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TYTAN HOLDINGS 2009 REVENUE
Below is a quote from page 13 of the 2009 Annual Report.
Yes I agree. Keep responding to me and keeping me relevent.
THE RHINO STORY
I have heard of the Rhino story. I understand the current CEO of Tytan Holdings created Rhino. He got a bunch of dealers set up. Got them to floor product. Then he sold the company to Alamo Group. In less than two years Alamo Group dumped the Rhino company. I have heard they did not sell it. I heard the summarily dismatled it and took significant losses. I heard that Mr. Leonard did ok on the deal, however.
Now I wonder. How does this story compare with the one that is evolving now with Tytan? Mr Leonard is selling the company. Not in one piece like before. But in little tiny pieces. I bet he will make out ok. I wonder though. Will the people buying the little tiny pieces do ok? Or will they end up like Alamo Group?
That sure is a nice looking tractor. I wonder how it will compete with the more established Jinma tractor which I hear is essentially the same quality as Tytan. CEO Leonard claims he was the first to import the Jinma. His promotion of the brand claims the Jinma is quite a tractor.
I also wonder how Tytan will be able to compete with this very well established company. Northern Tool says it will ship any tractor for free in the US. I do not think Tytan offers this. Is it possible that Tytan is just another "me too" importer of chinese tractors?
http://www.northerntool.com/shop/tools/category_farm-acreage+tractors
Refuted? Is that refering to the claim that a $7K check to the Department of revenue was the satisfation for the $700K line of credit Tytan owes the FDIC?
"CEO MARK LEONARD ......"
Below is a quote from a press release by CEO Mark Leonard indicating he is seeing significant revenue growth in 2010. Does anyone know how accurate this is? I thought Tytan prevailed in the arbitration because it's revenue was significantly reduced.
TYTAN HOLDINGS ANNUAL REPORT
Did anyone notice the annual report for 2010 issued on March 1, 2011 has now been made inactive? Replaced by a new annual report issued on March 16, 2011.
Why would that be neccessary? Tell you what. I will do a thorough investigation on the financials reports and get back to you.
I am suggesting this is not public information. This information is being provided to a select group on IHUB. I am suggesting that the CEO has been disseminating information into this forum without doing so formally. I can not say for sure at this point. But I believe that is in violation of IHUB terms of service and Federal law.
Why would an "on the ball" company like Tytan allow a tax warrant to get filed in Superior Court? I am just wondering.
It must be embassassing to post a TYTAN check payable to Dept of Revenue and claim it is for a cents on the dollar payoff to the FDIC for Tytan International's $700K line of credit.
The $7K does appear to be a payment to the Dept of Revenue and not the FDIC. A 2010 tax warrant does appear to be satisfied. The 2011 warrant (#139089a) in case #11-9-00075-0 still indicates it is open. Perhaps this most recent check is intended to satisfy that warrant.
There does appear to also be a claim that Tytan settled a $700K obligation with the FDIC for cents on the dollar. It does not appear that Tytan has provided information on this. For the moment the Court case regarding default is still active.
Tytan's bank (Cowlitz) failed. The assets of that bank
(including the note due from Tytan International) are now payable to the FDIC who will make sure the rightful investors or stockholders get paid what they are due.
Court records for Tytan International indicate it is default on a $700K line of credit. Tytan has not provided any information to the contrary. Only rumor on this board. If Tytan has renegotiated their line of credit they should make it public. Otherwise the only facts available are with the court house. If Tytan has settled with the FDIC we would see either a "satisfaction" or "dismissal" in court records.
Most recent interview was in 2010. Sunset Distributing was made part of the discovery and evidence for the Tytan 2010 arbibration. In that arbitration Tytan attempted to claim Sunset Distributing failed to follow through on a purchase order. It was later discovered that Sunset did make the purchase.
SUNSET DISTRIBUTING AS DEALER
It is a true statement that Sunset Distributing in New Mexico has Tytan tractors. In my most recent interview with the owner (Nick M.) his last purchase was in 2008. He has had a challenge selling the tractors he purchased since then. He is struggling to make the interest payments required by the flooring company (Textron Financial). Before anyone starts touting this dealer as an asset to Tytan Holdings I would give him a call and ask him what he thinks about the economic viability of the Tytan product.
It appears that proponents of Tytan Holdings Inc want to hold up Tytan International Inc as the center peice and economic engine of Tytan Holdings. They will point too the inventory assets of Tytan International and suggest new investors should be interested in that. At the same time these same proponents then attempt to claim Tytan Holding has no debt. That may be technically true. Tytan International however, does have more than $700K in debt and according to court records it is in default. This same debt is secured by the inventory of Tytan International.
DEBT FREE?
TYTN's annual report clearly indicates a $700k debt for Tytan International. This debt is currently in default according to court documents. How can you in good faith represent this company is "debt free."
TYTAN INTERNATIONAL TAX WARRANTS
Some new tax warrants for Tytan International
Cowlitz County Superior Court. Action # 11-9-00075-0
Date: 1/12/11
Plaintiff: Washington State Department of Revenue
Subject: Warrant for unpaid taxes #139089a
Tytan International also had problems with the Department of Revenue in 2010 as a tax warrant was issued then as well.
It is a true statement that Cowlitz Bank failed. That is not an excuse for Tytan International to default on their debt. In fact it may be the reason Cowlitz Bank failed along with other defaults on commercial loans. The complaint on this action claims default on the loan by Tytan International. I have the actual complaint in hand.
