Focusing on Tytan Holdings Inc (TYTN)
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CEO Mark Leonard letter to shareholders
Below is a cut and paste of letter.
---------------------------------
Mail Bag January 28, 2014
Dear Shareholders,
I am sorry its been so long in providing you some news. As you are aware, Tytan
International Inc is in Bankruptcy. It is not fun and there are things such as the below mentioned Ihub article that were designed to make it a rougher road. More informations on numerous topics will come out in the future. Since I am still under the legal constraints of Bankruptcy, I cannot say much, but I will address a few things today.
As many of you are aware, I do not read the postings on I Hub for obvious reasons and but do respond to things brought up by shareholders, here on the Mailbag.
There is a recent posting by The Man of 6 Alias’s that did catch my attention.
It was labeled :
IS TYTAN CEO MARK LEONARD BRAZEN OR STUPID?
I have made some bad choices for sure and I have learned from that . The article does present some obviously well planned comments, designed for self serving reasons, that are untrue.
Tytan entered into an agreement to have SW Tractor of Chehalis WA to
help out the Tytan Tractor Customers with Parts and Service. This Notice is posted on the
Parts area of the Tytan Web Site. Mark Leonard and Tytan have no ownership in SW
Tractor. That company has been buying & selling goods in the Washington area
for 20 years. I have agreed to help them order some of the more popular parts,
and aiding with repair knowledge etc
The Ihub Article mentions the following items were identified at the SW Tractor lot, but does so incorrectly. I have included my answers about the Tractors on their lot :
a. Tytan tractors (2) - that are in for service from customers
b. Tytan tractors (2) purchased by SW Tractor from Tytan
c. Used Tytan tractors (1) - that SW Tractor purchased in the Market place.
d. Used Rhino Tractors (1) - that SW Tractor purchased in the Market place.
e. Tytan Skid Steer Loader (1) (yellow) that is owned by local farmer and is in for service
f. Tytan Chippers that Tytan sold to SW Tractor
Please note : Rhino purchased Jinma Tractors in their Product Line up, however Tytan did NOT.
Tytan has always been dedicated toward making our customers happy and Tytan’s BBB score of A+ is supportive of that. The Parts and Service agreement with SW Tractor was done to keep Tytan customers handled. Hope to be able to speak with you again soon in the coming months.
Sincerely
Mark Leonard
TYTAN'S BBB SCORE
CEO Leonard commented that Tytan's BBB score was A+ in his latest mailbag.
The fact is it has no rating.
"This business is not currently rated. Business has filed for bankruptcy and is seeking to dissolve the business. "
http://www.bbb.org/oregon/business-reviews/tractor-dealers/tytan-tractors-in-kalama-wa-22034886
do not know the exit number. address is 1393 Rush Road, Chehalis, WA 98532
IS TYTAN CEO MARK LEONARD BRAZEN OR STUPID?
On 1/21/2014 Bogden was transiting North on I-5 in Washington state. He pasted Kalama, Wa. and noticed the Tytan facility with some inventory but quite a bit more sparse than the past. The place was locked down.
Fifty miles north of Kalama he approached the town of Chehalis. For several months he had been passing this trailer business located at an exit commonly known as Hamilton Corner. A bit famous for a huge commercial sign who's owner apparently has the luxury of using for his own political statements.
https://plus.google.com/u/1/photos?pid=5972507647780938114&oid=103140057489672933006
Bogden had been taking note of what appeared to be a new tractor dealer promoting chinese tractors and equipment. On this particular day Bogden took the exit and drove to the now open gate. Bogden strolled around the approximate two acre site as the only "customer." He noticed some chinese Jinma brand tractors. A brand Mark Leonard had imported in the past. Then he ran into a Tytan brand tractor. Then another. Then another. Then a Tytan Skid Steer. Then a Tytan chipper. All clearly marked "Tytan." This is the proprietary label for Tytan International. Bogden realized he may have stumbled upon a cache of Tytan tractors not accounted for in the Tytan International bankruptcy. He realized he may have stumbled onto a crime scene. It is a possible explanation for why he was not approached by a salesman. Perhaps Mark Leonard was in the sales office. LInk to photo Bogden took on 1/21/2014 at Hamilton Corner. The Carson Trailer Sales lot.
