Stakeholder in Trump's Truth Social parent company wins court ruling over share transfer
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 Trumps 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 Trumps 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 UAVs 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.
Fridays ruling involves UAVs 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
(5,057 posts)and cut their losses.
Trump Media & Technology Group
LetMyPeopleVote
(151,973 posts)slightlv
(3,727 posts)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
(801 posts)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
(34,754 posts)Leave it up to Chump and he'll make sure the partners will get zip.
groundloop
(11,967 posts)FakeNoose
(34,754 posts)Chump let them do all the legwork, and he promised them a percentage. Now he's trying to reneg.
Trenzalore
(2,473 posts)ArkansasDemocrat1
(2,607 posts)ZonkerHarris
(25,036 posts)Wonder Why
(4,299 posts)Old Crank
(4,288 posts)Are trying to leave the stinking ship.
If they get out the stock sinks even further.
Bernardo de La Paz
(50,288 posts)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
(7,196 posts)before it was completely submerged.
They wanted that life raft, and a judge OK'd it.