Trump's $300 Million SPAC Deal May Have Skirted Securities Laws

[Laura PourMeADrink]

https://dnyuz.com/2021/10/29/trumps-300-million-spac-deal-may-have-skirted-securities-laws/

Just days after Donald J. Trump left the White House, two former contestants on his reality show, “The Apprentice,” The Apprentice,” approached him with a pitch. Wes Moss and Andy Litinsky wanted to create a conservative media giant.

Mr. Trump was taken with the idea. But he had to figure out how to pay for it.

This month, the former president found a way. He agreed to merge his social media venture with what’s known as a special purpose acquisition company, or SPAC. The result is that Mr. Trump — largely shut out of the mainstream financial industry because of his history of bankruptcies and loan defaults — secured nearly $300 million in funding for his new business.

To get his deal done, Mr. Trump ventured into an unregulated and sometimes shadowy corner of Wall Street, working with an unlikely cast of characters: the former “Apprentice” contestants, a small Chinese investment firm and a little-known Miami banker named Patrick Orlando.

More at link

[Yo_Mama_Been_Loggin]

1. Ya think so?

I mean it's Donald Trump we're talking about here. You know something nefarious went on.

[MFM008]

2. im shocked.

sarcasm: :

[Roy Rolling]

3. The smallest problem

Actually, they have a bigger problem if you can believe it.

Looking at the chart of the newly-created security it’s obvious to anyone with knowledge of such things it was a pump and dump scheme. A big media push about TFG getting involved to pump up the stock price as the rubes buy the SPAC thinking Trump is a financial genius.

When the price peaks, all of the early buyers dump their shares at a humongous profit.

Watch for the news, somebody got rich when the SPAC price skyrocketed.

[Skittles]

4. I'm sure he will be penalized heavily for it

riiiiiiiiiight

[LetMyPeopleVote]

5. There will be litgation

This deal is premised on TFG's media operation being worth $800 million when that operation has no asset or revenue. The contact between TFG and the promoters and other issues will provide grounds for some fun litigation