So if you haven’t been paying attention, and why should you, the shareholders of the Special Purpose Acquisition Company (SPAC) that is going to merge with Truth Social to create Trump Media have approved the merger. Immediate loss of share price and shorting ensued:
The price of shares in Digital World Acquisition Corp. fell by as much as 12% Friday morning after the shell company’s shareholders approved amerger with the social media company owned by former President Donald Trump.
DWAC had opened the trading day at $44.20 per share, but tumbled to below $38 at some points after the vote. By noon ET, the share price was down about 3.5% from the open price. […]
A total of 11% of the tradable shares of DWAC are being sold short, FactSet data shows.
Trump, who will own 58% of Trump Media, supposedly just made $3 billion. He can’t sell his shares for 6 months due to a lockup provision, but…
It is possible that the board of directors could vote to allow Trump to sell shares earlier than that. And that board could be stocked with people close to Trump, including his son Donald Trump Jr., former wrestling company executive Linda McMahon and Trump’s former trade representative Robert Lighthizer, according to a list of planned nominees.
This is clearly a pump-and-dump: Truth Social is losing money and has roughly 5 million active users (TikTok has 2 billion, Facebook has 3 billion). The price will almost certainly tank the minute Trump starts selling serious amounts of stock, if not sooner. Just as with his NFTs, steaks, vodka, water and other Trump-branded bullshit, once a little bit of attention is paid and a small amount of the product is sold to gullible rubes, there’s just not a multi-billion-dollar market for his latest scam.
BethanyAnne
I wonder if this allows him to post bond for the fraud judgement?
$8 blue check mistermix
@BethanyAnne: Nope! He can’t encumber the shares as part of the lockup agreement.
Baud
And we said Wall Streat wasn’t rational.
Brachiator
So, is all this a convoluted way of helping Trump pay his legal bills, fines and penalties?
NotMax
Still want to know how many shares ostensible manager Devin Nunes has been contractually promised.
waspuppet
@Brachiator: If they can get away with it. Otherwise, it’s a way for Trump to tell the court “I don’t have the money for the appeal bond but I will in six months so you have to let me appeal now” and if they don’t let him he can go around moaning about how unfairly he’s being treated and say things like “I’m not saying someone should kill these judges; I’m just saying that if someone does I will totally pardon them when I’m president again. That’s totally different!”
RepubAnon
I expect lots of Wall Streeters are shorting that stock – they may be Trumpistas, but that won’t stop them from grabbing some easy cash.
I expect Trumpovitch will find some way to pull cash out of the stock before it tanks.
topclimber
Whatever happened with the two minority stockholders who exposed TFG’s fraud of trying to dilute the value of their shares?
Leto
@topclimber: substitute “two minority stockholders” for “judges” in waspuppet’s comment at #6, and you have your answer.
azlib
Allowing Trump to sell a massive amount of shares will cause the share price to plummet. He could borrow against the shares, if the Board allowed that, but I doubt the terms would be very good. The walls are closing in on him.
topclimber
@Brachiator: KOS just had a piece quoting Politico that TFG will only be allowed to sell 1% of his stock per quarter.
That would be about $30 million profit, or about what Letitia James thinks his Seven Springs estate MIGHT be worth.
Did I mention hahahahaha?
MisterForkbeard
@azlib: This assumes the the Board isn’t totally owned by Trump, which it effectively is.
He’s already browbeaten them repeatedly into doing things that harm the “company” but personally benefit Trump. His allies are all over the board. They’ll push back to a very limited extent – like if they let Trump sell his shares they’ll ALSO make themselves able to sell because the game is up at that point.
But I very much doubt they won’t try to bail him out, because he’ll order them to.
MattF
WaPo article on how everyone is suing everyone (gift link).
JPL
Princess Kate has cancer, and is starting Chemo. I’m not a royal watcher, but that makes me sad.
Baud
@JPL: Ah, so that’s the mystery. Fingers crossed for her. No one deserves cancer.
NotMax
Expect him to show up to be photographed ringing the shiny brass bell at the stock exchange on the initial day of the listing.
Anoniminous
I don’t see how Trump can conduct business, e.g., selling stocks, in the New York City FIRE industries since he is banned from doing business in New York for three years.
But IANAL so WTFDIK
Baud
@Anoniminous: Truth Social isn’t the FIRE industry, and selling stocks isn’t Trump’s business.
