Sons of Donarchy Ride Into Another SPAC

Don Jr. and Eric Trump landed another Advisory Board position with New America Acquisition I Corp. The company just completed a $300 million IPO for the SPAC. The filing is dated 12-3-25.

Donald J. Trump Jr. has received an indirect interest in 2,000,000 founder shares through membership interests in our sponsor (New America Sponsor I LLC), Eric Trump has received an indirect interest in 3,000,000 founder shares through membership interests in our sponsor. 

Dominari Securities served as a book running manager for the IPO and received 1,100,000 shares of Class A common stock as a result.  Once a target is found Dominari and the other underwriter have a bigger payday.

We will pay the representatives a cash fee for such services upon the consummation of our initial business combination in an amount of $15,000,000 or, if the underwriter’s over-allotment option is exercised in full, $17,250,000 

Don and Eric have a big equity stake in Dominari so they can profit in fractal fashion.

New America Acquisition I Corp is yet another Yorkville SPAC.  Yorkville has done a number of deals with Trump related organizations.

The sole member of New America Sponsor I LLC is Kevin McGurn, CEO.  McGurn is also CEO of Yorkville Acquisition Corp (another Trump related SPAC), Blue Water Acquisition Corp III (Yorkville) and Texas Ventures Acquisition III (Yorkville).  

Kevin McGurn is CEO of four SPACs and Sono Group.  Five full time jobs for someone politically connected?  That should sound familiar to those tracking insiders and the massive money that moves in their direction.  

The SEC lists McGurn's address as that of Yorkville Advisors in Mountainside, New Jersey.  A Sono Group filing shared this about McGurn:

Mr. McGurn, age 52, currently serves as the Chairman of the board of directors, Chief Executive Officer and Chief Financial Officer of New America Acquisition I Corp., a special purpose acquisition company, since July 2025. Mr. McGurn has also served as Chief Executive Officer of Yorkville Acquisition Corp., a special purpose acquisition company, since March 2025 and is a member of its board of directors. 

It only shared the most recent SPAC CEO slots.  Back to the filing:

Prior to then, Mr. McGurn most recently served as Vice President of Advertising Solutions at T-Mobile, where he led initiatives across digital and programmatic advertising platforms. Prior to that, from 2018 to 2023 he was President at Vevo LLC, a global music video platform jointly owned by Universal Music Group and Sony Music Entertainment, where he was responsible for monetization, sales strategy, and global partnerships. Earlier in his career, from 2007 to 2013, Mr. McGurn served as Senior Vice President of Advertising Sales at Hulu, where he helped to launch and scale the company’s ad-supported streaming business. He has also held an independent board role at Zype, Inc., a video infrastructure platform that was acquired by Backlight, a portfolio company of PSG Equity. 

One could consider McGurn a Junior TechGod.  Finishing the filing:

Mr. McGurn currently serves in an advisory capacity to Trump Media and Technology Group, supporting the company’s diligence and strategy around mergers and acquisitions, subscription video on demand (SVOD) and social networking platforms, including Truth+ and Truth Social. He is also a limited partner and strategic entrepreneurial advisor to Revel Partners, a venture capital firm focused on B2B SaaS and media innovation, and Alpine Meridian, a venture capital fund with investments across digital media and consumer technology. Mr. McGurn has cultivated extensive relationships across media, entertainment, technology, telecommunications, and music industries. 

McGurn sounds like a private equity underwriter (PEU).  His advisory work for Trump Media & Technology Group was announced in early August.  Five days ago he offered this via a press release: 

“CRO is a high-performance token, and Trump Media Group CRO Strategy, which will aggregate CRO, is poised to unlock significant value for shareholders,” said Kevin McGurn, CEO of Yorkville Acquisition Corp. “To capitalize on this opportunity, we need strong strategic partners in the industry and an experienced management team. We already had the partners; now we’ve added the team.”

McGrun is performing three major roles for New America Acquisition I, Chairman, Chief Executive Officer and Chief Financial Officer, according to their S-1.  At some point SEC filings will reveal McGurn's pay for his five CEO, one Chairman and one CFO slots.  

A sixth CEO role slipped out of his hands a year ago when his job at Triller was cancelled at the last minute.

The Trump boys are insiders cranking out deals faster than Hunter Biden can finish a painting.  Kevin McGurn is an insider with multiple full time jobs while many people struggle to find one stinking job that pays enough to live.  

