On May 7,2015 Titan Filed DEF-14A with SEC stating P.C. was president and board member in the proxy statement.
By May 11,2015 the Company had an 8K prepared (obviously by Counsel) and filed with SEC disclosing he would no longer be president and would step down from the board by June 4th, positions he held since 2003. (On titan's website P.C. is disclosed as a founder of the company.
What could have possibly happened over a 72 hour period for such a dramatic and sudden decision?
visit my website to read my May 12,2015 post with notes of the mysteries of titan.
Not bad. The Cow is not quite dry yet. That's $10,000 a week for next 33 months. If Titan didn't borrow the $150 million unsecured note in 2012 they would have ZERO CASH. They spend the money like they don't have to pay it back. The Chairman bragged recently that they average about $1.3 million in cash per location. What he failed to mention was that it is all borrowed monies that need to be paid back. Reality is that they don't even have enough cash to repay that $150 million note.
from press release " Net loss attributable to common stockholders for fiscal 2015 was $31.6 million, or $1.51 per diluted share, compared to net income attributable to common stockholders of $8.7 million, or $0.41 per diluted share, for the prior year."