' machine! You?
  #61  
Old 03-19-2009
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It is my understanding that a company can not just cease operations, change their name, and not honor their prior debts WITHOUT declaring bankruptcy. Perhaps someone else is more knowledgable than I am but it would seem that without that declaration, Saleen/PEXT, Inc. is leaving themselves open for a lawsuit. Additionally, if they have no money, then why are they changing their name? It would appear that PEXT is taking the money that they owe to their customers/suppliers and looking to explore another business venture.
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  #62  
Old 03-19-2009
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Quote:
Originally Posted by wcdean View Post
It is my understanding that a company can not just cease operations, change their name, and not honor their prior debts WITHOUT declaring bankruptcy.
That's what I assumed, but it seems it is exactly what they intend to do.
DISCLAIMER: I am an engineer, not a lawyer. As I understand it, if no one sues them, then they don't have to declare bankruptcy. Unless someone calls their bluff, they can do whatever they please...

As an existing warranty holder, I am already seeking legal advice on this. If you are a creditor or existing warranty holder, please contact me at saleenwarranty@christann.com. I do agree with Ultamax - I love driving one of the hottest cars around. Never the less, I feel like this is a big smear on the name of Saleen (the brand, not the man) - and I would love to clear that smear at least a little by getting some redress for all of the warranty holders. I don't know if there is much hope, but I'm going to try...

Chris.
  #63  
Old 03-19-2009
awayne awayne is offline
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Well, if they just "ceased operations" then all the debt with Saleen Inc still stands.... So IMO, they filed BK on Saleen Inc and opened under a new company name. Or maybe MJ has named the assets they purchased as this new name?

As for sueing Saleen Inc or whoever... I really don't know how far that will go since if they filed BK then you would all be the last ones on a list of creditors. Should be interesting as the months go on what we find out is truly going on.
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  #64  
Old 03-19-2009
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Quote:
Originally Posted by awayne View Post
Well, if they just "ceased operations" then all the debt with Saleen Inc still stands.... So IMO, they filed BK on Saleen Inc and opened under a new company name.
According to Saleen Inc's Lawyer (Jaimee L. Witten of Bodman LLP at (313) 392-1045), Saleen Inc do *not* plan to file for Bankruptcy. They are "wrapping up" out of court, and all assets will go towards paying off one secured creditor. As I understand it, unless someone sues to stop them doing that (and doesn't then "settle out of court" as well) - they will get their way.

Chris (saleenwarranty@christann.com)
  #65  
Old 03-19-2009
awayne awayne is offline
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Quote:
Originally Posted by ctann View Post
According to Saleen Inc's Lawyer (Jaimee L. Witten of Bodman LLP at (313) 392-1045), Saleen Inc do *not* plan to file for Bankruptcy. They are "wrapping up" out of court, and all assets will go towards paying off one secured creditor. As I understand it, unless someone sues to stop them doing that (and doesn't then "settle out of court" as well) - they will get their way.

Chris (saleenwarranty@christann.com)
Well then who is PEXT???? Hancock??? MJ???

I'm sure there are some creditors that are NOT included and will be sueing. I don't see them getting away with this without BK.
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  #66  
Old 03-20-2009
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PEXT is what Saleen Inc. was, now that they dissolved the company that is what is left. PEXT has NOTHING to do with MJ.

Thank you
Jess
  #67  
Old 03-20-2009
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so did they make any 09's?
i know my dealer had 4 cars duno if they are 08's or 09's
havent seen them out front of the dealer lately

anyone close to where they build the cars? is it closed down?
  #68  
Old 03-20-2009
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They made 09 Dark Horse models:

http://cgi.ebay.com/ebaymotors/2009-MUSTANG-SALEEN-H302DH-DARK-HORSE-5-0L-MSRP-94-345_W0QQitemZ180335685686QQcmdZViewItemQQptZUS_Car s_Trucks?hash=item180335685686&_trksid=p4506.c0.m245&_trkparms=72%3A317|65%3A12|39%3A1|240%3A1308
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  #69  
Old 03-21-2009
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someone take the lead and call a class action lawyer in MI. I would do it but I am in Canada.
  #70  
Old 03-21-2009
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Quote:
Originally Posted by 06saleenX View Post
so did they make any 09's?
i know my dealer had 4 cars duno if they are 08's or 09's
havent seen them out front of the dealer lately

anyone close to where they build the cars? is it closed down?
Quote:
Originally Posted by tonylop33 View Post
They made 09 Dark Horse models:
As Tony said they made a few '09s. The serialized '09s should remind long-term fans of 1992.

