Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Since you seem to have close contacts with Tytan CEO Leonard....why don't you call him and ask what his tax returns claimed for total revenue for the year 2009. That should not be too much to ask. Or maybe you should just wait for the SEC to ask him.
I have already provided evidence in the form of a writ of garnishment that shows the current amount owing on the Tytan line of credit now exceeds $800K. In this last annual report Tytan clearly states they are paying on that debt but have not come to a settlement with the FDIC. If Tytan is planning on using the arbitration settlement as a downpayment to restructure the debt they better come up with another plan.
Does not look good for Tytan. Looks like Tytan is only going to get pennies on the dollar for their judgment. I suppose that is an appropriate outcome. Word on this board was that Tytan would settle it's $800K debt for pennies on the dollar. The bad news for Tytan share holder's is that they will have to pay for all of Mr Leonard's litigation pursuits.
I think Tytan CEO Mark Leonard did finally get his act together and has started to accurately disclose information with regard to Tytan's default on the line of credit and such. He does have a problem however. His past disclosure on revenue does not match what he is disclosing now. For those that purchased this stock based on his earlier claims and now have lost money .....they may now have a good claim. Next week I will point out the issues in detail. I will support my claims with Tytan's own published information. One of the issues the sticks out is the 2009 revenue. In this report he is reaffirming $1.5mil for 2009. In a previous quaterly report he claims $600K and change. In arbitration he claimed $600K in change supported by tax returns.
In this most recent annual report he claims 2010 was not so good. But in earlier publications he claimed he saw "significant increase in revenue" in early 2010.
Proponents of this stock will be quick to overlook this. I will not. With this latest report I have the information to now make a well documented SEC complaint. This will be forth coming.
Yes. Please do that to people will come to my profile and find my compilation of information on the company. Thanks for the exposure.
With all this talk about rogue Tytan dealers, broken tractors, unsatisfied customers, litigation, judgements, writs of garnishment problems, problems, problems..........I don't know why anyone would buy a Tytan tractor. Why not be safe and buy a John Deere of Kubota. Why take a chance on this chinese experiment. It does make sense that Tytan is a penny stock. It fits right in with the risk and deception the pink world is noted for.
The fact is the Defendant named in the Writ of Garnishment is Tytan CEO Mark Leonard. He owes the FDIC $800K.
https://picasaweb.google.com/103140057489672933006/WritOfGarnishmentCase092021881#5595637820997838578
THanks for making sure we talk about the more important subject involving TYTN stock.
The FDIC (formerly Cowlitz Bank) has an $800K judgement against Tytan CEO Mark Leonard. This is a matter of public record. There is no record of a satisfaction on this judgement. If and whent that takes place only then will your statement be factual.
If this is the case of a poor dealer certainly Tytan CEO must have went direct to the end customers and help them out to preserve the integrity of the Tytan brand. Is that the case. Has Tytan CEO Leonard gone to all of these affected customers and offered to make good on his poor decision on a dealer. He has all of the names through arbitration. Can you tell me what he has done to make sure the Tytan name is not tarnished.
I understand that Tytan's $800K line of credit is in default and a judgement and writ of garnishment has been issued. Tytan CEO claims he has negotiated a settlement with the note holder (FDIC) to halt further liquidation of company and personal assets of the CEO. From what I understand a loan modification/settlement is dependant on the FDIC's abiltity to liquidate a judgement in the about of $250K held by Tytan. Now there is talk of of the $250K judgment having no value due to the debtors bankruptcy. If that is the case this does not look good for Tytan. That may mean no loan modification for Tytan on the $800K line of credit. Tytan may get liquidated. Tytan has to pay it's own cost of litigation and attorney fees exceeding $50K.
Does not look good.
THanks for bringing up the subject. I feel it is the most important to focus on.
That is a top banner for that website and promotes the TYM brand of tractor. Not Tytan.
I understand Tytan engines are actually built in China and are of "Chinese quality."
Tytan 304 Mini Tractor
If there are orders from dealers can you enlighten us as to what dealers have made these orders. Can someone actually call a dealer and order a Tytan 304 tractor if they wanted one? If so what is the name of the dealer, location, phone?
If a dealer is going to sell a tractor this season it needs to be on the lot now. I am guessing the claim that dealers have ordered Tytan mini tractors is bogus. I could be wrong. Please support your claim.
Tytan CEO Mark Leonard does in fact pay attention to this board and he is very concerned about what is posted. If you want to get a message to him about your concerns this is the place to light a fire under him.
You might want to actually read them all.
Good job. This is where the Tytan conversation needs to go. Let's focus on Tytan litigation and defensive positions.
Sounds like there is alot riding on this $250K judgement Tytan has to pay down the $800K Tytan International line of credit. Sounds like any settlement with the FDIC will depend on that. If that $250K ends up having no value it might go badley for Tytan. Just my opinion based on the conversations on IHUB.
Tell you what. I will publish my list of former Tytan dealers and customers who would be willing to take calls from stock holders. Stay tuned. Thanks for the motivation.
Mr. Rebrovich is very real. He still has a broken tractor and does not know what to do. I am sure he would be willing to talk about his experience to anyone who really wants to know. But if you are really only interested in the party line then you will not be interested in talking to this guy. He bought his tractor direct from Tytan Internation back in 2006.
