Your question is answered in your last sentence.
He still has just under 30 days to post a Bond or Full Cash amount.
4 Likes
The court should just say: “Hmmm…I don’t see a cashier’s check attached, please proceed to go pound sand.”
9 Likes
That should have happened in the 30s after Smedley Butler. We might not be where we are now. It’s the same fuckin money and the same kind of fascist bastards.
7 Likes
The idea behind a SPAC is that a SPAC does basically nothing except collect capital via an IPO. Then it sits around waiting for a suitable other – non-public – company (or companies) to acquire or merge with, using the money from its own IPO. From the POV of the other company this is a quick and easy way of becoming exchange-traded while avoiding the considerable trouble and expense of its own IPO.
Given that “Truth Social” is something that, in a regular IPO, investors probably wouldn’t want to touch with a 10’ pole, this looks like a win from Trump’s side of things. Who knows who is actually behind the SPAC, it could be anyone from Russian oligarchs to oil sheiks to Elon Musk.
6 Likes
“My word is my bond, the best bond.” /s
Empty theatrics that won’t even get him a timeout. I guess it’s a performance for the MAGA gallery.
3 Likes
exactly this because his cult has no clue how the real world works.
4 Likes
This paragraph from Cory Doctorow’s The Bezzle seems the most appropriate:
“SPACs are as obvious a scam as you could ask for, a completely transparent ruse to bypass disclosure rules. In fact, calling SPACs a transparent ruse is an insult to good, hardworking transparent ruses all around the world.”
24 Likes
And yet, it was approved as a merger. Although I admit I have no idea on the rigor - do they vet to ensure both of these companies are true, actual, functioning companies? The site for DWAC literally says they write blank checks on the front page, which sounds like money laundering.
5 Likes
And if he has, there are many windows of opportunity to make good on Trump’s debt.
8 Likes
9 Likes
Is this “drain the swamp” that he promised? If so, I’m all in. 
3 Likes
Boy, he really seems to be counting on winning that appeal (or through some shenanigans otherwise avoid paying), and/or he really doesn’t have the money.
I wonder what happens if they have to go to seizing and sales of his assets - do they keep selling things until they hit the amount he owes, or do they rely on some (non-Trump) valuation of properties, and if they end up with less (or more) than that from actual sales, so be it? It would be funny if Trump lost even more money through seizures than he would if he was in control of the process and sold things off himself (where he could accept bribes, essentially).
Something that bothers me about the media coverage of this is that they always make a point that he has a lot of assets and isn’t going to go broke - but don’t ever talk about all the loans he has. I mean, there have been times, despite Trump owning a lot of assets, that the value of his loans was greater.
You don’t have to be terribly cynical to wonder - who else is going to give that much money for such a worthless company? It so obviously makes no business sense that there has to be something else at play.
Yeah, but what you have to consider is that “Truth Social,” compared to Twitter, has no users, no path to increase user numbers, no revenue (and certainly no profit) and no costs (that they can cut). Who wouldn’t want it!? The buyers better hurry up though, the company is losing money so quickly it will go through what’s left of their reserves soon.
“Actual company” just means some paperwork got correctly filed, though.
8 Likes
This may not be a good strategy. If you seize them, you own them: leaky Trump roofs, Trump bedsheet stains, broken Trump pipes, unpaid Trump mortgages, mildewed Trump towels, pending Trump lawsuits, swarming Trump bedbugs, black mold, and other Trump mismanagement joys.
Nonsense.
It’s the only way to punish the hateful orange fuck, whether the money owed can actually be recouped or not.
20 Likes
Watch which one he refuses to hand over, and get the search warrants for that one. Also warrants for the ones foreign nationals buy. So, probably, most of them.
Buh-Bye.
5 Likes
You’d think he’d know how to file for bankruptcy.
11 Likes
Arguably: when handing over the cash, the real estate is just a fringe benefit to what the foreign nationals are buying.
3 Likes
Fines from the courts are not dischargable in bankruptcy. Alex Jones tried that with his payment to the Sandy Hook families and it went nowhere. Trump will have even less success because there are so many assets to be seized.
11 Likes
We cannot allow a Defenestration Gap with Prague!
5 Likes
As I understand it, the cash raised by the sales of seized properties is used to pay down the fine. If the court seizes a hotel Trump values at $100M and sells it for $80M, Trump still owes $20M and the bailiffs go back for another hotel.
11 Likes