It appears the bulk of 2009 production were the Racecraft Editions.

Mike, the cars at your local dealer are 2009s. I believe they have at least had, one white RC, one orange RC, and one white RC with the brake upgrade. They also stocked a black S281 Sport and a Red S281 mid-line model. Not sure as to what else they've had.

Your other dealer still has a 2007 PJ, a black 2008 S281 S/C coupe and a Red 2007 S331 S/C. I think they just received a silver/blue GT500 KR though.
  #71  
Old 03-21-2009
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thanks for the info

that KR is tempting.. if there wasnt 3 pgh dealers with silver blue striped ones lol
id love to find an extreme w/scenic roof silver or alloy

how bout any info on the scenic roof? there setup is so slick/smooth
i see ford offers it on there mustangs
who would install aftermarket saleen scenic roofs? if there done now
  #72  
Old 03-21-2009
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Quote:
Originally Posted by 06saleenX View Post
id love to find an extreme w/scenic roof silver or alloy

how bout any info on the scenic roof? there setup is so slick/smooth
i see ford offers it on there mustangs
who would install aftermarket saleen scenic roofs? if there done now
Hi Mike,

I believe Rich Ford in Albuquerque, NM has/had a silver 2008 S302 E with the Scenic Roof.






MJ/Saleen should be contacted about the Scenic tops. I believe you looked into it before when Troy Speedlab was in full swing... but I now doubt they (MJ) can do an in-house install.

SMS was using a similar, if not the same, top on their SMS 25s... so they could be an option if they contiune this feature on the SMS 460. Though... will you have to ship your '06 to CA?

The bang-for-the-buck is the newer slick top version of the CDC Glassback, thought it's still different from both the Saleen and Ford OE versions.

Not sure how the OE 2009 Mustang glass top is installed and/or if that can be retrofitted.

Anyway... I would start at MJ/Saleen to see if they can still offer a conversion, but the window my have shut.
  #73  
Old 03-22-2009
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awesum info

as much as the CDC one is nice, its not for me, as theres way too much plastic pieces added, and i really dont like that rear brake light

someone here in pitt got it done, i checkd his over last summer, and it was nice, just not that "FACTORY" kinda look to me

ive talkd to rich ford awhile back when they had a alloy gray extreme 07 an he sold it while we was in talks ( at that time there wasnt much movement in priceing, now it should be alittle different game)
  #74  
Old 03-24-2009
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Default Class Action Lawsuit

Hi all I have been looking into this matter and will keep you posted on what I find out I feel that it is just outright wrong! I have an 07 Alloy SC281 that I baby. To find out about all of the latest news is horrible
  #75  
Old 03-24-2009
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Some great news...

MJ has been exploring many options to assist owners, and is feeling optimistic about being able to get some sort of warranty coverage for vehicles, plus an extended warranty program for the powertrain as well as a warranty for aftermarket parts.

Details to come, but expect this will take some time to sort out.

Though I don't know for sure, there may be some cost.

Stay tuned!
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  #76  
Old 03-24-2009
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Quote:
Originally Posted by Jim D. View Post
Some great news...

MJ has been exploring many options to assist owners, and is feeling optimistic about being able to get some sort of warranty coverage for vehicles, plus an extended warranty program for the powertrain as well as a warranty for aftermarket parts.

Details to come, but expect this will take some time to sort out.

Though I don't know for sure, there may be some cost.

