So it's TYTN's Fault that Cowlitz foreclosed ? then the FDIC took over and then Midland Bank got the Loan ... LMFAO !!!!
with all the post i've read about the TYTN/COWLITZ/FDIC topic, i think some are blaming TYTAN for getting defaulted on it's loan ? which is the contrary Cowlitz didn't renew and gave problems to TYTAN and gave them the "Default" on it's loan because the STUPID BANK we're getting FLUSHED and they did it to others besides TYTAN.
TYTAN has a settlement to pay an amount and never stopped paying until the negotiations with the FDIC is resolved as explained BELOW
BTW: Is it our FAULT the whole BANKING SYSTEM when down the DRAIN in 2008 ? NO !!!!
> May 16 2012 Q1 Quarterly Report
NOTE B- SHORT TERM NOTE
The Note payable is to Cowlitz County Bank under a $650,000.00 Flooring line of credit that expired
October 31, 2009 and is overdue. The company is negotiating with the FDIC to settle the debt and is
making payments of $1,500.00 per month while negotiating a settlement. The Note is secured by the
Company’s inventories, property and equipment and guaranteed by the Company’s controlling stockholder, Mark Leonard
Item 6 Defaults upon senior securities
Tytan International, Inc. has had an Operating line of Credit with Cowlitz County Bank of Longview WA.
Tytan has never been delinquent on any payments during its 5 year relationship with the Bank . In 2009,
Cowlitz Bank failed and was taken over by the FDIC . Prior to Cowlitz Bank failing, the Bank was cash
strapped and thus did not renew Tytan’s Line of Credit as well as other Commercial Loans . This put
Tytan into default on its Note. Cowlitz Bank sought and received a judgment in April 2010 against Mark
Leonard directly as the Guarantor. Tytan Holdings, Inc. does not have a Judgment against it.
The loan has been moved to the Midland Bank by the FDIC . Both parties continue to negotiate in good faith to resolve this issue .
FULL POST HERE : http://investorshangout.com/post/view?id=45276
GLTA
$TYTN camp # 2 Long & Strong since early 2011
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