https://plus.google.com/u/1/photos?pid=5972507605313446546&oid=103140057489672933006
Bogden realizing he might be in a precarious situation headed for his vehicle and drove out the gate. He stops to take more pictures. Looking back Bogden sees Mark Leonard making way to his pickup in a hurried fashion. Leonard then drives behind Bogden in the public easement in an apparent attempt to confront Bogden. Bogden drives around to the freeway entrance which is also an elevated position to take more photos. Leonard again follows Bogden in an apparent attempt to confront. Bogden now holds quite a number of photos that may tell a very interesting truth about Tytan CEO Mark Leonard.
Stay tuned. This has got to get even more interesting.
Bankruptcy Trustee and FDIC Depose CPA Jerry Leslie
Yesterday CPA Jerry Leslie sat for about 3 hours in a transcribed deposition in the bankruptcy proceeding involving Tytan CEO Mark Leonard. Neither CEO Leonard nor his attorney were in attendance.
As I understand this deposition will allow the Trustee and FDIC to prepare for an exam of CEO Leonard next month.
Former Tytan CPA Jerry Leslie reports he is scheduled to be deposed by the FDIC in conjunction with the bankruptcy of Tytan Holdings CEO Mark A. Leonard's personal bankruptcy. Sometime within the next month.
A previous attempt by the FDIC to depose Leslie was thwarted by Leonard threatened to sue claiming CPA/client relationship.
Nothing to add for the moment.
The system does grind slowly but it does grind and CEO Leonard has made the big mistake of getting the FDIC involved.
Soon there will be a complete story on what many here believe is a classic fraud. With the amount of documented evidence in this case, it is my opinion, it is only a matter of time before authorities find a crime scene here. It will not be long before a legitimate wikipedia page goes up for Tytan. Much like this one.
http://en.wikipedia.org/wiki/Madoff_investment_scandal
TYTAN INTERNATIONAL INC DECLARES CH7 BANKRUPTCY
Below is the link to the filing.
http://www.scribd.com/doc/183716085/Tytan-International-Bankruptcy
The CEO of Tytan International has previously filed personal bankruptcy. Now the wholly owned subsidiary of Tytan Holdings Inc has filed Chapter 7, For those who do not know. A corporate chapter 7 means liquidation of the company. Unlike a personal bankruptcy where the person may get discharged and continue on as an entity.
As of this morning Tytan appears to be unchanged in it's Kalama location on Meeker Drive.
Stand by for more updates about CEO Mark Leonard and Tytan as I have more time.
Of particular interest will be a legal documents from a recent Cowlitz County Superior Court case where a 60 something widow named Shelly Swart prevails. She claimed she bargained for a new Tytan tractor and an arbitrator determined she did not get what she bargained for. CEO Mark Leonard forced this customer to wade through the entire legal process. This modest widow had the courage to take Leonard head on at his own game and win.
Just down Interstate 5 a few miles is another tractor company selling chinese Jinma tractors. Right off the freeway. Already this new facility appears to match Tytan in inventory and product. I suspect this new place is not having issues wth bankruptcy and lease issues, however.
Not so good news for CEO Mark Leonard in his bankruptcy proceeding.
On October 1 a hearing was held regarding objections by the FDIC and the Trustee to exemptions of Mark Leonard including his attempt to homestead the commercial Meeker property. The end result is an escalation to an evidentiary hearing scheduled for February 2014. See link.
http://www.scribd.com/doc/174747963/Mark-A-Leonard-Bankruptcy-Evidentiary-Hearing-Deadlines
Bogden's motion for relief from stay was addressed. He is attempting to vacate a state judgement based on false evidence of Mark Leonard provided to CPA Jerry Leslie as well as an impartial arbitrator. Leonard's bankruptcy judge recognized that Bogden would be in a position to later prevail in a future arbitration "re-do". In that case the Judge wanted Bogden's bankruptcy trustee to address that possibility prior to approving the motion. Bogden's motion was denied without prejustice pending this issued being addressed.