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one and the sons shall be far richer than their fathers.  These things, they do not want you to know.

Don Jr. told FBI Director Kash Patel:

“I’m sort of a free speech absolutist on that and, frankly, I’ve been, you know, pretty conspiratorial over the last, lets call it decade, and rightfully so.”

They need you to look away, so you don't see what is before your very eyes.  Don't fall for it.  Stare directly into the son's...

Update 12-6-25:  Jesse wrote:

I just don't have the words to describe my disappointment with the anti-human actions of this government, and the Western elites in general. 

 And it seems as though the majority of the public now tends to agree. 

Change will come. The darkness ebbs and flows, but it will never finally prevail.

Update 12-11-25:  Dominari stock opened today at $4.41 per share.  It announced a $10 million dividend which is roughly 44 cents per share.  That's a 10% dividend.  

With Dominari's 44 cents per share dividend, each older Trump son will get a check for $438,300.

Update 2-28-26:  Spinoff!

Trump II and his buddy Bibi had their militaries attack Iran this morning in the midst of negotiations.  Hostile takeover!

Carlyle Files with SEC to Increase Co-Investment Internally

The Carlyle Group asked the Securities and Exchange Commission for relief to allow regulated funds and affiliated entities to engage in co-investment transactions.  It listed fifteen regulated funds seeking relief.  

They cover private equity, private credit and a mix of the two. as well as fixed income securities, senior debt tranches of CLOs, loan accumulation facilities (“LAFs”), securities issued by other securitization vehicles, such as collateralized bond obligations, or “CBOs and a smattering of other products offered by the 450 Carlyle funds listed under Schedule A of the filing.

Carlyle has existing advisors:

It also has TCG Capital Markets LLC, a broker dealer which "underwrites, syndicates, places and arranges securities of corporate issuers, among other related activities. TCG Capital Markets may participate in Co-Investment Transactions on a principal basis."

Carlyle also has TCG Senior Funding LLC which "was formed to originate, underwrite, structure and place loans. TCG Senior Funding is advised by CGCIM pursuant to an investment management agreement. TCG Senior Funding may participate in Co-Investment Transactions on a principal basis."

Private equity underwriters (PEU) charge deal fees in addition to annual management fees.  They can pull cash from affiliates via special dividends/distributions.  They've long been able to be on both sides of a deal.  

Trump II is knocking down SEC rules and pardoning convicted fraudsters, bribers and bribe recipients.  

The greed and leverage boys have targeted 401(k)'s in their sales plans, hoping to get retirement savers to put money into PEU funds of various sorts.  

I view Carlyle's SEC request as repackaging their inventory.  First, sell to self, i.e. move stale investments from one Carlyle fund to another.  Charge fees.  Repackage.  Partner with financial advisors.  Sell to retiree.  More fees.  

If anything goes bad, there won't be staff at the SEC to investigate.  Legal authorities have been dis-incentivized to charge people with fraud or bribery given Trump II hands out pardons like free raffle tickets at a State Fair.

It's clear skies ahead for the PEU boys, regulatory wise.  The trouble starts when the big money boys no longer trust each other to make good on their debts.  It's not clear when that might happen but when it does, watch out.  Nothing moves, no matter how pretty the packaging.

Feds to Send $670 Million to Don Jr.'s Vulcan Elements

The Pentagon Office of Strategic Capital will provide a $620 million loan to Vulcan Elements and the Commerce Department will add another $50 million for Vulcan via the CHIPS Act.

Don Jr. joined Omar Malik's 1789 Capital in late 2024.  1789 Capital invested in Vulcan in August.  

It's amazing how quickly a 1789 Capital investment turns into federal business.  Don Jr, told the world how that happens at the recent Saudi Investment Conference in Washington, D.C.

Don Jr.'s understanding is that private equity underwriters (PEU) run the world and he is one.  PEUs are also in Pentagon leadership and staff the War Department's Office of Strategic Capital (SC).

OSC Chief Investment Officer Ryan Lindner began his role in August as 1789 Capital was investing in Vulcan.  Lindner came from a Greenwich, Conn, PEU, Marblegate Asset Management.  Lindner thanked Under Secretary Emil Michael and Deputy Secretary of War Steve Feinberg in the November 21 press release.  