Stay tuned!
As stated, MJ has a huge hill to climb because of the amount of crap Saleen Inc. bulldozed into a pile.

While considering and providing warranty coverage for Saleen vehicles, both nontitled and purchased, is not necessary for its success, it would certainly help. MJ has the opportunity to come out looking really good here. The amount of money warranty claims would cost has the potential to make MJ look like a savior. You cannot get much better advertising or marketing than that!

Additionally, I heard rumors of this 2-3 weeks ago, however, I have not heard anything since.
  #77  
Old 03-24-2009
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Quote:
Originally Posted by Jim D. View Post
MJ has been exploring many options to assist owners, and is feeling optimistic about being able to get some sort of warranty coverage for vehicles
Thats great news. If MJ does manage to provide something, then I think it will go a long way towards smoothing a lot of ruffled feathers - and I for one would be right behind them if they went on to produce further Saleen cars...

Chris.
  #78  
Old 03-24-2009
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Default someone please help me understand this

ok....I've read through this entire thread several times trying to understand just what has happened here. I bought my truck used with like 5k miles on it 2 months ago and I understand that I no longer have a warranty on it. I also got flamed in another thread by Jess for griping about buying parts for the truck from MJ and Im pretty sure that I deserved it.....but can someone tell me why? I bought a Saleen.....my truck has SALEEN on it. I think I understand that Mj aquisitions bought the rights to saleen's name and their debt.....but whats ithe difference in Saleen inc, Saleen Speed lab and racecraft and who the hell is Hancock Park? All these names listed in this thread and all this time I just thought my truck was Saleen.....? And if I've read this right the cmpany is soon to be MJ Aquisitions/ Pext..? Geeze.....somebody please help a new owner understand what the hell he is driving besides a new $60k truck with no warranty and an identity crisis !!!! MAybe if someone can help me with this I'll understand why I ****ed jess off
  #79  
Old 03-24-2009
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Quote:
Originally Posted by Saleen190 View Post
I bought a Saleen.....my truck has SALEEN on it.
The majority/controlling interest of Saleen Performance/ Saleen Inc was purchased by Handcock Park back in around 2002/03 (someone correct me on the date).

HP was the parent company of Saleen Inc.

Quote:
Originally Posted by Saleen190 View Post
I think I understand that Mj aquisitions bought the rights to saleen's name and their debt.....
I don't believe MJ purchased the Saleen Inc debt. They purchased the naming rights, vehicle production, Speedlab and various engineering and parts stock (someone correct me).

Quote:
Originally Posted by Saleen190 View Post
but whats ithe difference in Saleen inc, Saleen Speed lab and racecraft and who the hell is Hancock Park?
Hancock Park owned Saleen Inc.

Saleen Vehicles, Saleen Speedlab, Racecraft were all brands/ assets of Saleen Inc.

Quote:
Originally Posted by Saleen190 View Post
All these names listed in this thread and all this time I just thought my truck was Saleen.....?
It is a Saleen, but people do own Saleens manufactured by different companies.

Saleen Autosport, Saleen Enterprises, Saleen Performance... Not sure what Saleen Productions was or where it falls.

While "Saleen" as a company has been owned and invested by various people and entities throughout time. Some of this blures since you would just see SS out in front.

Quote:
Originally Posted by Saleen190 View Post
And if I've read this right the cmpany is soon to be MJ Aquisitions/ Pext..?
The remainder of Saleen Inc was announced as "PEXT." Not MJ. Saleen Inc still owned assets, but they sold most anything of interest to MJ.

Quote:
Originally Posted by Saleen190 View Post
Geeze.....somebody please help a new owner understand what the hell he is driving besides a new $60k truck with no warranty and an identity crisis !!!!
You're driving a vehicle built by Saleen, Inc... while the company was owned and operated by Hancock Park.

Last edited by Dave; 03-25-2009 at 12:26 AM. Reason: Typos
  #80  
Old 03-25-2009
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Quote:
Originally Posted by Dave View Post
The majority/controlling interest of Saleen Performance/ Saleen Inc was purchased by Handcock Park back in around 2002/03 (someone correct me on the date).

