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Just Curious: When Was the Last Time That Any American Company Had It's Entire Board of Directors Subpoenaed?

By Ponderer
June 27, 2022 6:37 pm
Category: Crime

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I bet it's been a looooooooong time. Anyone know off hand? Maybe it's common. I dunno. But I bet it's not.


Trump SPAC deal threatened by federal criminal probe

A federal criminal investigation is threatening the proposed merger between former President Donald Trump’s social media enterprise and a special purpose acquisition company, a deal that would give the combined company access to billions of dollars in public markets.

That company, Digital World Acquisition Corp., revealed in a securities filing Monday that it became aware on June 16 that each member of its board of directors received subpoenas from a federal grand jury in New York.

The grand jury wants similar documents that the Securities and Exchange Commission had been seeking in its already disclosed civil probe, DWAC said. The company itself received a subpoena Friday with similar requests, along with other requests relating to communications, individuals and information involving Rocket One Capital.

DWAC also revealed Monday that a board member, Bruce J. Garelick, had told management that he would resign from the board last Wednesday. Garelick said his resignation “was not the result of any disagreement with Digital World’s operations, policies or practices,” according to the company filing.

Garelick is listed as chief strategy officer for Rocket One Capital. He didn’t immediately respond to CNBC’s request for comment. Rocket One’s website was effectively blank Monday morning, saying: “Site will be available soon. Thank you for your patience!”

DWAC warned that the subpoenas and the probes by the SEC and the U.S. Department of Justice could delay or even prevent its merger with Trump’s social media company. Shares of the company fell more than 8% to about $25 on Monday morning. The stock had skyrocketed above $90 in October after the deal with Trump’s group was announced.


Cited and related links:

  1. cnbc.com

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Comments on "Just Curious: When Was the Last Time That Any American Company Had It's Entire Board of Directors Subpoenaed?":

  1. by Ponderer on June 27, 2022 6:41 pm

    I swear. Best laugh I've had in a long time.


  2. by HatetheSwamp on June 27, 2022 6:48 pm

    Sorry to hear that, po.

    Bahahahahahahahahahaha, ahhhhhhhhhhh.


  3. by georges on June 27, 2022 7:01 pm
    All this intrigue just makes me think an American Caesar is not far away.


  4. by Ponderer on June 27, 2022 7:16 pm

    georges, weren't you aware of who our last president was? We had a Caesar for four years. He's even still trying to regain his throne.


  5. by georges on June 27, 2022 7:18 pm
    P, yes that's right. Trump without a doubt is/was an aspiring Caesar.


  6. by Curt_Anderson on June 27, 2022 7:24 pm
    Was Enron the last time an entire corporate board was subpoenaed? Equifax? One of Trump's companies?

    Speaking of Trump's social media ventures, there is this news today:

    Trump Appeals Dismissal Of Preposterous Suit Against Twitter For Tortious Deplatforming
    (L&C)Donald Trump has said that he and Twitter are never, never, never getting back together. He insists that he’s perfectly happy to bleat into the ether on his own website, while occasionally “truthing” on his knock-off Truth Social platform. And yet, he’s suing Twitter demanding to have his account reinstated, and has gone so far as to file an appeal after US District Judge James Donato unceremoniously dropkicked his idiotic lawsuit last month.

    The theory of Trump’s Twitter LOLsuit and its giggling siblings filed against Meta and YouTube is that the social media platforms were acting as government agents when they nixed his accounts. His lawyers actually argued with a straight face that the tech companies were conscripted into government service after Democrats threatened to ditch Section 230 of the Communications Decency Act. (It never gets any less insane, no matter how many times you type it.)

    lawandcrime.com


  7. by Ponderer on June 27, 2022 9:11 pm

    Curt, I can't wait to compare notes with you tomorrow after the hearing. I think we may be in for something big.


  8. by Curt_Anderson on June 27, 2022 9:22 pm
    Ponderer, 👍

    I read that John Dean tweeted "IT BETTER BE BIG". He said it should be be an Alexander Butterfield moment. Earlier I likened the second British documentarians video as possibly being like Butterfield's nonchalant mention of the White House recording devices in 1973.

    Btw, the reason a Nixon or a Trump would allow themselves to be recorded doing something illegal is a combination of hubris and entitlement.


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