Betty
@JPL: Certainly hope it is something that can be cured. Tragic for any young mother to go through this. I wish they would have handled this better. People will be sympathetic.
West of the Rockies
So, decent chance wingnut investors get hosed. Maybe four of them will say, “Man, it appears Trump is kind of a creep. He just lost my vote.”
Nah… they’re too stupid.
robtrim
From Investopedia:
As many as 70% of SPACs that had their IPO in 2021 were trading below their $10 offer price by the end of that year, according to a Renaissance Capital strategist. This downward trend could signal that the SPAC bubble that some market experts had predicted may be bursting.
Fortune. “Months After the SPAC Boom, Returns Have Been ‘Weak,’ Says Goldman Sachs.”
Ha, ha… wait till this Ponzi scheme falls on its face. SPACS have been around for years. And if Trump gets any special treatment from the Board of this newly created “stock”, the shareholders will begin suing him and the company like crazy. Trump will be fighting in court, again, to save his ass.
Betty
@topclimber: Is there real money involved or just paper saying there is money involved?
gvg
@Betty: It may be that the medical info was hard to diagnose, and they were stalling. It may also be that the family was not all reacting the same and needed time to face it, including her.
The kids are going to have a hard time of it because the media I think will hound them trying to get sympathetic sob stories over and over.
JPL
wow the news keeps on coming.. Another republican representative is leaving early. This time on the 19th of April. hmm now it’s a one vote majority.
WASHINGTON — Rep. Mike Gallagher, R-Wis., who announced last month he would not run for re-election, will resign from Congress early, he confirmed in a statement Friday.
JPL
@gvg: The children are off this week so it was a good time to announce.
MisterForkbeard
@Betty: It’s just money on paper (for now).
The company is valued at $4 billion for basically no reason other than they expect a bunch of Trump people to buy and trade the stock. There’s no actual profit involved, no real product that’s worth anything.
But because of the insane “valuation”, he can sell the stock and make a lot of real money off of other people who buy into the scam. Trump will profit on it anyway, because he’s a giant scammer and his cultists will be left holding the bag.
NotMax
Help an old guy out here, jackals. Drawing a blank on the movie within which a member of the board of directors at a mammoth corporation implores the others at the meeting, “Divest, gentlemen. Divest! Sell off everything except T-shirts and nuclear weapons.”
Baud
@JPL: Whoa.
Bex
@JPL: It is described as preventive chemotherapy which indicates that a good outcome is very possible according to an MSNBC doc.
JPL
@Baud: It’s Marge’s party now.
Betty Cracker
@JPL: That’s terrible. Sad and frightening for the kids.
Soprano2
@Bex: I hope so, she’s so young and has young children. No wonder she was out of the public eye. I don’t blame them, that’s got to be a hard thing to deal with even without being in the public eye like that. Maybe it was like what happened with my SIL – she had a surgery to remove a painful cyst, and while they were in there they saw what they thought might be cancer. It turned out to be Stage 1 ovarian cancer. If not for that cyst she would probably be dead right now.
Comrade Bukharin
Possibly 40+ killed in a terrorist attack on a Moscow mall/concert venue.
Sean
@JPL:
Wow. the GOP can only afford one defection on any legislation in this scenario if the Dems vote as a unified bloc.
Eyeroller
@Baud: She’s also quite young (42) and apparently it wasn’t breast cancer, sounds like some kind of uterine cancer. (Result from the abdominal surgery “Initially thought to be noncancerous, pathology found cancer” was basically what they said.)
RaflW
Another abdicator is punching out early.
“Speaker Mike Johnson is about to drop to a one-vote majority, as retiring Rep. Mike Gallagher has decided he will exit the House as soon as next month, according to two people with knowledge of the matter.
In a statement shortly after this story published, Gallagher said he planned to leave April 19.”
The incredible shrinking speakership. Even if MTG’s threat is a bluff, there’s NO room to maneuver on any legislation. Sucks to be them and likely need Dem votes to even name a post office.
eta: Shoulda known this crowd is on it @JPL.
Baud
@Comrade Bukharin:
My first thought is unfortunately that it was orchestrated by Putin.
Comrade Bukharin
@Baud: FSB false flag? ISIS? Revenge for Navalny? Ukrainians are too smart to slaughter civilians like this.
