Merged So what's next for Trump?

[Jimmy Higgins]

With the RNC giving Trump the keys to the kingdom, we ponder back in time when Trump in a likewise situation and how he managed to rectify his dilemma with grace and honesty.

By 1990, though, the claims of Trump’s business genius were being questioned as he fell into desperate financial condition. He eventually filed six corporate bankruptcies, and he faced the prospect of personal bankruptcy as his first wife, Ivana, sought $1 billion in a divorce settlement. His high-profile casinos in Atlantic City were badly faltering.

That’s when Trump sought to change his father’s will.

Trump arranged for a lawyer to write an amendment called a codicil giving him control over the estate and to protect his inheritance from creditors. He then had two of his father’s most trusted associates deliver it to Fred Trump Sr. as if it were a formality. But Trump’s mother, Mary MacLeod Trump, forbade Trump’s father from signing it immediately. Trump’s sister, Maryanne Trump Barry, later said in a deposition that her father didn’t like how the effort to change the will was being done “behind his back.”

Trump later admitted in a deposition that he hoped the gambit would rescue him from financial problems by giving him significant control over the estate. “It was a very bad period of time and if for any reason I was not able to come out of this well, then this would be giving me a trust to protect” his inheritance, Trump said.

That effort failed — but Trump’s actions would expose his father’s deteriorating mental state.

Don't worry, I'm sure Lara Trump is going to look after the RNC just like Trump's mother tried to look after her husband and his wishes.

 

[ZiprHead]

Trump wants January 6 civil lawsuits against him put on hold while he fights criminal charges

Donald Trump’s lawyers are trying to pause at least five civil lawsuits that seek to hold him accountable for the January 6, 2021, US Capitol riot because of his pending criminal trial, according to filings with a federal judge in Washington, DC.

Trump’s team is arguing that moving the lawsuits forward at this time could force him to reveal his trial strategy for his criminal case. His team also wants the judge overseeing the lawsuits to wait for the Supreme Court’s ruling on presidential immunity in his criminal case.

 

[ZiprHead]

The stock market hits another record high.

Too bad, Donny.

 

[TV and credit cards]

DJT or TMTG, whateverthefuck they'll call it (Truth Social) is expected to go public soon after they merge with DWAC, a SPAC created by ARC Capital, a Shanghai based company that MTG bought as much as $50k of shares in. Word is once it merges with TMTG, the financials will not support DWAC's current $42 price.
When you come out as a platform with not only a political bent but specifically hard right, you're limiting your platform to the number and type of folks who are going to download your app. And as expected, Truth Social is least favored by the 18-34 demographic, the most sought after for social media.

 

[Jimmy Higgins]

The vote happened and passed today. WTF? This is like the repeat of his casinos going public. They were soaking in debt and Trump walked away saved. Now, these idiots are buying into a company that has almost no assets.

In approving the merger, shareholders of Digital World Acquisition Corporation will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will pump more than $300 million into Trump Media, which has all but exhausted its available cash and will allow Truth Social, the company’s flagship digital media platform, to keep operating.

Based on Digital World’s stock price of $44 a share just before the vote announcement, Trump Media will debut with a market value of more than $5 billion. That means Mr. Trump’s personal stake will be worth more than $3 billion.

Shares of Trump Media could begin trading under the new stock symbol as soon as next week.

WTF?! Also, WTF?!

And WTF?!?!

link

By the numbers: Truth Social's parent company, Trump Media & Technology Group, generated a total of $3.38 million in revenue for the first nine months of 2023.

• It reports a $49 million net loss during the same period, including around $26 million in Q3.
• The company's cash-on-hand dwindled to just $1.8 million at the end of September, compared to $2.4 million at the end of June, while its total liabilities climbed nearly 72% to $60.5 million.

A spokesperson for TMTG declined to comment on the financials.

I mean, how does this not sound like a massive money laundering scheme?

 

[Worldtraveller]

In case it wasn't clear....

WTF??

 

[Jimmy Higgins]

Can someone explain this to me? The market cap is $1.5 billion, at $40 a share, that means around 37 million shares. Trump is supposed to get enough shares that would be worth $3 billion at $40 or a share.

On what planet does liquidating shares not impact the share value? A company with 37 million shares, making it 70 million doesn't that have the likelihood of half'ing the stock value? Or is that a "market decides" sort of thing?

Also, how is this remotely legal?! The concept on its own seems ridiculous.

