Legal AF by MeidasTouch - Trump’s BIGGEST SCAM YET Becomes HIS BIGGEST FAIL Yet

Episode Date: September 26, 2024

In recent securities law mandatory disclosures, Trump’s company was forced to admit that it has no reasonable likelihood of surviving nor ability to cut ties with Trump and his dumpster fire if he is forced to cut ties with the company because of “death” or “incarceration”. Michael Popok explains that not only is the stock price crashing and about to drop to single digits, but Trump continues to expose the company to securities fraud class action suits with his public statements. Head to https://ollie.com and use promo code: LEGALAF to receive 60% OFF your FIRST BOX of meals when you subscribe today! Join the Legal AF Patreon: https://Patreon.com/LegalAF Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

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Redefine possible with Business Platinum. That's the powerful backing of American Express. Terms and conditions apply. Visit amex.ca slash Business Platinum. Visit mx.ca slash business platinum. This is Michael Popak, Legal AF. Donald Trump's stock is crashing once again. At the opening bell, we're down already 10%. It's hurtling down below $10 a share.

It likely will settle somewhere below $5 a share before this month is over. Wall Street is speaking and there's a reason for it. And Donald Trump and his people know it. And if people just took the time to read the required filing by Truth Social and Donald Trump that the Securities and Exchange Commission requires every company to file,

if they just look through 30 pages of risk factors, they would never buy this stock. There is no one in their right mind. I don't care if they're a Trump supporter or not, they're having gone through and waded through 30 pages of single-spaced, six-point font risk factor disclosures, including pages and pages and pages of disclosures about Donald Trump being a major risk factor for his own company and that the company is incapable or unable under any of the agreements to get away from Donald Trump when that dumpster fire explodes,

you would never buy the stock. And that's why we're seeing the stock drop from a high of $90 during the euphoria of two years ago when Donald Trump went public and he was like, hooray, I've got a $9 billion fortune on paper to now well under $2 billion heading down to one billion or less. To which I say, why is it even worth that much?

This company has no real revenue at all. It has millions and millions, tens of millions of dollars of loss in the red every month. It has no user base to speak of. It has no exclusivity with the only quote unquote content it has for its entire platform, which is Donald Trump, and then 30 pages of risk factors they just disclosed in a new prospectus in the beginning of the month that you wouldn't come close. There's a reason no one is investing in this company. And it's being propped up by hot air

and Donald Trump lying to the investing community in social media postings and at press conferences, inconsistent with the underlying financials of the company. Let me read to you alone. These aren't even gonna be my words for the next couple of minutes. This is directly from the prospectus. The prospectus is a required disclosure document

by the Securities and Exchange Commission when you wanna offer new shares. And it's hard to believe, given the float, given the amount of shares that are out there for truth social, 115 million of them in the amount of shares that are out there for truth social, 115 million of them in the hands of Donald Trump, 20 million in the hands of founders who have already said they are in the process

of selling out their entire set of shares. It's amazing that they would think that they'd offer more stock, okay? Want a better seat on the Titanic? Here, come this way. That's what we're down to. So they have offered to sell another 5 million shares. I mean, they're trading into the wind here. I mean, the stock is hurtling down and it's a rocket ship in reverse heading down to crash below $10 a share it was

originally offered at on day one and well below that. Look at these risk factors that they had to disclose in their prospectus starting on page 47 of their prospectus risks related to President Donald J. Trump. It says that the company's success depends in part on the popularity of its brand and the reputation and popularity of President Donald Trump.

The value of the brand may diminish if the popularity of President Donald Trump, the value of the brand may diminish if the popularity of Trump were to suffer adverse reactions to publicity relating to Trump or the loss of his services, like going to jail, could adversely affect their revenue, which they don't have any, results of operations, terrible, and its ability to maintain and generate a consumer base, non-existent. The death, incarceration, or incapacity of Donald Trump, his own company, had to tell the investing market that there could be a possibility of Donald Trump going to jail. If that were to happen, that would negatively impact the business. Because they have to admit that Trump has a significant influence

on their business plan and their success depends on the continued popularity of President Trump. Here's my favorite part of this section. If Trump were to discontinue his relationship, I love Wall Street speak, if he were to discontinue his relationship due to death, right, that's what happens when you die. You discontinue your relationships. Disability, criminal conviction, incarceration, or any other reason, or limit his involvement with the company due to his ongoing candidacy for political office, they would significantly be disadvantaged. All right, stop right there. He's going to die. I mean, you know, I know that people think Walt Disney on ice meant a cryogenic experiment for Walt Disney. They kept him alive beyond his life. They're going to bring him back one day. But

