Stakeholder in Trump's Truth Social parent company wins court ruling over share transfer

[BumRushDaShow]

Source: Yahoo! Finance/AP

Updated Sat, Sep 7, 2024, 7:49 AM EDT


DOVER, Del. (AP) — A federal judge in Delaware has ruled in favor of a firm seeking assurance that it will be able to sell its minority stake in the parent company of former president Donald Trump’s Truth Social platform. The judge on Friday granted summary judgment to Florida-based United Atlantic Ventures LLC in a lawsuit filed against Minnesota-based Odyssey Transfer and Trust Co., a business that handles securities transfers among registered shareholders.

UAV is owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice” who also helped facilitate a merger that took Trump Media public in March.

Since then, UAV and Trump Media have been battling in courts in both Delaware and Florida over UAV’s stake in the company. Attorneys for Trump Media assured a state judge in Delaware earlier this year that UAV was entitled to an 8.6% stake and would suffer no merger-related dilution. They now contend, however, that UAV is not entitled to its shares because of pre-merger mismanagement by Litinsky and Moss.

Friday’s ruling involves UAV’s concerns that it will not receive its Trump Media shares, currently valued at about $350 million, from Odyssey when a post-merger lockup period expires Sept. 19. According to court filings, Odyssey told UAV earlier this year that it would be taking direction from TMTG and its lawyers.

Read more: https://finance.yahoo.com/news/stakeholder-trumps-truth-social-parent-233811264.html

[Mysterian]

1. I guess they want to dump it ASAP

and cut their losses.

[Inkey]

2. TMTG

Trump Media & Technology Group

[LetMyPeopleVote]

3. TFG is trying defraud and cheat these two

[slightlv]

4. He's basically doing what he's always done to

contractors and subs... say their work wasn't good, wasn't correct, etc., and refuse to pay what is owed. Only now it's stock shares instead of $$$ outright.

[moreland01]

5. Is there anyone not scrambling

To sell a chunk of DJT stock ASAP? As a individual stock investor, I wouldn't go near that one if it were the last stock on Earth.

[FakeNoose]

6. I hope they get something out of this

Leave it up to Chump and he'll make sure the partners will get zip.

[groundloop]

9. Yes, but anyone who'd invest in a tRump venture should expect to be ripped off.

[FakeNoose]

11. I don't think they invested anything except their time and expertise

Chump let them do all the legwork, and he promised them a percentage. Now he's trying to reneg.

[Trenzalore]

7. He tanks at the debate it will be selling under $10

[ArkansasDemocrat1]

10. Penny Stock

[ZonkerHarris]

8. Grifters of a feather flock together

[Wonder Why]

12. Hope it goes bankrupt the day before they can all cash out.

[Old Crank]

13. The rats

Are trying to leave the stinking ship.
If they get out the stock sinks even further.

[Bernardo de La Paz]

14. It's sitting on a $300 million pile of cash, about 1.40 per share; doing nothing with it

No spending on marketing or advertising.
No spending on R&D (developing / deploying software)
No revenue.

Practically speaking, it seems like some "investors" buy a worthless stock at inflated prices and tRump considers himself paid. I'd hate to think this involves Top Secret documents.

There has been a lot of talk from tRump Media Group about an upcoming streaming service, but not much activity about it in the quarterly spreadsheets.

[4lbs]

15. Looks like the rats saw that this boat was sinking, and decided to jump ship

before it was completely submerged.

They wanted that life raft, and a judge OK'd it.

[twodogsbarking]

16. I remember.........

https://www.investopedia.com/terms/z/zzzzbest.asp