The Orange Turd's secret Truth Social agenda: put the US Government in a federal bankstuptcy court run by a Republican judge

    Ok, younguns, today I introduce the only person I grew up with in Mountain Brook, alias The Tiny Kingdom, who still puts up and cuts up with me. He knew your mommas when they were tots.

        He worked his entire grown up life in a New York Stock Exchange company, and he calls Donald Trump, The Orange Turd (OT).

    Once upon a time I dreamed of him being a general and I was a corporal, and I woke up figuring something I was involved in needed to be gone about the way he would do it, instead of the way I would do it.

    Yesterday, he texted me his very most recent OT sentiments, which perhaps were prompted by some really brave, or really stupid people, depending on how it turns out, agreeing to take OT’s money-loser Truth Social public, and OT will retain 60 percent of the stock and get a $3billion windfall.

    Excerpt from America’s premier business publication. 

Forbes Magazine

Trump’s Truth Social Parent Will Go Public—Here’s What Happened To His Last Publicly Traded Company

Antonio Pequeño IVForbes Staff

I cover breaking news.

Mar 22, 2024,04:42pm EDT

Former President Donald Trump’s social media company will go public after shareholders in Digital World Acquisition Corp approved a merger Friday, marking Trump’s return to the stock market nearly 30 years after Trump’s resort company went public—and experienced years of bankruptcies before it was eventually delisted from the Nasdaq.

KEY FACTS
Trump Media & Technology Group’s merger with Digital World, a special-purpose acquisition company that already trades on the Nasdaq, will allow the Truth Social parent company to go public with Trump as the majority owner, potentially netting the former president a $3 billion windfall based on current share prices.

    The General’s and my text banter, followed by the rest of the Forbes article, which I don’t imagine OT put in his treasure chest, followed by the punch line.

The General

Next time you are in research mode, please see if the OT was correct in flag protocol at that rally in Ohio last weekend. A group of Jan 6 rioters were in attendance and sang out National Anthem. Ot, dressed in his usual blue suit and MAGA ball cap, stood and saluted. From my days in the Boy Scouts and 6 years in the US Military it was my understanding you saluted if in uniform but otherwise removed any head gear and held it over your heart. Now, we know why the very vain OT didn’t want to take off MAGA ball cap and muss his frozen with paste hairdo, but was he in compliance? I wound’t expect him to know anything about the rules of flag protocol, naturally. Just a little something to do this weekend.

The Corporal

Roger, Gen, I’ll dig deeper, but it may be a simpleminded as he  believes, or pretends, he is American’s lawful president. 😎

The General

Only in the role of OT in Chief!! He ony qualifies for half that title, the first half.

The Corporal

He definitely is the Supreme OT. And, I wonder, the more the courts side against him, the more votes he will get.

The General

He and his fans don’t seem to understand that it was the everyday folks sitting on those grand juries that voted on those indictments: they weren’t dictated by some AG, DA or DOJ Speçial Prosecutor.

The Corporal

Nothing you or I think matters to Trump and his mobs.

I felt the best chance was the Gerorgia prosecutor, before she started fucking her lead assistant prosecutor and put them both on trial, when it was OT who was supposed to be on trial. 

I suppose it’s wait and see from here on out. The New York courts sure dont like him. Perhaps because he’s from New York and they know him well.

Looks like the election this year will be over before all but maybe the NY hush money (Stormy Daniels) criminal prosecution is tried, then the appeals if he’s convicted. The Republican-controlled Supreme Court will have final say in federal prosecutions.

Grand juries usually go along with prosecutors. Trial juries have to be unanimous for conviceing in criminal cases.

I’m wondering how the $450 million appeal bond in the New York state court civil fraud case will go tomorrow after Trump announced he has have $5 billion in cash he wants to spend campaigning after he never spent his own money before on campaigns.

The General

And it looks like the run up in the SAC company that is bringing in Truth Social is tanking. Sure hate to see that. 😓😓😓

The Corporal

No comprehende a company losing so much money going public.