HP was the parent company of Saleen Inc.



I don't believe MJ purchased the Saleen Inc debt. They purchased the naming rights, vehicle production, Speedlab and various engineering and parts stock (someone correct me).



Hancock Park owned Saleen Inc.

Saleen Vehicles, Saleen Speedlab, Racecraft were all brands/ assets of Saleen Inc.



It is a Saleen, but people do own Saleens manufacture by different companies.

Saleen Autosport, Saleen Enterpises, Saleen Performance... Not sure what Saleen Productions was or where it falls.

While "Saleen" as a company has been owned and invested by various people and entities throughout time. Some of this blures since you would just see SS out in front.



The remander of Saleen Inc was accounced as "PEXT." Not MJ. Saleen Inc still owned assets, but they sold most anything of interest to MJ.



You're driving a vehicle built by Saleen, Inc... while the company was owned and opperated by Hancock Park.

so did saleen go bankrupt before and thats how Hancock Park came into play and now they did it again and thats where MJ comes into the picture...... so now there will be 2 Saleens..... Saleen/pext and saleen/ MJ......but 2 totally different companies? thanks for trying to explain dave and im not trying to be difficult, just trying to understand how one company has come to have so many different names,,,,,,seems as though turn over may have been a trend.
  #81  
Old 03-25-2009
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Quote:
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so did saleen go bankrupt before and thats how Hancock Park came into play and now they did it again and thats where MJ comes into the picture
Cash flow concerns have come and gone, come and gone, with the companies that have produced Saleen vehicles.

I don't really consider it be as if MJ purchased the company "Saleen." They purchased the rights, trades, assets to build parts, vehicles, merchandise, etc with the "SALEEN" name. (As well as Racecraft.) MJ can form a new Saleen company around the assets they purchased, if they wish. Or not.

MJ did not purchase Saleen, Inc. MJ purchased most of the intellectual property of Saleen, Inc.

Quote:
Originally Posted by Saleen190 View Post
...... so now there will be 2 Saleens..... Saleen/pext and saleen/ MJ......but 2 totally different companies?
If that helps to clarify things, then yes. Though with the recent Saleen Inc name change... hopefully some of the confusion will be solved, but I think we're just getting started.

Quote:
Originally Posted by Saleen190 View Post
thanks for trying to explain dave and im not trying to be difficult, just trying to understand how one company has come to have so many different names
Agreed. Remember though, Speedlab was the moniker for the performance parts and accessory division.

Quote:
Originally Posted by Saleen190 View Post
seems as though turn over may have been a trend.
The world of niche vehicle production.


(Anyone can correct the above statements or clarify the various points.)
  #82  
Old 03-25-2009
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Default Saleen

When dealing with Corps I decided to check out the Saleen Corps and yes there a few of them but (2) of them sit in a positive position presently the rest have either been disolved, forfeited or merged
  #83  
Old 03-25-2009
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What I dont get is how a business buys another business and plans on using the bought company's name, product etc but does not buy the division that is responsible for backing up that company's product, warranty etc, how do they expect to do business with for the most part the very same people,market etc that they just left hanging high and dry ???!!! People are saying how great MJ is, they knew what they bought and didnt buy correct ? What did they think was going to happen to those with warranty's ? The company,division etc that they did not buy was going to take care of those warranty's just to be nice ?? That company,division etc has no money and MJ knew that. Please tell me Im way off base because this is what it all seems like to me. But Im just a sucker that bought a car that is not worth half of what I put out for it a year ago, so what do I know ? I know what kind of car not to buy in the future ! Thx I feel a little better now. Kent ( PJ#430)
  #84  
Old 03-25-2009
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As Dave explained, over the years the players sometimes changed, but Steve was always involved to one extent or another, up until 2007 when he "retired;" or as some have said, got fed up and left things to the management placed by Hancock Park Associates.