Suzanne
Crazy-ass news right now…. looks like the concert hall in Moscow is on fire and there’s been some gunfire. And Kate Middleton announced she has cancer. And Mike Gallagher is leaving Congress, further whittling away the GOP majority, at least for a while.
gene108
This not the first time taking a company public:
Read the whole thing.
https://www.forbes.com/sites/danalexander/2021/10/22/trump-had-a-public-company-before-it-was-a-disaster/?sh=3b0ab66ed715
Ohio Mom
@JPL: There’s so many types of cancer and so many treatments, we can’t know how sad or panicked to be on the Princess’s behalf. Lots of people get better these days.
No doubt though that getting the diagnosis is a shock.
Also, I hope all the people coming up with ridiculous interpretations for her recent absense are embarrassed.
ETA: I know those people are not capable of embarrassment.
MazeDancer
Kate Middleton has cancer. She has stomach surgery and it was found. She is going to get chemo.
Here is a video of her explaining.
Unclear why they had to be so absurd for so long.
JPL
@Baud: It’s definitely a possibility.
Freemark
I’m trying to understand how this ‘company’ is making money.
If I’m reading the financials right it started with $300,000,000 from sales of its stock and had no assets before that as it was created to acquire/merge with other companies ostensibly American healthcare companies. It’s current value is about $1.5 billion based on stock price. This will somehow be worth up to $8.6 billion dollars after merging with a bankrupt company that Trump reported as being worth $5-$25 million.
WTF?
topclimber
@Betty: No money until somebody buys Trump’s stock or lends him money against it.
My point is that he can’t actually sell much of his stake under current rules. These could change.
JPL
@Ohio Mom: Yes. I’m thinking about Imma and when he told us about his wife’s diagnosis.
It’s sad and scary no matter if they catch it early or not. My ex had stage 3 colon cancer and was told he had a 50/50 chance of survivor, but he was healthy and able to complete the treatment on time. He’s healthy now and still an asshole.
topclimber
@RaflW: How about you sign the discharge petition for Ukraine et. al. like Ken Buck, bucko?
Misterpuff
Fuck Cancer.
b
u
t
also Fuck The Aristocracy.
Seanly
Even if Trump’s share is valued at $3B, he owns 58%. He’d need to dump enough that he’d drop below 51% of the company (and that’s just to get $464MM). And it’s going to trade with his initials so I think he wouldn’t want to sell and would still be f’ked. But I’m not a Wall Street type so just pure speculation.
Also, don’t you need to pay all the accrued interest once the appeal is done?
NotMax
@topclimber
Nothing (AFAIK) preventing him from assigning shares as a “gift” to, say, Ivanka, who then uses it as collateral for a loan.
rikyrah
These babies have been through some things 😂🤣🤣
https://www.tiktok.com/t/ZTLjJUE4M/
rikyrah
@MazeDancer:
She is only 42 and where they found it😔
rikyrah
@JPL:
I understand why you went to thoughts of Imma 😢
Ken
@gene108: Oh, darn. For years I’ve been telling people that Trump managed to lose money running a casino. But all along it was just a bust-out, with the odd twist that Trump was busting out his own company.
topclimber
@NotMax: Yeah, I was also wondering if he could peddle someone an option to buy all his shares at a certain date at a hefty discount–say a year from now and a 50% discount.
That, like your gift idea, probably has negative tax consequences for fuk-oh. And you can bet NYS makes sure he pays what he owes this time.
Martin
@Freemark: A company doesn’t need to make money to have value. Investors just need to believe it has value in order to have value.
robtrim
@gene108: Good summary of Trump’s bankruptcy history.
This SPAC episode will end in a very similar fashion. Getting billions of dollars out of Truth Social is fantasy.
MazeDancer
@rikyrah: She says her chemo is “preventative”. But she looks thinner than ever. Which one would think was impossible.
Why they couldn’t have announced it immediately and start gathering sympathy, instead of ridicule, we will likely never know.
Maybe they didn’t want to step on Charles’s cancer thunder.
Brachiator
@MazeDancer:
Probably in part because of bullshit like this.
An ordinary person would be able to deal with this privately. But the vile UK press and the idiotic coterie of “Royal Watchers” will do everything they can to get into her business.
gvg
@Soprano2: I had painful fibroids but the imaging to look at why I had pain found a painless tumor, luckily early stage, that is not normally giving any signs until its stage 4 with about a 15% survival rate. Because of my luck of accidently finding it really early I am 10+ years cancer free.
glc
@NotMax: Top search match
Doesn’t ring a bell but I believe I watched all of that at one point.
