According to a new report from HuffPost, Donald Trump’s brand new business partners already aren’t making the former guy look so good.
The disgraced ex-president recently partnered up with Digital World Acquisition Corp. — a special-purpose acquisition company that is currently in the process of merging with Donald Trump’s Trump Media & Technology Group Corp. with the purpose of taking it public. As such, Digital World Acquisition Corp. filed a S-4 registration statement Monday with the U.S. Securities and Exchange Commission on Monday. However, it looks like this merger may serve to hurt the already scandal-ridden former president’s reputation more than it will help him, as the recently filed documents lay out all of the ex-president’s numerous failed businesses, as well as the multiple lawsuits he’s currently embroiled in, in painfully damning detail.
The filing sheds new, particularly ruinous light on what the acquisition company calls the numerous risks involved in doing business with ex-president Trump as, according to them, the success of this merger hinges solely on his reputation and popularity.
Touching on the topic of Donald Trump’s laundry list of past bankruptcies, the filing reads:
Entities associated with President Trump have filed for bankruptcy protection. The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992. THCR, which was founded by President Trump in 1995, filed for Chapter 11 bankruptcy in 2004. Trump Entertainment Resorts, Inc., the new name given to Trump Hotels & Casino Resorts after its 2004 bankruptcy, declared bankruptcy in 2009. While all of the foregoing were in different businesses than TMTG, there can be no guarantee that TMTG’s performance will exceed the performance of those entities.”
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When it comes to failed license agreements with Trump, it states:
Trump Shuttle, Inc., launched by President Trump in 1989, defaulted on its loans in 1990 and ceased to exist by 1992. Trump University, founded by President Trump in 2005, ceased operations in 2011 amid lawsuits and investigations regarding the company’s business practices. Trump Vodka, a brand of vodka produced by Drinks Americas under license from the Trump Organization, was introduced in 2005 and discontinued in 2011. Trump Mortgage, LLC, a financial services company founded by President Trump in 2006, ceased operations in 2007. GoTrump.com, a travel site founded by President Trump in 2006, ceased operations in 2007. Trump Steaks, a brand of steak and other meats founded by President Trump in 2007, discontinued sales two months after its launch. While all these businesses were in different industries than TMTG, there can be no guarantee that TMTG’s performance will exceed the performance of these entities.”
The filing notes that in both of the circumstances outlined above, there are simply “no assurances” that this new company will not suffer the same unfavorable fate as so many of Donald Trump’s past ventures.
The new document goes on to make note of the “numerous lawsuits and other matters that could damage his reputation, cause him to be distracted from the business or could force him to resign from TMTG’s board of directors.”
These lawsuits and investigations range from the House Select Committee’s ongoing probe into the ex-president’s role in the January 6th Capitol attack, to the blatant mishandling of top-secret White House documents, to the E. Jean Carroll defamation lawsuit stemming from the allegations Carroll made against Trump, alleging that the now ex-president raped her.
The icing on the cake?
Donald’s new business partners made sure to note in their filing that “The foregoing does not purport to be an exhaustive list.”
OUCH.
Read the full filing here.
Featured image via Flickr/Gage Skidmore, under Creative Commons license 2.0