The initial involvement of Hancock Park Associates could be termed a "cash infusion" into Saleen Performance, as it seems that was the time it was changed to Saleen, Inc. -- basically, some wealthy folk who formed a "PEG" or private equity group, and they brought in their own management under this new company name (incorporated in Delaware, by the way).

At the end of the day, HPA took controlling interest, while Steve and a handful of others remained on the Board and though they had a significant interest combined, they were no longer in control.

But HPA was able to bring enough cash to the game to help keep things afloat, and that would include the S7 program, help build the Troy facility to make the Ford GT program happen, meanwhile keeping everything else.

And that, as some would say, was the beginning of the end... HPA didn't manage things very well, one could observe.

Rather than go belly-up altogether, and likely to help repay unsecured loans or additional investments to some big wigs at HPA, HPA sold off what it could to MJ Acquisitions, evidently holding the warranty program (or what was left of it) for the people at HPA, and of course, the debtors. See, for lack of a better way to explain it, there is supposed to be an escrow account, held in good faith, for securing the warranties. Evidently HPA decided MJ or Saleen owners didn't need that. Not sure if that violates any federal laws, but it doesn't seem right.

At least that's how the story seems to be coming together.

And it sounds like unless someone steps up to sue HPA and force them into bankruptcy court, they'll just walk all over everyone who helped build the brand.

If you look in the Delaware corporate filings, Saleen Inc. seems to no longer exist, but interestingly PEXT has been around since 2003.

You do the math.

Perhaps the name change is a strategy to either go under the radar, or to help preserve the brand, or both.
  #85  
Old 03-25-2009
1040GAL 1040GAL is offline
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Hi MoparMatt

Trust me be in my shoes and an actual owner of one of these, pay the money that was paid and you do the math on that!

I understand that companies change in structure and things happen sometimes beyond all involved wildest dreams being the good and the bad..
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Old 03-25-2009
1040GAL 1040GAL is offline
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I will do one even better I will ask the FTC if they violated any laws
  #87  
Old 03-25-2009
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Quote:
Originally Posted by PJ#430 View Post
What I dont get is how a business buys another business and plans on using the bought company's name, product etc but does not buy the division that is responsible for backing up that company's product, warranty etc, how do they expect to do business with for the most part the very same people,market etc that they just left hanging high and dry ???!!! People are saying how great MJ is, they knew what they bought and didnt buy correct ? What did they think was going to happen to those with warranty's ? The company,division etc that they did not buy was going to take care of those warranty's just to be nice ?? That company,division etc has no money and MJ knew that. Please tell me Im way off base because this is what it all seems like to me. But Im just a sucker that bought a car that is not worth half of what I put out for it a year ago, so what do I know ? I know what kind of car not to buy in the future ! Thx I feel a little better now. Kent ( PJ#430)
I could be wrong, but I believe manufactures are supposed to have an account set up for warranty coverage. In other words, for every car sold a certain amount is supposed to be put in an impound or trust account. If that was the case with Saleen, Inc., then they either provide that account to MJ Acquisitions and MJ assumes the warranties or Saleen, Inc. decides to keep the cash in the account and retains repsonsiblity for warranties.

My understanding (and I claim no special insight) is that MJ Acquisitions did not get the warranty account fund. The representation was that Saleen, Inc. would keep the fund and the responsibility. MJ Acquisitions is not pleased to be left looking like the bad guy. This might be why they are attempting to get some type of coverage for those left warranty-less. If people associate them with the warranty fiasco, then the naming rights to Saleen are worthless or at least a whole lot less valuable.