If you google "tytan tractor" you will see a Yahoo review. One of Tytan's own customers makes a fairly substaintial report. It does appear Tytan has tried to counter the reveiw but most will figure that out.
http://local.yahoo.com/info-33702744-tytan-tractor-kalama
I see the only real issues to talk about with regard to Tytan is it's litigation history both past and present.
TYTAN CEO MARK LEONARD LOSES APPEAL
Ttyan CEO Mark Leonard has lost his appeal on an $800K judgement regarding the guarantee of Tytan International line of credit.
Original Superior Court Compliant:
Cowlitz County Superior Court # 09-2-02188-1
You might try calling this business and see what they think about the product.
http://www.tractorco.com/custompage.asp?pg=JinmaTytan
Understand they also have a list of former dealers and customers who could talk about thier Tytan experience. Unless of course you only want to hear the "party line." Then you should just call the company and they will tell you how great they are.
GOOGLING TYTAN TRACTOR
Here is the result for the key word "tytan tractor"
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rlz=1T4SNNT_en___US370&q=tytan+tractor
Brings up the main Tytan website and some other sites with customer reviews.
I'll buy $100 worth. I can afford to lose that much.
I am committed to the long haul as well on Tytan.
Yes. this is all well and good for Tytan. But what about the $800K line of credit that is in default with a writ of garnishment in play? Will new investors have to pay this debt off before this company can move on all this wonderful stuff?
TYTAN CEO WRIT OF GARNISHMENT
Here is a link to a writ of garnishment regarding the CEO of tytan and his guarantee of the $800K line of credit.
https://picasaweb.google.com/103140057489672933006/WritOfGarnishmentCase092021881#
Do the other companies you compare with have $800K loans in default? Granted.....some of them only offer the promise of something in the future. This one however, comes with a huge financial problem the moment you buy it.
There certainly is a lot of contraversy with this company. Seems like it is all about back and for litigation, judgements, and unfullfilled promises about press releases. Why would someone want to invest in that?
Tytan will have a steady stream of News releases this spring announcing many exciting new developments
I understand Tytan has a judgement. Any word from the company on recovery? Many times companies are awarded judgements only to find they can not collect. It that case they end up having to pay their own cost of litigation. I understand the cost of Tytan's litigation was over $50K.
There is a risk that any and all of Tytan's assets will not liquidate for the face value.
If it did have value I suppose you would have heard something from the company about it.
Sure is quiet at Tytan right now.
I suppose they could if that judgement had any value. I would imagine you would have had a big PR on the issue if that was the case.
If the FDIC liquidates the assets of Tytan international and CEO Mark Leonard it can not only recover $800K debt it can also recover it's cost of recovery including attorney and auction cost. That means the FDIC will seize assets until they are made whole. According to the most recent TYTN financials just the inventory is worth over $1 million. That does not include the value of the land at Meeker Ave. Or the value of Leonard's stock. The value of the 700,000,000 shares of TYTN stock held by Leonard probably will not be worth that much once that is all liquidated.
Of course this is all just my opinion. I could be wrong.
Good point. Who cares? This is however one of the 12 to 15 dealers Tytan claimed to have had in the past. Why are they not excited about the Tytan product? Why is it that Tytan needs to rebuild a dealer network if it has such a successful company and product?
For some reason you think the FDIC is going to be willing to take a haircut when they have a big pile of assets they can recover from including tractor/implement inventory, stock, real estate, and even judgements. The place where you are going to see "pennies on the dollar" is when these assets are liquidated. Assuming the value of Tytan's inventory was not already inflated, you could expect at least a 50% reduction in value when they are sold at auction.
Speaking of older Tytans.
Here is a link to a dealer that has a new 2009 Tytan is it still trying to sell on Craigs List. The model 334 that a previous poster claimed was selling for $13,995. Looks like this dealer would be happy to unload it at $10,495. I wonder how successful he will be at that.
http://fortcollins.craigslist.org/grd/2323149901.html
But hey....maybe someone can try to claim this dealer is part of the nationwide Tytan expansion.
SATISFACTION OF TYTAN INT $800K DEBT ?
It was suggested that the $800K line of credit now in default by Tytan Internation and guaranteed by CEO Mark Leonard might be satisfied by the assets of Mark Leonard. Also a suggestion that it can be settled.
Here are some things for stockholders to consider.
1) If CEO Leonard was able to settle this issue he has had since 2009 to do so. Rather than settle he tried to stall his creditor with litigation and finally an appeal. Meanwhile he tried to tell stock holders the loan was "up for renewal." The appeal has failed and the FDIC is entered a serious phase of collection starting with writs of garnishment. Between assets of Tytan International and Mark Leonard the $800K should be fully satisfied by liqudation of these assets. These assets are easily identifiable and easy to seize. The FDIC has a duty to fully recover.
2) The $800K obligtation is that of Tytan International although Leonard is the guarantor. Do you really think CEO Leonard is going to tap into personal assets like his retirement account to satisfy this debt? I don't think so. I think he is going to sheild his personal assets the best he can and allow the assets of Tytan International to be liquidated. That means he is going to allow your (stockholder) assets to be liquidated before his own personal assets.
This is of course just my opinion. I could be wrong.