Donald Trump is going to die. I'm not talking about, you know, in a bad way. I just mean natural causes. I don't know if it's now. I don't know if it's five years from now or 10 years from now. His family doesn't live a long time. His father died early. You know, the father wasn't that old when he died. You know, five years, 10 years, and the company will go in the tank at that time. And that's really what they're saying. They're saying, don't bet on us because our major asset is old and may not live. And in the interim, they may go to jail. I must have chapped Donald Trump's ass to look at this document or his kids and to see the word incarceration as a possibility having to be listed as a risk factor. But I continue from their own filings. Let's go to page 48. They had a list now all the lawsuits in criminal cases against Donald Trump.

And this goes on for a minute. So it says, President Donald J. Trump is the subject of numerous legal proceedings. This is the understatement of the year. The scope and scale of which are unprecedented for a former president of the United States. Oh, here we go. Here's the editorialization by Donald Trump and current candidate for that office. An adverse outcome in one or more of the legal proceedings in which Trump is involved could negatively impact the platform, you think? And then it has to list the Attorney General's case. Now before they get to the Attorney General taking 500 million dollars off of Donald Trump

for fraud for 10 years operated in the company they'd inherited from his father, they have to first say that she only got the job as attorney general because she ran on a campaign to get Donald Trump. I mean, I don't know what that has to do with a prospectus. Any self-serving lawyer or law firm would have removed that from the prospectus. But they go on. They then have to list the 500 million. They got to list the fact that there's a court ordered financial monitor over all of their business affairs for the next three years, that he was indicted on 34 counts and then convicted on 34 counts related to a quote unquote

hush money payment. Of course they say it's been postponed. His sentencing has been postponed because of the immunity decision at the United States Supreme Court, that he owes E. Jean Carroll for battery and defamation. Now this is interesting. Oh, I just spotted something I had not seen before. See, that's why I love doing hot takes. The jury also determined that Ms. Carroll did not prove by a preponderance of the evidence that

President Trump raped her. So they actually had to put rape in the securities filing. Now, the reality is that's not exactly true. What the jury found is that they couldn't determine rape as it was uniquely defined in New York at the time because E. Jean Carroll couldn't identify because her eyes were closed whether what had penetrated her. I'll just leave it at that. A finger, something else, or his member, and therefore they didn't find rape. They found sexual assault and battery instead. Of course, he doesn't mention that, that he just says battery. And then that another jury found him liable for $83 million. Today's episode is brought to you by Ollie.

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and use Legal AF and you'll get 60% off your first box of meals when you subscribe today. Head to OLLIE.com and enter code LegalAF to get 60% off your first box. They offer a clean bowl guarantee on their first box, so if you're not completely satisfied, you can get your money back. That's OLLIE.com and enter code legal AF to get 60% off your first box he was indicted again on charges at Mar-a-Lago and Then it goes on on the next page to talk about the DC election indictment the the indictment in Georgia And then I love this part the foregoing does not purport to be an exhaustive list of legal proceedings in which

President Trump is or has been involved. Then it goes on and reminds everybody that Donald Trump has been the subject of a previous cease and desist order issued by the Securities and Exchange Commission related to another business of his, Trump Hotels and Casino, back in 2002, they had to disclose that. They had to go into his bankruptcies, that he's filed for bankruptcy protection in the past, in 91, in 92, in 95, in 2004, in 2009, all of these entities that he controlled went bankrupt. He also says that many of the companies

that Donald Trump has formed have failed. They then list Trump Shuttle, a failed airline in 1989, Trump University in 1992, Trump Vodka, a financial mortgage company, Trump Mortgage, GoTrump.com, a travel site, Trump's steaks, all failed. Then they also, I love this part, they say the terms of the license agreement, so apparently there's a license agreement

between Donald Trump and the company, but it's really not terminable by the company. They can never fire Donald Trump, even if they need to get away from him because he's imploded on the public stage Been incarcerated or otherwise the truth social can't ever sever ties They can't cut the umbilical cord even if it's wrapped around their neck They can't cut it

So they say the terms of a license agreement with Trump are not terminable by the company when it may be desirable for the company To terminate it in addition the license agreement does not require Trump to use Truth Social in certain circumstances, including with respect to posts that he determines in his sole discretion are politically related. In other words, the only asset they have can go other places. If the company disagrees with Trump

about the scope of his obligation to use your first post on True Social, they admit that the company lacks any meaningful remedy at all. They can't sue Donald Trump, they can't take him to court, there's no dispute resolution, they're all at the whim of this crazed wannabe dictator.