October 1, 2013 is a big day for Mr. Leonard
There is a bankruptcy hearing covering several objections to the Leonard petition including his claim of the Meeker property as his homestead. I plan to be there and will report back.
Is Mark going to jail?
That remains to be seen. It is clear that the FDIC is well funded and is now aggressively pursuing him. If he committed fraud against that federal organization then there will be some significant consequences. Including criminal consequences.
There are already formal complaints filed with the SEC, FDIC, IRS, and the US Deptpartment of Justice (Trustee). With the FDIC funding the collection of evidence it is only a matter of time before enough is collected and a case is referred to the FBI. As I understand a formal complaint is filed with the State of Washington as well. Everything grinds slow but sure. But with CPA Leslie creating a road map to discovery it will be elementary. I bet the next several years will be very uncomfortable for Mr. Leonard.
TRUSTEE/FDIC OBJECT TO CEO LEONARD EXEMPTIONS
It appears the bankruptcy Trustee and the FDIC are not buying in the concept of Mark Leonard declaring the commercial property at Meeker Drive as his homestead. It also looks like no one is buying the idea that Leonard's Tytan Holdings Inc stock is only worth $500.
http://www.scribd.com/doc/164226380/Trustees-Objection-to-Mark-A-Leonard-s-bankruptcy-exemtions
http://www.scribd.com/doc/164222954/13-43836-PBS-FDIC-Objection-to-Exemptions
Note: For those not following this board on a continuous basis. The CEO (Mark Anthony Leonard) has declared personal bankruptcy in June of this year. The move was an attempt to block the FDIC's sale of the commercial property supporting operations of Tytan Holdings Inc. The FDIC is pursuing a $900K judgement against Leonard and the secured assets of Tytan International.
Below is a repeat of another significant post regarding Tytan's CPA as whistleblower.
-----------------------------
TYTAN'S CPA BREAKS RANKS ISSUES DECLARATION
Tytan's accountant, Jerry G. Leslie, comes forward with a declaration countering much of Tytan CEO Mark Leonard's positions. This is the actual document filed in US Bankruptcy Court and downloaded using PACER. Click on link below.
http://www.scribd.com/doc/150000796/Jerry-Leslie-Declaration
Cowlitz County no longer gives free access online to court documents. At some point I will visit the courthouse and obtain them. For now I thought this might be informative but we do not know exactly what they are looking for. It does show however, that the FDIC means business. Leonard is most likely refusing to offer documents that incriminate him and his legal position. It is clear now that the FDIC is coming at him on two fronts and demanding documents. Both in bankruptcy court and state court. Add to that CPA Jerry Leslie's deposition on the 3rd of September. This has got to be about as uncomfortable a position as can be for Leonard.
Below is a cut and paste from the State Court case FDIC v. Tytan Int.
Looks like FDIC is not putting up with CEO Mark Leonard's failure to provide discovery.
___________________________________________
Court: Cowlitz Superior Ct
Case Number: 10-2-01361-1
36 07-29-2013 MOTION TO COMPEL Pltf's Motion To Compel Discovery
Against Deft Tytan International
37 07-29-2013 DECLARATION Declaration Of Britta E Warren In
Support Of Pltf's Motion To Compel
38 07-29-2013 PROPOSED ORDER/FINDINGS Proposed Order On Pltf's Motion To
Compel Discovery
39 07-29-2013 NOTE FOR MOTION DOCKET
ACTION Note For Motion Docket
Deft Tytan International 08-07-2013MO
ACTION Motion To Compel Discovery Against
- 08-07-2013 MOTION HEARING
ACTION Motion Hearing
Deft Tytan International 08-21-2013MO
Ct Grants Agreed Continuance
JDG0002 Judge Stephen M. Warning / Ldi
ACTION Motion To Compel Discovery Against
- 08-07-2013 COURT HEARING MINUTES Court Hearing Minutes
- 08-21-2013 MOTION HEARING Motion Hearing
Ct Strikes Matter Until Certificatn
Is Provided
COM0013 Commissioner David A. Nelson/ldi
- 08-21-2013 COURT HEARING MINUTES Court Hearing Minutes
40 08-26-2013 AFFIDAVIT/DCLR/CERT OF SERVICE Affidavit/dclr/cert Of Service
Have not heard anything about the 2004 exam of CEO Leonard.
