I don't think this is the defense that you think it is.
Well, that’s a unique version of the Uncle Junior defence.I don't think this is the defense that you think it is.
Mr. Orlando had been discussing a deal with Mr. Trump since at least March, according to people familiar with the talks and a confidential investor presentation reviewed by The New York Times. That was well before his SPAC, Digital World Acquisition, made its debut on the Nasdaq stock exchange last month. In doing so, Mr. Orlando’s SPAC may have skirted securities laws and stock exchange rules, lawyers said.
It isn’t clear how Mr. Orlando initially connected with Mr. Trump, but the two Florida men enjoyed a strong personal rapport, according to a person who spent time with them. By the time they started working together in the winter of 2021, Mr. Orlando already had three SPACs trading on U.S. stock exchanges.
By March, Mr. Orlando and Mr. Trump were discussing a merger of Trump Media and Benessere, according to people with knowledge of the talks who were not authorized to discuss it publicly.
At some point, Benessere’s attractiveness as a financing vehicle for Mr. Trump’s venture faded, in part because its roughly $100 million war chest was considered inadequate, according to a person briefed on the matter. (Benessere is still looking for a company to buy.)
But Mr. Orlando had another, bigger SPAC that was preparing for liftoff. In May, Digital World announced plans for an I.P.O. Like Benessere, Digital World was created with the help of ARC.
Securities lawyers said that any conversations between Mr. Orlando’s and Mr. Trump’s teams anytime before the I.P.O. in September might constitute an indirect discussion of a potential deal and so would have needed to be disclosed.
Some bankers said they disagreed with that interpretation. They argued that Mr. Orlando having discussed a deal between Benessere and Trump Media wasn’t the same as him discussing a deal on behalf of Digital World. As a result, they said, Digital World wasn’t obligated to disclose Mr. Orlando’s prior talks.
In recent months, Trump has made clear to associates that the legal protections of occupying the Oval Office are front-of-mind for him, four people with knowledge of the situation tell Rolling Stone.
Trump has “spoken about how when you are the president of the United States, it is tough for politically motivated prosecutors to ‘get to you,” says one of the sources, who has discussed the issue with Trump this summer.