Great. Where do I sign up for this stock? And the list goes on. I mean, this goes on for 35 pages. And again, little reported by the press. I didn't hear anything on corporate media about, hey, we just got our hot little hands on the prospectus and nobody in their right mind would ever invest

in the stock, which now explains why the stock has now moved down to the $12 range. I predicted last week it was going to break through $15. I believe it's going to break through $10, if not this week, then next week, as it hurdles down to $5 or below. That's because eventually, despite the efforts by Donald Trump to prop up illegally his stock by touting his stock in violation of his own prospectus, and the warnings there about forward looking statements when Donald Trump stands at a press conference and says, I'm not going to sell

and you shouldn't either. I think this company's great. Totally inconsistent with 35 pages of risk factors and metrics and the company declaring on their securities and exchange commission require prospectus that the company has no business model that's sustainable, that its own auditors have fired them and in leaving have said this company is not sustainable as a going concern. And Donald Trump says, I think it is. That's a securities law violation.

Because people are buying, I don't know who they are, but people are buying in reliance on Donald Trump's comments like that. And that's securities fraud. And that's why they also say as part of the risk factors, the company may be embroiled in a series of class action suits related to securities fraud. Yeah, yeah.

When your main guy that you can't get away from, who's gonna crush you to death when he implodes, make statements that aren't, I assure you, Donald Trump is not picking up the phone before his campaign stops and talking to his securities lawyers about can I say this can I say that at all I worked for a company a public company our our chairperson didn't make a move without clearing it with legal without making sure that whatever he was gonna say was consistent with the

company if he's gonna talk about the company at all and consistent with what is legally required to be filed and not inconsistent with it. See, the problem was when Donald Trump said, I'm not gonna sell my stock where he has no legal obligation to comply with that with that promise. It's just that, it's just a promise.

Like I promise I won't sell my stock, my 115 million shares. He's going to sell his stock. And those people that bought thinking, whoa, because that stock on that day went up 25% when Trump touted his own stock. And then it crushed below that and dropped 45%. So there were people in the middle between the top of the 25 and the bottom of the 45 that got their nest eggs wiped out. That is a securities fraud. And that is a plaintiff that Donald Trump has just manufactured for class action lawsuits against his public company in Delaware.

I'm surprised the suits haven't started yet. I really am. All you need is one shareholder, one shareholder who lost $1 to represent the class if everybody was crushed by these false and fraudulent statements by Donald Trump to prop up his stock. And the market is wise to him. Brokers and traders in Wall Street, right,

are cutthroat sharks that are all cold-eyed about the numbers and the metrics. And everything they've been saying about Donald Trump, the person they say is the main asset in their own prospectus that they can't get away from, is that he's going to be incarcerated, that he's not going to be president of the United States. He's going to be indicted more likely again, and he's not going to get out from being sentenced, and he's certainly not going to get out from dying one day. So they're like, how could we possibly invest in this? Or recommend that anybody invest in it?

So if nobody's getting recommended to do this, this is just MAGA buying shares, but they're not big enough to float the entire company. Despite Donald Trump's comments, we're going to continue to follow the crash and burn in real time of this train wreck and dumpster fire that we call Truth Social Media. Every day, every way, because it parallels with the electoral fortunes of Donald Trump. I do it one place on the Midas Touch Network,

I do it right here, and I also do it, get ready, done a new channel in collaboration with the Minus Touch Network we call Legal AFMTN. Go right here on YouTube, free subscribe, get us to 100,000 subscribers before the end of October. That's our goal. And we're halfway there. It's another channel. I'll be curating the top stories

of the intersection of law and politics and doing some new work over there for you on a daily basis, including some new shows like Unprecedented where we're going to look at the Supreme Court every day from the start of the term on the first Monday of October all the way to the end of June. So join us on Legal AF MTN, free subscribe, and until my next hot take, until my next Legal AF podcast on Wednesdays and Saturdays on the Midas Touch Network and the new channel, Legal AFMTN and content there, this is Michael Popak reporting. In collaboration with the Midas Touch Network,

we just launched the Legal AF YouTube channel. Help us build this pro-democracy channel where I'll be curating the top stories, the intersection of law and politics. Go to YouTube now and free subscribe at LegalAFMTN. That's at LegalAFMTN.