However. Tytan CPA Jerry Leslie is scheduled to be deposed by the FDIC on September 3rd. Not sure if this is is also under the bankruptcy or the state court action. Either way. Not a good event for Mr. Leonard to contemplate.
MARK LEONARD’S BANKRUPTCY 341 MEETING 7/31/2013
Probably not one of Mr. Leonard’s better days.
Another long session (40 -50 minutes) ending with an agreement to enter into a “2004 exam” at a future date. This means the Trustee has more questions to ask and documents to demand.
This event was recorded and available to the public. Here are some notes I took.
1) Nevada corporations- These corporations were not listed as assets on the initial bankruptcy petition. They were on amendments. Leonard said he also transferred two of these to his daughters not very long ago and well within the last year. One of the two corporations had two vehicles. I can not say for sure but I suspect they are the same two vehicles he uses now and claims they are “company vehicles.” He says he transferred them to Tytan International. If all of what I just said is true then it sounds like Mr. Leonard executed a couple of what might be considered fraudlent transfers. One is the vehicles and the other are the corporations.
2) Bogden bankruptcy proceeds- In the last 341 meeting Leonard declared the Bogden judgment solely his property. This is in spite of the fact his Tytan Holdings filing claim otherwise. I had made the Trustee aware of a $33K distribution from the Bogden bankruptcy in favor of Mr. Leonard. This was not listed in the petition. The Trustee was very interested in this distribution. Mr. Leonard seemed to have a tough time understanding and answering the Trustee’s questions. Eventually we came to understand that about $9K was issued to Leonard/Tytan and the balance of about $24K was retained by attorney Simpson for services to pursue and adversarial case against Bogden. Leonard says that the $9K was eventually placed with Tytan International.
I suspect the Trustee intends to discover more about this matter.
3) Trustee asked about cash flow from Tytan. Leonard meekly said “it is getting better.” Trustee then asked about the $66k in back rent now owed to the bankruptcy estate by Tytan International. He wanted to know when it could be brought current. Mr. Leonard said “it would have a tough time doing that.”
Trustee then asks, “why should I not evict Tytan International.” Mr. Leonard suggested that he might be able to come up with something. Trustee says “you better make it quick.” Leonard’s attorney telling him he should be careful of what he says now as the Trustee will hold him to it. Mr. Leonard states that he could probably do $2500 per month. The Trustee states “that does not speak to the back rent.”
4) Meeker property and homestead. I am not sure what the status is on the homestead. From the sound of this it seems that because the Trustee wants the rent from the Meeker property maybe the homestead is not being recognized. Or maybe they are separate issues. Yet to be determined. As a side note Mr. Leonard claimed in his bankruptcy “means test” that he obtained $4000 per month in rent. Does not say if this is the same rent that is supposed to come from Tytan. It also came out that Mr. Leonard received social security.
CEO Mark Leonard hearing today at noon. More questions for Mr. Leonard in his continued bankruptcy 341 meeting of the creditors. Once again it will be recorded and available to the public. I will be there to take notes and bear witness.
Former Tytan Holdings CPA Jerry Leslie gave verbal confirmation today he is being called by the FDIC to deposition the first week of September.
Mark Leonard's Homestead of the Meeker Drive Property
As we have heard directly from Mark Leonard, he has declared the commercial property supporting Tytan International as his homestead.
During the July 10th bankruptcy meeting of the creditors Mr. Leonard identified one creditor as an attorney who gave him advice on homestead. There are alot of law firms as creditors. It appears Mr. Leonard took the advice but may have neglected to pay for it.