 

[Cheerful Charlie]

DJT or TMTG, whateverthefuck they'll call it (Truth Social) is expected to go public soon after they merge with DWAC, a SPAC created by ARC Capital, a Shanghai based company that MTG bought as much as $50k of shares in. Word is once it merges with TMTG, the financials will not support DWAC's current $42 price.
When you come out as a platform with not only a political bent but specifically hard right, you're limiting your platform to the number and type of folks who are going to download your app. And as expected, Truth Social is least favored by the 18-34 demographic, the most sought after for social media.

Word on the street is that this stock is vastly over-valued. It is expected to drop, at one point stock value dropped 11%. Short sellers are having a field day.

 

[TV and credit cards]

Can someone explain this to me? The market cap is $1.5 billion, at $40 a share, that means around 37 million shares. Trump is supposed to get enough shares that would be worth $3 billion at $40 or a share.

On what planet does liquidating shares not impact the share value? A company with 37 million shares, making it 70 million doesn't that have the likelihood of half'ing the stock value? Or is that a "market decides" sort of thing?

Also, how is this remotely legal?! The concept on its own seems ridiculous.

Normally he can’t liquidate for six months. I don’t think that is an SEC thing but a standard practice for IPOs. My understanding is they can vote to allow him to cash in some or all early. Not good for the rest of investors, I would think.

 

[Jimmy Higgins]

I understand that, but my question was, can you just write more shares and the share value doesn't get impacted? Or is this a manner of the market decides whether the shares are worth $40 still, after magically doubling them? Regardless, half'ing the price, he still is $1.5 billion, which is still obscenely ridiculous. What is the basis of him even owning 60% in the first place?

 

[TV and credit cards]

DJT or TMTG, whateverthefuck they'll call it (Truth Social) is expected to go public soon after they merge with DWAC, a SPAC created by ARC Capital, a Shanghai based company that MTG bought as much as $50k of shares in. Word is once it merges with TMTG, the financials will not support DWAC's current $42 price.
When you come out as a platform with not only a political bent but specifically hard right, you're limiting your platform to the number and type of folks who are going to download your app. And as expected, Truth Social is least favored by the 18-34 demographic, the most sought after for social media.

Word on the street is that this stock is vastly over-valued. It is expected to drop, at one point stock value dropped 11%. Short sellers are having a field day.

That would be my guess. Hopefully he gets to watch it drop into the single digits by time he can cash out.
And I’ll be right there with him, watching, reveling in his pain.

 

[TV and credit cards]

I understand that, but my question was, can you just write more shares and the share value doesn't get impacted? Or is this a manner of the market decides whether the shares are worth $40 still, after magically doubling them?

Normally it would dilute the value of all shares.

 

[TomC]

I understand that, but my question was, can you just write more shares and the share value doesn't get impacted? Or is this a manner of the market decides whether the shares are worth $40 still, after magically doubling them?

Normally it would dilute the value of all shares.

The presumption of many of these posts seems to be that the traders are trying to earn money.

Normally, that's a good assumption.

But we're talking about Trump and his supporters here. Donating a bunch of money to Trump without it registering as a donation could be very valuable to certain people. That might be more valuable, under certain circumstances.
Tom

 

[TV and credit cards]

I understand that, but my question was, can you just write more shares and the share value doesn't get impacted? Or is this a manner of the market decides whether the shares are worth $40 still, after magically doubling them?

Normally it would dilute the value of all shares.

The presumption of many of these posts seems to be that the traders are trying to earn money.

Normally, that's a good assumption.

But we're talking about Trump and his supporters here. Donating a bunch of money to Trump without it registering as a donation could be very valuable to certain people. That might be more valuable, under certain circumstances.
Tom

I just think the whole thing will be popcorn-worthy. TMTG is the Trump faithful. Trump will own 70% of DJT. What could go wrong?

 

[bilby]

TMTG is the Trump faithful.

?

Show

Oh, wait...

 

[Ford]

Can someone explain this to me? The market cap is $1.5 billion, at $40 a share, that means around 37 million shares. Trump is supposed to get enough shares that would be worth $3 billion at $40 or a share.

On what planet does liquidating shares not impact the share value? A company with 37 million shares, making it 70 million doesn't that have the likelihood of half'ing the stock value? Or is that a "market decides" sort of thing?

Also, how is this remotely legal?! The concept on its own seems ridiculous.

Normally he can’t liquidate for six months. I don’t think that is an SEC thing but a standard practice for IPOs. My understanding is they can vote to allow him to cash in some or all early. Not good for the rest of investors, I would think.

