Even after getting found liable for multiple acts of business fraud, donald trump can't stop himself running more cons. Just look at the latest lawsuit by his would-be business partners with his personal social media app (via Dan Mangan at CNBC News):
Former President Donald Trump was accused in a lawsuit on Wednesday of trying to “drastically dilute” the value of stock shares in his social media company held by the firm’s co-founders, potentially depriving them of hundreds of millions of dollars in profits.
The partnership, United Atlantic Ventures, alleges that Trump Media & Technology Group engaged in “wrongful 11th hour … maneuvering” to dilute UAV’s minority stake in the media company, a court filing says.
The Delaware Chancery Court lawsuit comes in advance of the planned merger of TMTG with a shell company called Digital World Acquisition Corp, which would result in the shares of the combined entity being publicly traded.
If DWAC shareholders approve the merger next month, Trump’s 90% stake in TMTG could be valued at more than $3 billion, given DWAC’s current share price...
Dear DWAC shareholders: Don't. A deal with a devil like trump is no deal at all.
I'm no expert on stocks and market manipulations, so I hope there's an explanation for what trump was attempting to pull at his end of this "deal":
UAV is a partnership of Andy Litinsky and Wes Moss, who initially pitched Trump the idea of creating Trump Media in February 2021, after the former president was banned from Twitter and Facebook following the deadly Jan. 6 Capitol riot...
The planned merger comes as Trump, who is the leading candidate for the Republican presidential nomination, has been ordered to pay more than $500 million in civil judgments in New York, related to trial verdicts for business fraud and the defamation of writer E. Jean Carroll.
“The attempt here is to deprive them of the deal,” said Christopher Clark, the lawyer for UAV in the partnership’s Delaware lawsuit against TMTG.
“It’s not like they went out and bought a lottery ticket,” Clark said of the co-founders. “They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn’t want to pay.”
“Not a unique story, unfortunately,” Clark said, referring to Trump’s infamous practice of contesting bills from contractors and lawyers...
So trump was attempting to devalue whatever stocks Litinsky and Moss held in the Trump Media corporation, to where they'd get nothing from the buyout while he took it all.
Their lawyer Clark is pointing - if you'll recall - back to trump's infamous history of being a cheapskate and thief to anybody who did contractual work for him. Decades of trump undercutting and underpaying - if at all - his "people" to where it's a mystery why ANYBODY still wants to do business with this grifter.
It should be telling that trump allegedly hasn't even paid his best mob lawyers - his personal Roy Cohns - as Giuliani is out here telling the public trump owes him $2 million at least.
Oh, wait, NOW I get the diluting stock scheme. THAT scene from the Social Network:
Seriously, who wants to risk working for a con artist - trump, not the guy "who invented Facebook" although the jury's still out on him - who keeps ripping his underlings off?
1 comment:
What makes this hilarious is that the two guys who are suing their way in between Fergus and the money he needs to pay the judgements against him were once fired from "The Apprentice"...
-Doug in Sugar Pine
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