It appears that Mr. Leonard filed an intent to live in the Meeker property as his homestead. His previous residence was the Horseshoe Bend property. The Horseshoe property was most likely his original homestead by virtue of State Law regardless if he formally declared it or not.
Ron Adams (FDIC) was fairly quick to ask if Mr. Leonard had not only declared the Meeker property his homestead this year but also asked if he had formally abandoned the Horseshoe property as his homestead. You can not have two declared homesteads.
There may be some poetic justice here. It sounds like Mr. Leonard sought the advise of an attorney so that he could declare the Meeker property as his homestead. It sounds like he took the advise without paying for it and filed a "do it yourself" homestead declaration. It sounds like he botched the job when he failed to abandon the Horseshoe property. It is looking like he has surrendered his Horseshoe property to the secured creditor and also lost his Meeker property as a asset to be sold and distributed in the bankruptcy.
A motion to vacate has already been submitted to State court due to the fact that the Arbitrator did not notify Bogden he had presided over a significant case between Mark Leonard and Alamo Group. Alamo Group is the one that purchased Rhino. Leonard won in that case. State law dictates that the Arbitrator has the duty to make the parties aware. The parties have no duty to each other.
For the moment this motion is on hold until the bankruptcy issue gets settled. Bogden will add to the motion this new declaration and testimony of Jerry Leslie. He will now claim that Jerry Leslie was given false information from Leonard. Thereby making CPA Jerry Leslie's testimony flawed. As the Arbitrator relied heavily on the testimony of Jerry Leslie it is anticipated that the motion will be successful.
CEO MARK LEONARD DECLARES BOGDEN JUDGEMENT HIS PERSONAL PROPERTY
On july 10, 2013 under sworn and recorded testimony during his bankruptcy 341 Meeting of the Creditors, Mark A. Leonard CEO of Tytan Holdings Inc. declares the now $237,000 against Bogden his personal property. For shareholders this is probably the most significant statement to come out of this event.
Notes were taken at the meeting but it was recorded. About 50 minutes. This information is public and will be available to all shareholders soon. Once heard the follows of this stock may be amazed at the kind of person they have handed their money to and suggested was "brilliant." Now you get to hear the voice of this man and determine for yourself how impressive he is when someone finally gets to ask him direct questions and demanding answers.
The continued meeting of the creditors is on the 31st of July. At the meeting you can bet the Trustee and the FDIC will be prepared for a very thorough exam that will last hours. Again, recorded and available to the public.
At this point it would be interesting for shareholder's to discuss how many times they were promised the Bogden judgement for their benefit. As you might expect. A followup complaint the the SEC regarding reporting fraud is coming.
Lots of selling activity on the Portland Craig's List. With all of the impending scrutiny about to take place it will be interesting to see where the proceeds go.
Jul 13 Look !!! 40 HP Crawler / Mini Dozer $23999 (Tytan Tractor Kalama WA) pic farm & garden - by dealer
Jul 13 Tytan 50 Hp 4x4 Tractor With Loader "NEW" $16995 (Tytan Tractor Kalama Wa) pic farm & garden - by dealer
Jul 13 Tytan 404 40 Hp 4x4 With a 4-1 Loader $15999 (Tytan Tractor Kalama WA) pic farm & garden - by dealer
Jul 12 Here is The New TYTAN 60 Hp 4x4 Tractor !!! $21995 (Tytan Tractor Kalama WA) pic farm & garden - by dealer
Jul 12 Commercial BadBoy Lawnmower ( LOOK !!! ) $8995 (Tytan Tractor Kalama Wa) pic farm & garden - by dealer
Jul 11 BAD BOY MOWER Badboy - - - FINANCING !!! Mowers Starting At - $2999 (Tytan Tractor Kalama WA) pic map farm & garden - by dealer
Jul 11 Backhoe for the back of your tractor $3999 (Tytan Tractor Kalama Wa) pic farm & garden - by dealer
Jul 11 Tractor Buckets PRICED TO SELL !!! $399 (Tytan Tractor Kalama WA) pic farm & garden - by dealer
Jul 11 Galfe 17' Hay Tedder $4999 (Tytan Tractor Kalama WA) pic farm & garden - by dealer
Jul 11 Need a Brush Cutter? We got you Covered Prices starting @ $799 (Tytan Tractors Kalama Wa) pic farm & garden - by dealer
Jul 9 BAD BOY MOWER BadBoy- - - FINANCING !!! Mowers Starting At - $2999 (Tytan Tractor Kalama WA) pic map farm & garden - by dealer
The meeting of the creditors (Section 341 meeting) is where the Trustee first engages the debtor. Does some routine matters including checking ID, swearing in, and confirming the Debtor filled out and signed the documents.