Yeah, the key word is "normally." I have spent enough time on Reddit that I was offered a crack at their IPO, and part of the deal was that the six month thing was waived. So it can definitely be set aside. Was this done for Trump? I can imagine a scenario where his people wrote that into the deal, as he's been strapped for cash since the days when he and Ivana were doing pizza commercials. I highly doubt it was shoehorned in at the last minute when the judgement came down (Judgement Day?), but it is possible he could sell. Can he turn that around and pay his half billion dollar bond with that money? The few things I've read say it's not likely, but then again...if he did, it doesn't mean he's off the hook. Just that he gets to have a nice shiny bond while he appeals.

 

[lpetrich]

Trump Civil Fraud Case: NY Poised to Seize Westchester Assets If Bond Not Posted - Bloomberg - "Area is home to a Trump golf course and Seven Springs estate"

Donald Trump's Fire Sale of Assets Faces Major Roadblock - "But, if he does make sales, experts told Newsweek that he might have to pay large rates in capital gains taxes."

NY attorney general takes step toward seizing Trump assets | The Hill

Engoron ruled that Trump, the Trump Organization and top executives, including two of Trump’s sons — Eric and Donald Jr. — were liable for fraud after conspiring to alter the former president’s net worth for tax and insurance benefits. He ordered them to pay $464 million, plus interest, in total.

Like the jumping valuations that Michael Cohen described to AOC early in 2019.

Entering a judgment in the counties where Trump owns properties is the first step toward attempting to recover them.

In New York City, where Trump’s trial took place, a judgment has already been entered. The former president’s famous 40 Wall Street and Trump Tower properties are located there.

 

[lpetrich]

First, search. Then, seizure. How Tish James will go after Trump’s bank accounts and other assets. - POLITICO - "Donald Trump faces a Monday deadline to delay enforcement of a $454 million civil fraud judgment."

Monday marks the end of a 30-day grace period that James granted Trump, and she has said she is prepared to act.

“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she told ABC News last month. And James has already taken preliminary steps: She has filed the Manhattan judgment in neighboring Westchester County, a precursor to any enforcement actions there.

How will she do it?

For one thing, seizing Trump’s assets will require James to go back to court to get a judge’s approval to gain access to Trump’s property.

And for another, James likely wouldn’t start by targeting his real estate holdings, said legal experts. She is more likely to begin by seizing his bank accounts, which would give her direct access to cash, rather than an asset she would need to liquidate.

That involves a discovery process, for identifying the accounts, then a decision by a judge, likely Arthur Engoron. The approval process is quick, usually less than a week, and with very limited appeal rights.

Those bank accounts are likely not enough, so it will be necessary to move on to less liquid assets.

Also on Friday, investors approved a deal to take Trump’s social media company public and boost the value of Trump’s stake in the company to $3 billion. It’s not clear, though, that the deal will help Trump with the civil fraud judgment, because he is restricted for six months from selling the shares or using them as collateral for a loan.

So he can't use that for 6 months.

After going after Trump’s bank accounts, James would likely then move on to seizing either Trump’s personal property — planes, cars, jewelry, artwork — or real estate, such as Trump Tower, 40 Wall Street or the Trump National Doral golf resort.

James isn’t limited to seizing assets that were the subject of her office’s lawsuit against Trump. She can seek to seize almost any assets owned by Trump and the other defendants (including his two adult sons), even assets located in other states or other countries, depending on the nature of a country’s treaty with the United States.

Though doing so for out-of-state assets will be more complicated, requiring authorization from the appropriate states and countries.

Mar-a-Lago will be difficult, because Donald Trump has made that estate his primary residence.

For personal property, like Trump's airliner, a sheriff will do the work of seizing.

For real estate, James would need to file a lien against the property and the court would appoint someone to sell the property, with the proceeds of the sale going to the state of New York.

She will likely choose the highest-valued properties first, to get the most money for her efforts.

In a fundraising text sent earlier this week, Trump appeared to acknowledge that this process might soon be underway, writing: “KEEP YOUR FILTHY HANDS OFF TRUMP TOWER!”

I think that TJ and AE ought to rename it the James-Engoron Tower, just to rub it in.

 

[Elixir]

Sez he has the cash. Just wait right here for ten months, he’ll be right back.

 

[Patooka]

TMTG is the Trump faithful.

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Oh, wait...

No, you're right. You're forgetting MAGAtards can't spell.