Tytan Holdings Inc (TYTN)

[CowsAndChickens]

TYTAN INTERNATIONAL INC LIQUIDATED IN CH7 BANKRUPTCY

Below is the link to the filing.

http://www.scribd.com/doc/183716085/Tytan-International-Bankruptcy

Mark A. Leonard CEO of Tytan International has previously filed personal bankruptcy in 2013. Subsequently CEO Leonard filed Ch 7 bankruptcy for Tytan International Inc, the wholly owned subsidiary of Tytan Holdings Inc. As of this writing, Tytan International Inc. no longer exists.

Tytan Holdings CEO Leonard is currently the defendant in an adversarial challenge. One of the primary issues is what happened to the nearly $900,000 raised in the sale of Tytan Holdings stock.


___________________________________________

SEC COMPLAINT REGARDING TYTN AND CEO MARK LEONARD

Below is the text from an SEC complaint filed. It may be interesting to review it and see how legitimate it is now. This complaint along with hyperlinks to supporting evidence is located at
www.issuu.com/tytantractorinfo
----------------------------------------------------------------------

SEC WHISTLE BLOWER COMPLAINT REGARDING TYTAN HOLDINGS INC
AND MARK A. LEONARD


I am reporting what appears to be a classic penny stock scheme.

I have been in litigation with Tytan International (subsidiary of Tytan Holdings Inc.). Through this litigation I have become aware of apparent reporting fraud perpetrated by Tytan Holdings Inc (TYTN) and it’s CEO Mark Leonard. Through the process of discovery I have obtained “original” information to support my complaint. I anticipate additional discovery will become available in he near future as we pursue further litigation and discovery.

In 2009 Mark Leonard acquired Ault Glazer & Co (AULT). Prior to Mark Leonard’s acquisition, AULT was regarded in the industry as a “shell company.” (http://pennystockgurus.blogspot.com/2010/04/tytn-revenues-and-assets-growing.html). Comments from many investors on www.investorshub.com discuss AULT’s notorious reputation.

Following acquisition of AULT in 2009, the name was changed to Tytan Holdings Inc (TYTN). Mark Leonard then publicly promoted “significant increases in revenue” by it’s newly acquired subsidiary Tytan International. Meanwhile, in litigation, Mark Leonard was claiming significant decrease in revenue since 2008 in excess of 70%.

Tytan Holdings later increased shares by more than 5 billion which were sold until the price per share was less than .0002. Tytan Holdings later did a reverse split of 150 to 1. The share price has continued to fall to a pre split conversion of .0000666. Conversations posted on www.investorshub.com indicate investors have realized huge losses. All the while proponents on Investors Hub continue to promote the stock.

Below are five primary areas of concern I have been able to clearly define and support. I have provided hyperlinks to supporting documents which are imbedded in the text. This document (with active hyperlinks) along with supporting documents are located at www.issuu.com/tytantractorinfo. TYTN public filings can be found at http://www.otcmarkets.com/stock/TYTN/filings

1) STATEMENTS REGARDING INCREASING REVENUE
a. Tytan claim-“ Tytan International, Inc. a wholly owned subsidiary of Tytan Holdings, Inc. has seen significant revenue growth through 2009 and early 2010 and is currently estimating about a 43% gain year over year.” ( Annual Report 2009. 13th pg, Q1 2010, 12th pg, Q2 2010 inactive, 14th pg.
b. Tytan claim- “Tytan International Inc CEO Mark Leonard has seen significant revenue growth so far in 2010 and is currently estimating about a 43% gain year over year.” (Tytan Holdings Inc press release 3/4/2010)
c. Fact- During deposition on 8/19/2010, CEO Leonard indicated business was down 70% since January 2008. Deposition page 91. Line 22. (Note: This is made only two weeks after the above Q2 2010 claim was made. )
d. Fact- Tytan International provided accounting discovery indicating revenue had declined significantly since January 2008. Total sales 2008-$1.6mil. Total sales 2009- $692,134