Some of these go pretty fast. 5 or 10 minutes and done. Not so lucky for Mr. Leonard. His went long. And it will be continued.
The attorney for the FDIC (Ronald Adams) was there as well as Mitch Bogden. Mr. Adams did ask some questions but defered the bulk of his questioning for the continued meeting.
Have some good notes and will post some highlights. Some really interesting stuff. This event was recorded and it will be available to the public. Expect it on You Tube.
One interesting tid bit. Mr. Leonard was telling the Trustee that he was living at the commercial property declared as his homestead. Meeker Drive. Leonard said he only had enough stuff at the Horseshoe Bend (residential) property to "take care of it" if he was there. Trustee asked him to confirm he was going to surrender the property. "Surrender" is a legal term used in bankruptcy meaning you are giving the property back to the secured creditor. Mr. Leonard said "yes." Trustee says "good....I"ll be needing the keys." Hopefully for Mr. Leonard was truthful about not living there with all of his possessions in the 3 car garage and the 3000sqft shop building.
Mark Leonard bankrutpcy case
Meeting of the creditors today at 1pm.
Vancouver Federal Building
500 West 12th
Second Floor
Vancouver, WA 98660
TYTAN'S CPA BREAKS RANKS ISSUES DECLARATION
Tytan's accountant, Jerry G. Leslie, comes forward with a declaration countering much of Tytan CEO Mark Leonard's positions. This is the actual document filed in US Bankruptcy Court and downloaded using PACER. Click on link below.
http://www.scribd.com/doc/150000796/Jerry-Leslie-Declaration
Mailbag post
May 1, 2013
Dear Shareholders,
There have been some Court filings that were forwarded to me for response. My past Mailbag postings mentioned the fact Tytan had its Business loan, with a Bank that eventually went down.
I was “personally” signed on to guarantee that loan. My Company was rated as one of that Bank's Best Commercial Loans, with a perfect record in sales, assets and payments etc. In being the guarantee person on the loan, I was told there really was no danger to me personally, since I would only be contacted for repayment after all of the assets of the company were liquidated. That seemed pretty safe since our “loan to asset ratios”, were very good and the future looked strong. Unfortunately when the Bank started to fail, they tried to raise cash from every angle. They opted to cancel our loan and sue me the guarantee person “first”, in order to shake the tree to get paid off faster, and instead of suing Tytan. Well, in short order, the FDIC took over the Bank. The FDIC maintained they would work closely with me to correct the wrongs done by the bank.
I was anxious to get this thing gone and started to make payoff offers, despite the fact that the economy was horrible.
I made five offers and never were given an answer or counter offer back. Months would pass and we would have to write their attorney to try and pry an answer from him. In our final effort we made an all cash offer that was exactly what we were told by him, that would be acceptable. The FDIC attorney then came back and gave us a much higher and unreachable figure after that.
Finally the FDIC tried to push ahead on a suit, that the failed Bank had filed on the eve of their being taken over by the FDIC. That suit sat for over a year with no action and was ready to be booted out of court. So they decided to put pressure on me from that angle as well. We filed an answer to that suit that brought to light, some of their bad faith & downfalls. We have not heard anymore on that since our filing.
Instead, the other day, the FDIC decided to act on the Judgement they already had on me personally. That filing, is what has been concerning many of you. Remember, this is about Mark Leonard “personally”. These recent filings are not on Tytan International Inc. These actions are about Mark Leonard’s personal real estate. The Kalama facility in particular. Real estate appraisals in my area are very low and in most cases even below what is owed. Thats the case with a residential property of mine in Kelso. However, my Kalama facility is a different story. It is totally paid off with no mortgage. That is what the filings the other day were all about. Those filings were for only the “real estate property” at 5225 Meeker Drive.