The General

Google Truth Social public offering approved late last week. 

Truth Social merger. 6$B windfall for Trump.

The Corporal

I’ve been reading about that.

See no way the folks paying $6 billion get it back.

The Trump train jumped the tracks and maybe all left is to watch new episodes of The Devil’s Apprentice in my newsfeed supplemented by you😎

Forbes Magazine article continued 

Trump Entertainment Resorts owned several Trump properties including the Atlantic City-based Trump Plaza, Trump Marina and Trump Taj Mahal, as well as the Trump Casino in Gary, Indiana, all of which are closed or have been sold to other companies.

A week after going public, Trump Entertainment Resorts used some of the nearly $300 million it raised to resolve many of Trump’s personal debts, according to the Times—after Trump faced mounting debt issues and a turbulent Atlantic City casino market in the preceding five years.

The new company recorded losses ranging between $40 million and $66 million in each of the three years following its IPO, the Times reported, marking a trend that would continue and lead to the company’s 2009 delisting from the Nasdaq amid one of a series of bankruptcies in 2004, 2009 and 2014, according to the Washington Post.

Trump, who owned 40% of the company’s shares at the time of its debut, received more than $44 million in compensation during his time at the company, the Post reported.

Billionaire investor Carl Icahn agreed to buy most of Trump Entertainment Resorts’ bank debt in 2009, took control of the company in 2014 and later helped it become a wholly owned subsidiary of Icahn Enterprises.

FORBES VALUATION 

We estimate Trump’s net worth at $2.6 billion, a figure that resulted in the former president being removed in 2023 from the Forbes 400, which lists the U.S.’s 400 wealthiest billionaires. Only $413 million of Trump’s net worth is made up of cash and liquid assets. Trump’s stake in his social media company is worth an estimated $96 million.

TANGENT  

 

Trump’s current financial troubles now stem from his legal problems, as the businessman has been tasked with paying a $454 million bond by next week in the civil fraud case against him. He also owes writer E. Jean Carroll $88.3 million after he was found civilly liable for sexual abuse and defamation in two separate suits. Trump’s attorneys have told a state appeals court that securing a bond for the full amount is a “practical impossibility” and asked the court to pause the judgment while the case is appealed. However, in a Truth Social post conflicting with his attorneys’, the former president said Friday he personally has $500 million in cash, adding he plans to use “a substantial amount” of the funds for his presidential campaign.

WHAT TO WATCH FOR

Trump’s $3 billion windfall after his media company goes public—based on DWAC’s share price—is unlikely to help him with the deadline to pay the $454 million bond, according to experts, who have noted his inability to liquidate his stake immediately and the possibility that lenders could see it as overvalued. Trump will be prohibited from selling shares in the media company for at least six months, though it’s possible the company board could waive the restrictions if he requests it. If Trump doesn’t pay the bond for his civil fraud judgment or secure a stay on the payment, he may have assets including his Seven Springs estate and the Trump National Golf Club Westchester seized.

KEY BACKGROUND

Years prior to Trump Entertainment Resorts’ IPO, the debt on the former president’s holdings totaled $3.4 billion, according to the Times, which reported Trump’s lenders put him on a $450,000-a-month budget for personal and household expenses. As Trump Entertainment Resorts declined following its IPO, the company continued benefiting Trump’s personal finances. He got a $5 million bonus in 1996, the same year the company stock tanked 70%, the Wall Street Journal reported. Trump’s company faced about $1.8 billion in debt ahead of its 2004 bankruptcy, according to the Washington Post.

    All of his adult life, OT used lawyers and the federal bankruptcy court to welch his debts, and when he needed more help, the Saudis bailed him out three times, and he’s still taking their money. 

     In the face of that, It don’t even make zero sense to me that even one Republican wants OT telling the US Government how to manage its finances- unless it’s to put the US government in a federal bankruptcy court, being run by a Republican judge, which should have been done when the U.S. Government's expenses exceeded its revenues a long, long time ago.

sloanbashinsky@yahoo.com