Brachiator
@Martin:
But that belief should be based on something realistic, objective or tangible.
wenchacha
Did you jackals already cover this news about the King?
https://www.yahoo.com/entertainment/king-charles-given-2-years-154317463.html
MattF
@Brachiator: Unless… it isn’t.
Mousebumples
Re Gallagher’s resignation (*my Rep) –
He knows Wisconsin state law and timed his effective date with the earliest he can leave and not have a Special Election fill his seat ahead of November
That’s perhaps an attempt to keep the seat in GOP hands since the GOP names I’ve heard that are interested are in the State Legislature
I’ve heard of 3 Dems interested in possibly running. All 3 are women and, and 1 is a local ob/gyn
The district is still gerrymandered (surprise!), but I think the district voted for Judge Janet Protesewicz last April. (I know a number of the counties in the district did, and I think maybe the district as a whole?)
Not sure how much money the Wisconsin GOP has, but I want a Democratic Rep. Here’s hoping we/I can write postcards up my neighbors
Freemark
@Martin: There is also the fact that Trump will own over half of the company he is merging with. A company ‘worth’ $1.5 billion right now. While the company he owns has a maximum, way over inflated maximum value, of $30 million. It seems something nefarious and illegal is happening here. But from what I have seen of financial laws is probably perfectly legal.
But it does seem like it could be a great way to launder money, bribe, etc. I mean set up a SPAC and then merge with a run down pizza shop for a billion dollars worth of stock. Because the franchise rights are so amazing.
Leto
@Brachiator: you don’t like the Peter Pan business model? Or the Warmhammer 40k Orc model? What, are you a… COMMUNIST??? (heavy /s there)
RandomMonster
If a social media company has a quarterly revenue of $1.1M on a loss of $26M, and is somehow valued at $3B, I’m John Fucking Rockefeller.
Leto
@wenchacha: well it’s a good thing all the coronation equipment was just given a dust-off and the checklists had a thorough run through. Guess most people (royalists) will get their wish.
Marcopolo
A little added flavor to Rep Gallagher’s resignation. He announce his last day would be 4/19. According to WI rules for replacing congresspersons, if the resignation had taken effect prior to the 2nd Tuesday in April there would have been a special election. Since it is after that date the seat will remain vacant until the November general election!
Lovely enormous eff you to the entire R caucus! He was not a happy camper (or Rep).
h/T to Aaron Fritschner’s shitter feed
lol, and beaten by Mouse at comment #64 though we have different interpretations for why he did what he did.
The Kropenhagen Interpretation
Retracted.
Leto
@RandomMonster: Mr ‘Feller /salute
glc
@Brachiator: Technically, what investors need to believe is that other investors believe it has value. It isn’t actually necessary that there are any investors who believe it has value. (To some extent, it’s even enough that there are investors who believe that other investors think there are investors who believe it has value.)
Nothing else is relevant, really. “The market can remain irrational longer than you can remain solvent.” (If you’re investing long term and have unusually solid financial backing you may be able to take a different approach based on actual value. It’s risky but can do very well.)
Anoniminous
@RandomMonster:
Welcome to the Fun & Wondrous World of Post-Reality Capitalism
Eyeroller
@JPL: Chemo for that form and stage of cancer doesn’t always work no matter how healthy one is.
MattF
@RandomMonster: The TFG Brand means bibbity-bobbity-billions of dollars are just lying around and anyone can pick them up.
The Kropenhagen Interpretation
Somehow it always seems to be that way whenever Russians or Republicans are involved.
geg6
@Misterpuff:
THIS.
Almost Retired
@Mousebumples: That’s awesome. And no one got a majority in the primary for Kevin McCarthy’s seat in Bakersfield, so there’s a run off. Both candidates are Republican, but the election is still two months away (May 21). Bwa ha ha.
Mousebumples
@Almost Retired: yup. We’ll see where things go. I’m hoping he’ll sign the discharge petition before he leaves Congress… I should call his office again…
Tony Jay
Thanks to the venal nature of the Monarchial soap-opera, this storyline will absolutely dominate the news for days. 100% proof overkill on every level as we are TOLD over and over and over again by a horde of ‘Royal Health Experts’ and ‘Special Royal Correspondents’ how very, very, very DEVASTATED WE all are at the news of this UNPRECEDENTED TRAGEDY and how all other news pales into insignificance and is a distraction from THE MOURNING NATION’S BROKEN HEART.
