Thanks, jojo.... here's the text of the mailbag lest some not bother with your link. GLTA! $TYTN
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
