The complicated Trump Media lawsuit pitting two former contestants of "The Apprentice" against former President Donald Trump will be overseen by a judge who is a pro when it comes to "buyout battles," according to a new analysis.
Delaware judge Vice Chancellor Morgan T. Zurn is the subject of a new financial profile from Bloomberg delving into the complexities of the lawsuit that tangles shell companies, meme stock, and accusations of a "retaliatory" stock lock-up.
"The lawsuit is one of four filed this year over the tie-up between Truth Social, Trump’s right-wing social media platform, and a publicly traded shell entity known as a special purpose acquisition company," the Bloomberg analysis stated.
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"That’s in addition to an insider trading case in federal court in Manhattan against an architect of the transaction and two investors."
Other woes facing Trump Media & Technology Group, the parent company of Truth Social, include a problematic opening on the stock market that has seen shares plunged about 44 percent since March 27, according to the analysis.
"The former president owns roughly 58% of the business," Bloomberg notes.
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The lawsuit brought by co-founders Andy Litinsky and Wes Moss contends Trump tried to dilute their 8.6 percent stake. Trump counter-sued the pair in Florida, arguing they mismanaged the business.
According to Bloomberg, Zurn has experience overseeing such "buyout battles" and shareholder disputes, having recently overseen "the unruly litigation" challenging AMC Entertainment's bid to recapitalize by diluting its base of meme stock investors.
"The meme stock traders who have disrupted financial markets in recent years have also begun trickling into court, as she knows perhaps better than anyone," writes Bloomberg.
ALSO READ: Trump bumped from Bloomberg's list of billionaires as Truth Social stocks plummet
Recommended Links:
- Trump countersues Truth Social stakeholders for their $600 million stake: report
- Does the First Amendment apply to social media moderation? U.S. Supreme Court will decide
- Truth Social co-founders accuse Trump of trying to rip them off in merger
- Trump ordered to give deposition after being hit by latest lawsuit
- 'Land grab': Expert doubts Trump will succeed in suit over 'mismanaged' Truth Social
