“I have seen thee in dreams, never touched thee or known thee but loved thee with all of my heart.” — Man Of La Mancha
Just like Don Quixote dreamt of the perfect woman, Dulcinea, Don Crook-ote dreamt up the perfect media business and social media platform. Yea, verily, one that would wipe Twitter, Amazon, Google, all of them off the boards. To that end, Trump put together a SPAC and basically a shell company bought another shell company.
The little house of cards is starting to fall already. Here’s the first lawsuit. Axios:
Private equity investor Brian Shevland is suing the CEO of the blank check company that it merging with former President Trump’s social media platform, claiming a “brazen act of fraud.”
Big picture: The lawsuit comes just a week after Digital World Acquisition Corp. (DWAC), led by Patrick Orlando, disclosed that it’s under investigation by federal securities regulators. It also comes several months before Trump’s company is slated to launch its first public products.
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Shevland was an early director nominee of DWAC, but claims in his lawsuit that he was removed by Orlando without warning or notification — a move that denied him thousands of shares and the ability to buy more stock at a very low price.
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For example, one remedy proposed by Shevland is for him to be able to buy shares at $0.003 a piece, compared to the SPAC IPO price of $10 and the current market price of $51.33.
The intrigue:Â The complaint suggests that conversations between Orlando and Trump began months before DWAC went public, which could violate federal securities law.
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It also said that DWAC originally planned to pass on the Trump deal “due to opposition from board members who rejected an affiliation with former President Trump for personal reasons.”
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Shevland, the complaint says, supported the transaction.
Now the true comedy here is that this shell company, this fabulous confection from Trump’s imagination, only exists in potential. It’s kind of like betting on a certain sperm or egg to grow up to be an Olympic champion. A whole lot can go wrong in the actual fertilization of an egg, not to mention the the living of a life. But not in Trump world. There it’s all wonderful in an Alice In Wonderland sort of way. The legal deals mean what Trump wants them to mean. And stock investors are going along with this, in Ponzie scheme fashion, hoping to be one of the lucky ones who get in and then get out at exactly the right moment so as not to get burned.
If you hit the Axios link you can read the entire lawsuit. What a world we live in. Every single day now, it seems, there’s a new Congressional report or lawsuit dozens of pages long. But then, if you look more closely, they are all being written or filed with respect to matters in which Trump is a key player. Once you know that, everything starts to make sense.
This can get really interesting, as apparently a number of congresscritter bought stock in this. There’s also the question about where most of the “investment” money came from.
Trump isn’t a bad version of Don Quixote. He’s a bad version of Sancho Panza – imagine Eric Cartman’s evil twin and dumb as a rock as Sancho.
HAHAHA I hear you – I always thought Trump reminded me of a grown-up Cartman.
Imagine, a technology company failing, that is owned by the guy who knows more about technology than anyone else. Just ask him!
/s
I am beginning to wonder if some of these things are people taking advantage of trump. not that that has been hard to do. Trump does not seem interested enough in the details of these things, he knows real estate and hotels and golf courses. He seems out of his element on these things. I get a sense that this is like the mob types coming in and pillaging what might have been a real product to see how much cash they can get out of it before the whole thing goes up in flames. Not that I care about trump, but his declining faculties are clearly out there to be taken advantage of.
It does seem like everyone Trump fools with is either a crook or a raging fascist. Garland should charge them all with insurrection, etc. So what if they try an insanity plea.
Given many of former guy’s investments in R.E., hotels, etc. I’d say he doesn’t know how to do those either. Remember, much, the majority in fact, of his money came from what he inherited from his father. That included a real estate empire his father built. Further, the attorney his father chose for his son, Roy Cohn (?), attempted to keep former guy on track including all those lawsuits that managed to keep him from losing everything. Very little of trump’s success, such as it is, came from trump’s doings.
That hotel in D.C. trump had to have, and then sold at quite a loss, is just latest in a string of bad R.E. investments trump has made.
And don’t forget that he’s a;so facing a lawsuit over breaching the licensing terms of the software
Poor wittle Trumppy, so stupid and wading in the water ahead of the raging tsunami running across the ocean, ready to wipe out his wonderful Mar-O-golf and everything with the Trump logo … the Trump Empire that never was, has met its match in the J6 Committee, the legal minds of NY City and State, every one that he has short-changed, attacked with his lies, smarmy mouth and waving hands in public rants, AND WE the people, losing 800,000. + citizens to his non actions against Covid-19, have our own special desires …
The end result has already come and gone into the breach of the Committee’s big guns, all the cheating, criminal business practices in the past loom in a huge black cloud of needed punishment, hanging over his head right now, the AG’s and state courts are showing amazing calm, leading up to a stuttering, stammering Trump. pleading to a Judge for something less than a life term in prison … he won’t be able to buy his way out of all the federal tax cheats and phony bookkeeping … HAR HAR
Trump is SO stupid, he can’t imagine spending a few years in a place with many doors, any reasonable sentence will make it a life sentence for someone as old as him … so sad … /s