Trump's Partners In Truth Social Are Suing Him To Block Merger
An investment vehicle controlled by former DWAC Chairman and CEO Patrick Orlando sued in Chancery court to block the merger unless it receives a larger number of shares from the combination than DWAC proposes, Reuters reported.
Trump was accused in a lawsuit on Wednesday of trying to “drastically dilute” the value of shares in his social media company held by the firm’s co-founders, potentially depriving them of hundreds of millions of dollars in profits. Ha, ha! As the nuns used to say, "Lie down with dogs, rise up with fleas." Via CNBC.com:
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.
Funny, how everyone who does business with the Orange One ends up getting screwed:
On Thursday, an investment vehicle controlled by former DWAC Chairman and CEO Patrick Orlando sued in Chancery court to block the merger unless it receives a larger number of shares from the combination than DWAC proposes, Reuters reported.
The news service noted that TMTG and DWAC on Tuesday sued Orlando and his Arc Global Investments II vehicle in Florida, claiming that he is trying to “obtain a windfall by extortion.”
Extortion, you say? By that devout Christian who was seen just yesterday praying at the Texas border with grifter Franklin Graham?
I can't stop laughing. Once again, everything Trump touches dies.