I wonder which outspoken celebrity/public figure will be the first to be burnt at the stake for insufficient flagshagging and blubbering? Because it’ll happen. Pinocchio Blue and Pinocchio Light Blue are both going to use this as an excuse to buff up their ‘Leaders of the Country’ credentials, and orchestrating five-minute-hates against
progressivenon-Royalist viewpoints is about all either of them are capable of.sdhays
@Freemark: I really don’t understand why SPAC’s are allowed to exist. The entire premise just seems like it’s “how can we get around regulations to scam people out of a bunch of money and retire on the beach?”.
MikefromArlington
My best friend dad used to joke to my friend that everything he touches turns to shit.
Same with Trump.
stinger
@Brachiator:
She doesn’t hold or seek elective office; she will never be the monarch of her country (if William survives his father and predeceases her, she will become the Queen Mother). That family is going through a lot right now. Who can blame her for wanting privacy on this? To answer my own question, apparently those who hate the monarchy or the “aristocracy”, as if that had anything to do with a young mother who has cancer.
Why do we think famous people owe us the details of their lives?
The Kropenhagen Interpretation
Damn, I hope we don’t have our own royal family installed in the States; on principle mainly, but especially given the family that would be elevated to royalty.
David 🏈 Mahomes! 🏈 Koch
the next season of “The Crown” will be spellbinding
Tony Jay
@The Kropenhagen Interpretation:
The Burrs have been biding their time for over 200 years, and their time is almost now.
Ken
You know that spreadsheet we were all mocking, that showed the RNC spent a quarter of a million on limo rides, and 70 thousand on floral arrangements? Wait until the next one shows that 85% of their money went to stock purchases to keep DJT from turning into a penny stock.
The Kropenhagen Interpretation
@Tony Jay: Thank you for recognizing my concern.
JoyceH
@stinger:
Well, in the case of the royal family, that’s pretty much their job, to show up and look pretty and be talked about. It’s not like they’re formulating policy or anything. That said, I can’t help feeling sorry for them, the ones born to it. Because it’s not like they had any choice in the matter. Imagine being Prince of Wales but you really want to be a surgeon or something. I used to say it’s not like they can just quit, but then Harry quit – and look how people yammer about him!
Frankensteinbeck
@sdhays:
That is the premise. It exists because it takes time for the laws to catch up, sometimes a lot of time, when people invent a new crime.
cain
@stinger: Should be a bonding moment for the brothers since it was the same bullshit that Meghan had to go through as well. The british press are VILE assholes.
There needs to be more protection for famous people from these assholes especially when it comes to slander – making up stories about anybody is wrong.
cain
@Tony Jay:
JK Rawlings??????!
The Kropenhagen Interpretation
Harry always was my favorite. His particular form of good and bad judgment is very familiar and comfortable for me.
Brachiator
@Leto:
Not a communist, but sometimes communist adjacent. ;)
ETA. I was recently explaining to younger family members about the various commie witch hunts alluded to in Oppenheimer while we were watching the film. We also discussed the irony of watching Republicans kiss Putin’s ass while accusing Democrats of being “communist.”
Brachiator
@stinger:
Charles had Camilla styled (titled) as Queen, or formally Queen of the United Kingdom, even though she is Queen Consort and does not herself rule. She was crowned alongside King Charles when he had his big ceremony. I suppose that William could do the same for Kate.
The press used to toss a few barbs at Kate until William became heir apparent. For a time, they have been more pleasant.
I have run across people who weirdly, and angrily declare that since royals and celebrities choose to be in the spotlight, people have “a right” to get all in their business.
Jackie
@Suzanne:
Thank goodness it’s a quiet Friday news day! But, no fear, the day’s still young!😵💫😵💫
Jackie
@wenchacha: Geez! If true, this heartbreaking news for his family – especially Prince William – who is also dealing with Catherine’s cancer diagnosis.
I’m not a royalist, but I do feel horrible that this family has been dealt a double blow back to back like this.
My heart does ache for the children, though.
Tony Jay
@The Kropenhagen Interpretation:
Worry not. The brave agents of the Nortonian Imperial Service will always stand between America and the usurper’s heirs.