"These commitments demonstrate that OSC's federal financing tools can successfully scale private capital investment in sectors vital to our economic and national security," said Mr. Ryan Lindner, Chief Investment Officer, OSC. "I am immensely grateful to Under Secretary Michael (TechGod), Deputy Secretary Feinberg (PEU), and Secretary Hegseth for their support in executing these commitments, which are part of the Trump Administration's whole-of-government effort to secure domestic critical minerals production, revitalize the U.S. industrial base, and ultimately achieve peace through strength."

Feinberg is also a PEU and infamous for harming New England healthcare via Steward Health.

Undersecretary Emil Michael is a TechGod, having been an executive at Uber and an investor in many tech firms, including AI.  TechGods are most excited about the prospect of garnering huge chunks of the federal budget and it helps to have people on the inside.   

DOGE's original unmentioned mission was implanting TechGod products/services in the federal government.  That's why it saved no money.  DOGE ended and now the Genesis Mission (Uncle Sam AI) begins.

Trump II is using the federal budget to provide debt and equity to strategic industries.  The Pentagon is but one area.  A simple hint to family and friends that "now is a good time to invest in ____ " easily fits within Trump's pathological personality.  Don Jr. revealed the trick to the Saudis.

Did the Saudi Crown Prince get an invitation to visit Don Jr. and Omar Malik's private club in Georgetown called the "Executive Branch?"  It's frequented by Trump II's cabinet members.  

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.  The Red Team is really out-PEUing itself with the amount of money it shamelessly steers to family and friends.

Trump II savages Biden and the CHIPS Act, so it's salt in the wound time with Don Jr.'s Vulcan Elements getting $50 million from that pot of money.  

Also, the Pentagon money is part of a $1.4B government partnership with ReElement Technologies, led by a shady self dealing group of executives, some former PEUs.  That's a perfect match for Trump II, the shadiest of self dealers.

Update:  The Trump boys understanding of Daddy's plans should help their latest venture, New America Acquisition I Corp.  The company just did a $300 million IPO for the SPAC.  The filing is dated 12-3-25.

Donald J. Trump Jr. has received an indirect interest in 2,000,000 founder shares through membership interests in our sponsor (New America Sponsor I LLC), Eric Trump has received an indirect interest in 3,000,000 founder shares through membership interests in our sponsor.

Dominari Securities served as a book running manager for the IPO and received 1,100,000 shares of Class A common stock as a result. Once a target is found Dominari and the other underwriter have a bigger payday.

We will pay the representatives a cash fee for such services upon the consummation of our initial business combination in an amount of $15,000,000 or, if the underwriter’s over-allotment option is exercised in full, $17,250,000

Don and Eric have a big equity stake in Dominari so they can profit in fractal fashion.   

Two Stories from Mis-Fortune

Corporate Chiefs scream regularly "we need predictability", "show us the rules" as they get giant tax breaks, direct government subsidies and loan guarantees.  That does not apply to everyday people.

Many TechGods have their roots in Ayn Rand and consider themselves libertarian, minimal government, maximum freedom.  Their companies do the very opposite, providing tech services to an intrusive federal government for significant revenues (dollar sums).

“Capitalism was the only system in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only system that stood for man’s right to his own mind, to his work, to his life, to his happiness, to himself.” -Ayn Rand

Google's CEO wants everyday people to adapt to the rapidly changing world around them.  How?  Everyday people can't get laws to protect their kids from harmful social media or brain rotting AI.  Everyday people can't tell the difference between a person online and a bot, as those distinctions are not required.  

Google's founder Eric Schmidt coached Stanford MBA students to violate intellectual property law in creating their own AI company. 

 

Everyday people get to do disruption while billionaire cheats go the White House and get laws passed to their personal economic advantage. 

OpenAI's Sam Altman has a service that proves you are human.  He just needs your biometrics and permission.  World ID comes with its own currency (which applications use to pay for services).  

From an application’s perspective, there will only be one World ID fee – the sum of the credential fee and the protocol fee. The World ID fee will be charged when an application (identified via a unique app id) requests a World ID proof.

These pinheads need to remember one thing about everyday people.  We vote.

TechGods, CryptoBros, private equity underwriters (PEU), family offices, sovereign wealth funds and other corporates have had their way for decades.  They have taken and taken and taken.