Maybe someone with more knowledge can chime in.
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  #88  
Old 03-25-2009
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Quote:
Originally Posted by MoparMatt View Post
...basically, some wealthy folk who formed a "PEG" or private equity group...
http://www.theaustralian.news.com.au/

http://jalopnik.com/121916/

http://www.youtube.com/
  #89  
Old 03-25-2009
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So as more time slips buy and we have the real possibility of getting more shafted. I have contacted the FTC and made an inquiry #22145867 to this matter let them advise us on this matter, all this trying to figure out who did what, who did not do what, who is the bad guy, who isn't the bad guy. Part of the car is still a Ford always will be, which is covered by Ford, although some parts are not, I purchased her at a Ford store to some degree they could be liable. I didnt even know that there was a seperate warranty for her they talked about the bumper to bumper with me. I would like to get this matter figured out so we all dont get more screwed then what has just happened recently..
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Old 03-25-2009
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Interesting lawsuit regarding the Daewoo bankruptcy which in some ways is similar...although Saleen, Inc. has not declared bankruptcy.

Here

If you really want to read more about warranties then you ever though...

Discussion of "warranty reserve balances" and here.


"Warranty Cost Cutting:

The warranty reserve balance rises and falls, along with claims and accruals, in reaction to changes in sales volumes and product quality. But merely measuring the balance doesn't provide as much insight as does using it to measure a company's capacity to pay claims."



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  #91  
Old 03-25-2009
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GOOD LORD....this actually is starting to verge on rocket science.
  #92  
Old 03-25-2009
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MHO
My feeling is this, it is what it is. I just intend to enjoy my PJ for years. No matter what has happened the Saleen PJ has a great wow and fun factor and bottomline that the most important attribute.
So all I have to say is enjoy your ride and don't let worrying about things out of your control spoil owning a terrific ride.
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  #93  
Old 03-25-2009
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Quote:
Originally Posted by Bruce View Post
MHO
My feeling is this, it is what it is. I just intend to enjoy my PJ for years. No matter what has happened the Saleen PJ has a great wow and fun factor and bottomline that the most important attribute.
So all I have to say is enjoy your ride and don't let worrying about things out of your control spoil owning a terrific ride.
QFT Well said Bruce
  #94  
Old 03-25-2009
1040GAL 1040GAL is offline
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Yes she still is a nice ride, I still will enjoy her, just like the scooter that sits next to her in her bedroom (garage)
  #95  
Old 03-25-2009
Jeepngli Jeepngli is offline
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If Saleen, Inc has no officially filed bankruptcy, then I imagine we could go after the company for something. I highly doubt they have NO MONEY as they are still parts and the company probably still owns it building, etc. I wonder if they're pulling a fast one by saying their bankrupt. We need someone with an inside to find this stuff out.
  #96  
Old 03-30-2009
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Here's some info today from my Wells Fargo financial feed. I have no idea if it may apply to us Saleeners-

The Obama administration rejected the turnaround plans of General Motors and Chrysler, and gave new timetables for plans to be reworked or face the prospect of controlled bankruptcy. With both Treasury Secretary Timothy Geithner and Deputy Labor Secretary Ed Montgomery at his side, President Barack Obama stated that he was "absolutely committed" to the survival of the U.S. auto industry, but "our auto industry is not moving in the right direction fast enough." President Obama announced a plan to reassure consumers of domestic autos, saying the federal government would immediately begin backing warranties of U.S.-made autos and trucks.
  #97  
Old 03-30-2009
281Saleen 281Saleen is offline
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I read about that auto warranty thing today on autoblog and thought about the same thing

What about our warranties?
  #98  
Old 03-30-2009
ctann ctann is offline
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Although it is theoretically open to any "domestic auto manufacturer", I think we are a little late - the idea of this plan is to keep people buying while the companies sort themselves out. In our case - the company is already well into its death-throes.

If I understand correctly, it would require Saleen Inc to apply to the government, and then put some of their own money into a warranty fund. Given their current status, I can't see that happening. I wonder if there is anything MJ could do though???

Chris.
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Old 03-30-2009
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It states that GM has a DIP that would be worth about $10 billion to cover warranty costs. Here is the article I could find that stated that. I also saw it on the news regarding the money to cover the warranties. http://www.thedeal.com/newsweekly/fe...bankruptcy.php
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  #100  
Old 03-30-2009
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And here is a very interesting article regarding GM back 3 years ago and the thought they might file BK: http://money.cnn.com/magazines/fortu...9111/index.htm
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