@cain:
Oh, no. Since her descent into egotastrophe Rowling has become a good and faithful servant to the shitstirring Kultur-Warriors. They won’t go after her. It’ll be someone they can bait into saying something outrageous like “I’m actually more concerned about starving children and the country collapsing because of rich people’s greed”. Then all of the pearl clutchers will be reaching for their pitchforks and torches and baying for blood.
bbleh
So re this new Trump company, yeah he’s locked up, and yeah it would be a legal risk to just unlock him and have him start dumping, and even if he did that the market price would plummet. And nobody with serious money is going to loan him money using that stock as collateral for those very reasons.
BUT there’s another way that’s been floated. First do a massive stock split — like 50 to 1 — so the price per share becomes affordable for mom-and-pops. You too can own shares in Truth Media (or whatever it is) for only $1.02 a share. Buy 100 today and cash in when the market goes up! And THEN they start selling — EVERYBODY starts selling, which means nobody has an incentive to sue — and of course they let him sell too. Basically offload the company onto the rubes.
The Kropenhagen Interpretation
Congratulations, you lost me.
Tony Jay
@The Kropenhagen Interpretation:
Why, only the best (un)constitutional monarch the United States ever had.
For context I once read an amusing alt-history where Aaron Burr wangled enough electoral college votes to become President in 1800 and three decades later the US had basically become a monarchy under the House of Burr.
Brachiator
@glc:
This of course is so recursive that it quickly becomes meaningless.
This type of thing is often pitched to suckers, uh, I mean monied sophisticated investors who are willing to accept a great amount of risk, uh I mean, get taken to the cleaners.
The Kropenhagen Interpretation
@Tony Jay: Fascinating. I read the beginning then set it aside for a good leisurely read.
The book also sounds fascinating.
lee
IIRC that $3b is at at share price of around $90.
Spanky
The WaPo has a picture up of the big fire at Crocus City Hall in Moscow. And right up there at the top of the building it says “Crocus City Hall”. In English. What’s up with that?
glc
@Brachiator: It’s definitely recursive, and that’s really the point. The people who don’t get that will quickly go broke.
On the other hand, most active investors do poorly, so it may not matter that much what your philosophy is.
justsomeguy05
If I notice that any mutual fund that I own has any shares in this, I will fully liquidate from that fund and that management company.
Quadrillipede
Moscow probably was something of a tourist destination even a few years ago…
emjayay
@JPL: About cancer and the royals: zero actual details about either one so it’s impossible to even speculate, which I guess is the point. But normal public figures today would have provided more information. Not that any of it matters of course, but LIz waved in my direction once so…..
emjayay
@Tony Jay: Canada seems to be OK so maybe the whole Revolution thing was a waste of time.
OTOH without the US and other examples of modern countries maybe the UK would still be more like the UK of back then with the king as still something of a ruler.
Franklin, seemingly seeing a couple centuries into the future:
“In these sentiments, Sir, I agree to this Constitution, with all its faults, if they are such; because I think a General Government necessary for us, and there is no form of government, but what may be a blessing to the people if well administered; and believe further, that this is likely to be well administered for a course of years, and can only end in despotism, as other forms have done before it, when the people shall become so corrupted as to need despotic government.”
emjayay
@waspuppet:
Donald: “I don’t have the money for the appeal bond but I will in six months so you have to let me appeal now”
Court: “Sorry Donald. It will probably be a penny stock by then.”
NotMax
@glc
“Nuclear weapons, hospitals and T-shirts.”
That’s it! Copious thank yous.
Gvg
@JoyceH: The Emperor Hirohito was a marine biologist and his son studied fish.
Hoppie
@emjayay: Me too, at the Pizza Hut in Paris, KY, as she was on her way to arrange horse breeding. I must admit she was more successful breeding her horses than her children….
ascap_scab
So if Trump owns 58% of the shares, but can’t sell them for six months, what is to stop him from shorting his shares now, collecting the money now, then sell actual shares in six months dropping the actual stock price, and then covering his short and owe nothing?
Paul in KY
@Brachiator: Means that she’ll never be ‘Queen’ as Elizabeth was. If William is King and she Queen, if he die’s before her, then George takes over and she becomes Queen Mother, she doesn’t ‘rule’ as Queen ever.
The Russian Imperial rules were different and in that case, she would have ruled as Czarina till her death.