When this cabal removes the game plan for surviving day to day, a decent paying job, they have gone too far.  

Trump II wants everything scorched for the sheer joy he gets in watching things burn and people harmed.  The Reds in Congress kow-tow to their Creep in the White House.  The Blues are beholden to the Corporate class (as are the Reds when Trump II is not twisting their nuts in a vise for his viewing pleasure).  

The people doing the harm (TechGods and PEUs) are facilitated by our political system and together they give not a sodden flip about everyday people.  Society knows as TechGods increasingly show up as villains in movies and television shows.

Independent voters have gotten the message.  The political Red team is as popular as smallpox, which could well make a comeback under Robert F. Kennedy, Jr. and Trump II.  

Here is my take as to what Sundar Pichai meant:

"We, as in us TechGods" will have to work through social disruption.  Those everyday people will have to un-employ their way through social disruption.  

Thanks, Google CEO.  Next time, stick a sock in it.  It likely tastes better than those "AI wipes."

Unwell Trump Sics Bessent on Fed Governors

When he's not napping Trump II can deliver blistering take downs of a seemingly endless scroll of people.  The Kranky Old Guy in the White House hates the Fed.  Trump II needs willing sycophants to carry out his savage whims.   

Every Goldfinger needs an Odd Job or Pussy Galore.  Trump has Stephen Cheung, who resembles Odd Job.  I wouldn't call Scott Bessent Pussy Galore but he willingly debases himself on a regular basis for Trump II.

Making up new rules for independent positions and applying them retroactively is bizarre.  A residency requirement?  Does it have to be a Red state within the district?  Might it need to be a certain sized home square foot wise?  How about solar panels?  Are those disqualifying?  

Kranky Trump and Skanky Bessent, that's a bad combination at least for an independent Fed.  Surely, Congress and Wall Street will push back on this nonsense.  Congress?  Congress...  CONGRESS!!!!

OpenAI Invests in Thrive Holdings a Year After Investing in Thrive AI Health

This story is about three Thrives, Thrive Capital, Thrive Holdings and Thrive Health AI.  

Years ago Thrive Capital invested in OpenAI.  Yesterday, OpenAI announced it invested in Thrive Holdings, a division of Thrive Capital that intends to leverage AI in two areas that employ many U.S. citizens, accounting and IT.

Joshua Kushner founded Thrive Capital, a private equity underwriter (PEU), over fifteen years ago.  His brother Jared Kushner of Affinity Partners reportedly invested in Thrive Capital.  Josh's PEU has been an early equity holder in many companies started by people recognized today as TechGods.  

OpenAI is Thrive Capital's top investment according to TRACXN.  And now OpenAI has an equity stake in Thrive Holdings.

Reuters reported:

Thrive Holdings is a vehicle created by Josh Kushner's Thrive Capital to focus on buying traditional businesses in an AI-roll up play. Founded this year, the firm has raised over $1 billion to acquire service providers across the country, such as accounting and IT firms, aiming to overhaul their operations using AI to boost efficiency. 

The collaboration will focus on AI application in professional services, particularly through reinforcement learning. This research technique uses feedback from domain experts to continuously train and improve the AI models for highly specialized functions. 

Thrive Holdings will own the intellectual property and products created through the joint effort. OpenAI, in addition to its equity, gains insights from seeing its models tested and refined in real-world enterprise environments

Most people do not have a personal accountant or their own IT department but citizens might recall damage done by PEU rollups in hospital emergency rooms, specialty medical practices, dental offices, HVAC service companies, veterinary offices, and hospices.  

Many are trying to use AI in their work and finding the output less than satisfactory as it (workslop) requires much rework.  85% accuracy is a poor standard, made worse by hallucination (something made up out of nowhere by AI).  

Anuj Mehndiratta, partner at Thrive Capital who oversees Thrive Holdings, said the deal was necessary after it ran into "research problems much sooner" while deploying AI models. The firm found that "off-the-shelf" solutions were insufficient for complex, domain-specific tasks in its portfolio companies.

AI was insufficient for performing quality accounting or IT work.  Once again, accountants and IT professionals have to train their replacement.  It's no longer the foreign H-1B worker that will do their job for much less.  It's Thrive Holdings-OpenAI collaboration, now asking professional staff in rollup companies to train their AI replacement.