The FDIC paperwork is incorrect. That property is protected under the Homestead act. They do have the right to try and sell it within 60 days. It is NOT about Tytan or its inventory etc. Under the Homestead act, if they did sell it, I would get the first $125,000 personally, in this state.
I cannot go much farther here and provide confidential information at this point. I can assure you that when there is news with some sort of conclusion, I will get it to you promptly. Lots of information floats around, but I would suggest you hold judgement until there is final news.
Here is a brief example of how information gets distorted:
I have been aware of some deceptive information that was being spread to many stockholders by an individual for self serving purposes, in order to gain himself support. It was stated that Mark Leonard had a $5,000,000 Judgement years ago against him. Well, yes that happened as a result of myself losing a court battle on a property, “that a Bank had sold me”, in which I was not informed about the severity of the contamination of the ground. The officers of that bank claimed in Video depositions that they had no environmental schooling etc and had no idea the ground was contaminated any more then other properties in that town. So, I did lose that battle and did receive the huge Judgement against me. However, within weeks of that trial being over, the Bank was given “some of facts of life” and they quickly released the entire judgement, plus returned my assets to me. Of course the party spreading this story, only wanted the first part of the story to be heard.
So my point here is that, lets see how all the cards fall. I would not make any snap judgements on this FDIC case. They do not have clean hands from my perspective. I work hard everyday to insure Tytan's success. I do not go around defaming people, playing video games all day, or reporting false informations to people. Nor are we wanting to be involved in any sort of action to puff things up stock prices. It is my goal to provide you very solid tangible progress. Tytan is very real and has great potential. Tytan is all about Positive efforts and seeking new ways to build Tytan’s market position. Tytan now has the best staff of people to help move Tytan closer to the direction we all want for it. We have been in hard economic times and this FDIC thing is a result of that. It will end and I plan on continuing the company in the exact direction it is headed right now. I feel we are making huge progress and getting closer to our goals.
Thanks for your support.
Sincerely
Mark Leonard
"TYTAN INTERNATIONAL HAS SEEN SIGNIFICANT REVENUE GROWTH"
This statement and others are made part of a complaint submitted to the SEC Office of the Whistleblower as well as the Washington State Department of Financial Institutions.
The complete quote is as follows.
“ 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.”
Two weeks later CEO Mark A. Leonard made the following statement under oath.
Question: "how has your business been since January 2008?"
Answer: "It's gone way down" "70 percent" "maybe more"
Link to document with supporting links and evidence
SEC Whistleblower Complaint
http://www.issuu.com/tytantractorinfo
below is cut and paste of document
_______________________________________________________________________
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.
"SHOW PROOF MARK HAS DONE SOMETHING ILLEGAL"
Link to document with supporting links and evidence
SEC Whistleblower Complaint
http://www.issuu.com/tytantractorinfo
below is cut and paste of document
_______________________________________________________________________
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.
"TYTAN INTERNATIONAL HAS SEEN SIGNIFICANT REVENUE GROWTH"
The following statement was made by Mark Leonard, CEO of Tytan Holdings Inc.
“ 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.”
This statement was made in TYTN Q2 page Page 14 (now made inactive). The same statement was made on 2009 annual and 2010 Q1. The Q2 was certified by CEO Mark Leonard on August 5, 2010 with the following statement.
".....this quarterly report does not contain any untrue statements of a material fact......."
One August 19, 2010, (two weeks later) CEO Mark A. Leonard made the following statement under oath during deposition. (page 91, line 12)
Question: "how has your business been since January 2008?"
Answer: "It's gone way down" "70 percent" "maybe more"
For complete details and links to evidence see http://www.issuu.com/tytantractorinfo
SEC COMPLAINT REGARDING TYTN AND CEO MARK LEONARD
Below is the text from an SEC complaint recently filed. 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.