NATIONAL NEWS

Delaware judge refuses to fast-track certain claims in post-merger lawsuit against Trump Media

Apr 30, 2024, 2:32 PM

DOVER, Del. (AP) — A Delaware judge on Tuesday granted a request by attorneys for Donald Trump and Trump Media & Technology Group, parent company of his Truth Social platform, to slow down a lawsuit filed by two cofounders of the company.

Vice Chancellor Morgan Zurn said Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice,” failed to justify putting certain claims in their lawsuit on a fast track for court rulings.

Litinsky and Moss filed a lawsuit in February claiming that Trump Media planned to dilute their stake in the company as part of a merger that took it public in late March. A different judge agreed to fast-track that lawsuit given the impending merger date. However, the plaintiffs’ concerns about their limited liability company’s 8.6% stake in Trump Media being diluted were mooted when defense attorneys assured the judge that the LLC, United Atlantic Ventures, would suffer no merger-related dilution.

Following the merger, UAV filed a second amended complaint claiming that Trump and other defendants improperly imposed a “lock up” provision preventing UAV from selling its shares in the public company for six months. They simultaneously argued that the case should remain on the fast track because they would be harmed if they have to wait six months to sell their shares.

Zurn noted that UAV was on notice about the lockup provision on Feb. 12 as the result of a filing that day with the Securities and Exchange Commission. That was followed by two other SEC filings documenting the lockup provision.

UAV also wanted Zurn to fast-track arguments on its request for an “anti-suit injunction” prohibiting Trump Media from pursuing a Florida lawsuit against UAV. That lawsuit alleges that, because of pre-merger mismanagement by Moss and Litinsky, UAV has no right to own shares in the newly public Trump Media company. The Florida lawsuit also challenges UAV’s assertion that it has the right to appoint two directors to the Trump Media board.

Attorneys for Trump Media argue that the Florida lawsuit does not violate the Delaware court order because UAV in fact received its post-merger shares. They also say the venue provision does not apply to Trump Media and Technology Group.

Zurn said she was reluctant to expedite arguments on whether the Florida lawsuit complies with the venue provision, and whether its claims should be governed by Delaware law. She did say, however, that arguments on whether the filing of the Florida lawsuit violated the March 15 court order in Delaware “should be heard rapidly.”

National News

Associated Press

Tornado kills multiple people in Iowa as powerful storms again tear through Midwest

GREENFIELD, Iowa (AP) — Multiple people were killed when a tornado tore through Greenfield and left a wide swath of obliterated homes, crumpled cars and splintered trees, while outside the small town, massive wind turbines were buckled and twisted to the ground by the howling winds. After devastating the town of 2,000 residents, the storms […]

2 hours ago

Associated Press

Rangers recover the body of a Japanese climber who died on North America’s tallest peak

ANCHORAGE, Alaska (AP) — Rangers have recovered the body of a Japanese man who died after an apparent fall while climbing North America’s tallest peak, authorities said Tuesday. Denali National Park and Preserve identified the climber as T. Hagiwara, from Sapporo, Hokkaido, Japan. He was identified by his first initial in keeping with his family’s […]

5 hours ago

Associated Press

Detroit could be without Black representation in Congress again with top candidate off the ballot

LANSING, Mich. (AP) — A Detroit Democrat will not appear on the ballot after building significant support within the party in his attempt to unseat U.S. Rep. Shri Thanedar in Michigan’s August primary, after election officials determined that he had not submitted enough valid signatures. Wayne County Clerk Cathy Garrett’s ruling on Tuesday to keep […]

6 hours ago

Associated Press

Hawaii officials stress preparedness despite below-normal central Pacific hurricane season outlook

HONOLULU (AP) — This year’s hurricane season for waters around Hawaii will likely be “below normal” with one to four tropical cyclones across the central Pacific region, forecasters said Tuesday. A near-normal season has four or five cyclones, which include tropical depressions, tropical storms and hurricanes. Last year, during strong El Nino conditions, four tropical […]

7 hours ago

Associated Press

Delaware lawmakers OK bill enabling board of political appointees to oversee hospital budgets

DOVER, Del. (AP) — The state House on Tuesday gave final approval to a bill aimed at curtailing the increase in health care costs in Delaware by establishing a state board with authority to impose budgets on the state’s largest hospitals. The legislation passed the House on a 24-16 vote with two Democrats joining Republicans […]

7 hours ago

Associated Press

Confederate monument to ‘faithful slaves’ must be removed, North Carolina residents’ lawsuit says

COLUMBIA, N.C. (AP) — A federal lawsuit filed Tuesday seeks the removal of a Confederate monument marked as “in appreciation of our faithful slaves” from outside of a North Carolina county courthouse. The Concerned Citizens of Tyrrell County, a civic group focused on issues facing local Black residents, and several of its members filed the […]

8 hours ago

Delaware judge refuses to fast-track certain claims in post-merger lawsuit against Trump Media