OpenAI's Sam Altman might have just the tonic for stressed out accountants and IT professionals, Thrive AI Health.  

Thrive Holdings rollup workers can leave their stressful office and enjoy hyper-personalized AI health coaching, courtesy of Thrive AI Health, brought to you by OpenAI Startup Fund (sounds like a PEU) and Arianna Huffington.  

Your AI health coach (OpenAI) can help reduce the stress from having to train that problematic AI (also OpenAI) in accounting or computer coding.  Got it.  No real people involved, except those accepting the fees/profits.

Just what society needs more of from TechGod products.  We already have reduction of appropriate boundaries, addiction, erosion of interpersonal skills and self esteem, loneliness, decline in cognitive function, exposure to the worst of humanity manipulating tech for harmful and even criminal pursuits.

Accounting and IT are professions with knowledge bases that are broader than one company.  They require analytical skills and judgement.  Thrive Holdings and Open AI are coming for independent accounting and IT firms.  Are you ready to be rolled up and rolled out the door after training your replacement?  

That's what happens when PEUs and TechGods get together.  Your employer becomes their sandbox in which to play.  And you become the grain of sand.  

Update:  My wise friend sent me these quotes (from the Making Hay substack):

“Let us accept truth, even when it surprises us and alters our views.” -George Sand 

French romantic novelist (actual name Amantine Lucile Aurore Dupin de Francueil, but her pen name clearly ties in more closely with today’s topic)

“Capitalism was the only system in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only system that stood for man’s right to his own mind, to his work, to his life, to his happiness, to himself.” -Ayn Rand

(birth name: Alisa Zinovyevna Rosenbaum; married name: Alice O’Connor; pen name rhymes with “Sand”)

The Substack article regarded an oilfield frac sand company, thus the references to Sand and Rand.   In the small world camp I recently did a piece on Carlyle's comparing AI to the shale boom.  In it I mentioned the risk to life driving in the direction of the oil field from 18 wheelers hauling frac sand and oilfield chemicals.  The weight tore up roads which then needed repairs.  Add young men texting while operating a super heavy big rig to the mix and things were dangerous.  On a regular basis people were killed in road accidents.  People said it smelled like money to them.

Update 12-3-25:  PEUs rolled up doctor practices in an area such that they could control clinical volumes through incentives and manipulate physician compensation in an area/region.  The bounty went to the PEU not the doctor or provider and patients suffered.  Elected officials did little to nothing.  

AI is worse in that it is an outright thief, appropriating individual knowledge as well as that of a whole profession, and giving no credit much less fair long term pay or equity for those making/creating the AI professional model.  The bounty will go to OpenAI and Thrive Holdings, TechGods & PEUs.

Politicians Red and Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.

"All Pin-head" Godcast: White House TechGods' Budget Insertion

NYT reported on the many conflicts of interest White House Crypto/AI Czar David Sacks has in his current role.  They include:

1)  "offered astonishing White House access to his tech industry compatriots and pushed to eliminate government obstacles facing A.I. companies"

2)  "recommended A.I. policies that have sometimes run counter to national security recommendations"

3)  "positioned himself to personally benefit. He has 708 tech investments, including at least 449 stakes in companies with ties to artificial intelligence that could be aided directly or indirectly by his policies"

4)  "public filings designate 438 of his tech investments as software or hardware companies, even though the firms promote themselves as A.I. enterprises, offer A.I. services or have A.I. in their names"

5)  "raised the profile of his weekly podcast, “All-In,” through his government role, and expanded its business"

DOGE did not save money because it spent federal resources to insert AI into government operations.  

Genesis Mission is the next phase, where publicly funded research, knowledge and content will be scraped up by TechGods into their various AI systems/products.  

If they didn't want to pay intellectual property rights holders, TechGods surely won't pay Uncle Sam for sellable content.  

Trump II has found a true partner in David Sacks and his fellow TechGods.  

Like Trump, they will usurp anything and everything while destroying much in their path.

Fellow destroyer Steve Bannon even speaks out against the TechGods.  

"Mr. Sacks was a quintessential example of ethical conflicts in an administration where “the tech bros are out of control.”

Cut the money and these parasites will find another host.

Politicians Red & Blue love PEU and their new TechGod/CryptoBro brethren.  Increasingly, more are one.