2) 2009 TOTAL SALES
a. Tytan claim- Tytan Holdings 2009 Annual Report (34th pg) claimed “total sales $1,518,642.”
b. Fact- Tytan Holdings Q3 2010 report (14th page) claimed 2009 total sales $673,745.
c. Fact- Tytan International reported 2009 total sales of $692,134 during discovery process during arbitration (Tytan v. Bogden)
d. Fact- Tytan International reported gross sales of $673,745 for the tax year 2009 on IRS form 1120 line 1. (Available on request)

3) TYTAN INTERNATIONAL LINE OF CREDIT
a. Tytan claim-“Tytan Holdings is not in default of the terms of any note, loan, lease, or other indebtedness or financing arrangement.” (Tytan Holdings 2009 Annual Report certified by Mark Leonard on 5/19/2010, (4th pg). Subsequent reports make this same claim.
b. Tytan claim- “Note payable to Cowlitz County Bank under a $650,000 line of credit that expired on October 31, 2009 and is up for renewal.” (Tytan Holdings Annual Report 2009, 36th pg) Subsequent reports make this same claim.
c. Tytan claim- “there are no other current, past, pending or threatened legal proceedings or administrative actions either by or against the Company that could have a material effect on the Issuer's business, financial condition, or operations.”
(Tytan Holdings Annual Report 2011, Page 8, Paragraph 3)

d. Fact- Representing Cowlitz Bank, attorneys Ball Janik demanded immediate payment on entire principal balance of $650,000 line of credit held by Tytan International. Letter dated 10/29/2009 (see exhibit 15).
e. Fact- A judgment was awarded to lender against Mark Leonard (guarantor) via Cowlitz County (State of Washington) Superior Court compliant #09-2-02188-1 on 6/7/2010. Case was filed on 11/12/2009. Final judgment in excess of $800,000.
f. Fact- A second lawsuit (Cowlitz Co. case #10-2-01361-1) has been filed against Tytan International directly on 8/2/2010. Title of complaint: “Breach of business loan agreement, foreclosure of security interest, appointment of receiver.” Litigation pending.

4) PUBLIC STATEMENTS REGARDING LITIGATION
a. Tytan claim-“There are no current, past, pending, or threatened legal proceedings or administrative actions either by or against the Company that could have a material effect on the issuer’s business.” 2009 Annual report (4th pg)
b. Fact- Tytan International filed suit against Bogden in Kittitas County (State of Washington) Superior Court case #08-2-00408-5 on 6/26/2008.
c. Fact-During discovery Tytan International claimed lost income in excess of $4 million. (Discovery evidence ML-000431.)
d. Fact- Tytan Holdings Inc issued a press release on 10/13/2010 stating. “Tytan was forced to ensue in litigation to protect its stock holders.”
e. Fact- Tytan Holdings attorney, Luke Zouvas, stated, “under the SEC rules it states that we must disclose litigation concerning the Issuer and any litigation that could affect the Issuer.” (email dated 9/14/2010)

5) TYTAN FINANCING COMPANY
a. Tytan claim- “the Company acquired Tytan Leasing, Inc. ….This purchase was made possible in part by the first release of funds from the Bogden bankruptcy case. Tytan Holdings press release 1/9/2012.
b. Fact- As of 7/31/2012 no funds have been released from the Bogden bankruptcy case.


Summary: I believe the facts presented support reporting fraud perpetrated by Mark Leonard. Following Leonard’s acquisition of AULT, he knew he intended to insert his private company (Tytan International) into the shell later called Tytan Holdings. At the time he inserted Tytan International he knew the revenues were declining. He also knew he had multiple litigations. He knew he was in default on a significant line of credit. As of the 2011 annual report, Tytan continues to claim there are no legal proceedings that can have a material effect on the Issuer's business. Stockholder comments on Investor’s Hub warn of looming bankruptcy.