What is TITAN really?Nothing more than the Used Equipment and Parts. Why is Used Equipment and Parts company have $300 million mkt cap?
- They don't own property.
- They are on hook for taxes, insurance and maintenance of land they don't own.
- Auditing and Attorney Fees to stay public.
- Management makes a fortune,
- Salesman Make a Commission.
- 2500 employees get paid.
- New Inventory is all borrowed and they pay interest on it.
- They owe WFC $150 big ones.
- They owe money (debt) against their inventory.
A January 2008 IPO raising approx $60 million.
A Spring 2011 Underwriting approx $60 million.
A Spring 2012 $150 million Indenture.
Management (& Family) Outside Entities make all the money:
- on leasing property to TITN.
- sales commissions
- underwriting fees
- mgmt sold stock annually
- having expenses, maintenance and fees on their outside entities properties paid by TITAN.
- Brother-in-law generating millions of dollars worth of construction fees (questionable if its even needed)