It makes no sense for the FDIC to settle for a reduced principle amount. The loan is secured by Tytan inventory and land that exceeds the loan amount.
Washington State Court Records
Here is the link. YOu will need to accept the terms and input the information.
http://dw.courts.wa.gov/?fa=home.casesearchTerms
TYTAN LINE OF CREDIT FORECLOSURE UPDATE
Cowlitz County Superior Court , State of Washington Case #10-2-01361-1 defendant Tytan International Inc date of issue 8/2/10
Complaint: breach of note. Foreclosure of security interest. Appointment of receiver.
Checking the Washington State Court records the case in still in play as of this date. According to the Annual Report the principle balance exceeds $700,000.
Since you seem to be up to speed on this why don't you identify what parts of this website page regarding Tytan are false.
http://www.tractorco.com/custompage.asp?pg=JinmaTytan
IS THIS THE WEBSITE YOU ARE REFERING TO?
Does not look like it is taken down. There is no order to take down any website regarding Tytan.
http://www.tractorco.com/custompage.asp?pg=JinmaTytan
You are right. I need to answer the question?
How can these prospective Tytan dealer get the information they need to make a decision based on all the facts about the company. Good and bad. How can that be done without causing grounds for business interferance?
Thank you. I appreciate the advise to keep out of hot water.
Thank you for the advice. Somehow I need to make sure these dealers contact me for information. Got it.
Thank you for the heads up. I will use caution as I move forward. My guess is that the prospective dealers will ask me to deliver any information I have. Anything I delivery will be documented fact.
Be my guest. There is no law that says someone can only reveal good news about a company. On the other hand. It is illegal to make false claims about a company in order to entice investors.
I wonder how much these proposed dealers know about Tytan. It will be interest to eventually find out who they are and supply them with documented and factual information about the company.
Interesting. Is that what is going to happen when Cowlitz Bank's (now held by the FDIC) line of credit finally completes it's litigation with Mark Leonard and Tytan International on the default of the $700K line of credit? Leonard is trying to string this out by making them go through an appeal. THe bottom line is that Leonard and Tytan owes the money and the line of credit is in default. I suggest that at some point the bank is coming for the Tytan inventory and Leonard real estate.
I will order up a Freedom of Information Act request on this and see how true it is. I don't suppose Tytan would be willing to post any documents they have received on this. I guess you all will just take Leonard's word on it.
I do.
My understanding was that Tytan was creating company stores where they had control of the situation. Grand plans for buildings and show rooms. Now you are suggesting they are only going to get some existing dealers. Let me guess. Leonard is going to convince some existing John Deere dealers to place his chinese tractors in their show room.
NEWS?????????????
News means there is something "new." This is the exact same news letter issued earlier. This is not new. Last year Tytan promised 4 new store openings in 2010. Did not happen. Over promise....under deliver.
Now there is a promise for one store in Oregon. How is Tytan going to pay for that? With the $700k line of credit that is already used up and in default? Or will they use the $28,456 cash reserves reported in Q3? Oh that's right. They will use the $200K judgement. I can tell you that will not happen.
The way I see it the only way Tytan is going to grow the company is to either sell the stock (dilute) or find some money elsewhere. With Tytan and Mark Leonard in litigation for default on the $700K line of credit I do not know what traditional bank will loan to them.
Unfortunately Tytan is going to discover all of their legal efforts and their big win will vanish. All that will be left is a large attorney bill to pay and myself to keep you company each day.
If you and any other stock holders with a significant interest in this company want to discuss matters outside of this forum I am open to that. Perhaps a conferance call. Right now all you are getting is Tytan's spin on things. If nothing else you will learn things about the company you would never hear from management. You are sophisticated to check out my facts. I am open to settlement for all parties. Perhaps the stock holders can take this lead on this.
There is something you do not understand. The is a think called the First Amendment.
You are refering to a court order of some sort. Can you identify the origin of this court order and the exact wording of the order? I think this is something you have made up in your own mind.
TYTAN AND THE PREDICTION
I can tell you that is not going to happen.
I predict the following.
1) Tytan International and CEO Mark Leonard will realize little if anything from it’s arbitration award.
2) Tytan International, CEO Mark Leonard, and TYTN stock holders will be have to pay for cost of litigation on it’s own.
3) The webpage on TractorCo’s website remains. It contains only factual information proven in arbitration. There is nothing Tytan can do to take this down. http://www.tractorco.com/custompage.asp?pg=JinmaTytan
4) SusanBond007 remains on this forum to report factual information about the company.
5) The arbitration has generated enough facts and data about Tytan to report for decades.
6) Tytan and CEO Mark Leonard have on going legal issues that will be reported about on a continuous basis in this forum.
7) Tytan has done nothing to extinguish the energy behind the arbitration issue. Tytan can only expect this energy to reappear in many different forms. It is my opinion Tytan prefers to use litigation as a substitute for customer satisfaction. It is my opinion there are many unsatisfied Tytan customers out there who have yet to be heard over the next several years.
What am curious about it how Tytan is going to fund the growth they are talking about. It certainly is not going to come from tractor Co. Not coming from the $700K line of credit that is fully expended. The only place it can come from in my opinion is the sale of stock. Mark Leonard testified in deposition that Tytan International receives income from the sale of stock. Won't sale of stock continue to dilute? Won't that continue to keep the stock price down? Something to think about.
Oh good. The excuse is just the processing company and pneumonia this time. I was worried it was a snow storm again.