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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMike Lindell's meltdown begins: He recently sold a MyPillow plane to fund Dominion lawsuit
Source: Salon
Exclusive: MyPillow guy has sold $2.5M private plane, is now "raising money" for legal defense, source tells Salon
By ZACHARY PETRIZZO - JON SKOLNIK
PUBLISHED SEPTEMBER 1, 2021 6:00AM (EDT)
Pillow mogul turned election conspiracy theorist Mike Lindell is facing multiple difficulties in his two-pronged quest to prove that the 2020 election was stolen by China and to fend off a colossal lawsuit by Dominion Voting Systems, which claims that Lindell and many others defamed the company and did enormous damage to its business and reputation.
With Dominion's $1.3 billion lawsuit hanging over his head, records indicate that Lindell is making major personal concessions in preparation for a significant legal battle.
According to Federal Aviation Administration (FAA) records reviewed by Salon, Lindell (through his company MyPillow) has recently sold off at least one of his private planes. FAA records indicate that an aircraft registered to MyPillow a 1993 Dassault-Breguet Falcon 50 with tail number N497SP was transferred to Clyde Air LLC on July 26, for an undisclosed purchase amount. (A similarly-configured 1993 Falcon 50 private jet currently on the market has a $2.5 million price tag.)
Using an apartment address associated with the new owner, Salon traced the purchase to a potential big-money buyer: capital executive Frank Selldorff. He didn't return a Salon request for comment on Tuesday afternoon.
Leading up to Lindell's August "cyber symposium" in Sioux Falls, South Dakota, which was intended to prove his extravagant claims about the 2020 election (but clearly did not do so) the plane registered to MyPillow was used in a number of Lindell's schemes, including his alleged efforts to transport and conceal Dominion and Smartmatic voting machines at various locations across the country. (No such machines materialized at his Sioux Falls event, despite many promises that they would.)
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Read more: https://www.salon.com/2021/09/01/mike-lindells-meltdown-begins-he-recently-sold-a-mypillow-plane-to-fund-dominion-lawsuit/
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Jerry2144
(2,044 posts)Where I support debtors prisons.
Initech
(99,909 posts)PSPS
(13,512 posts)He's selling his signature product to the public at a 2/3 discount now.
jcgoldie
(11,582 posts)Can count on his loyalty 😂
Expenses have exceeded revenue for about 4 months now.
He's selling this plane to increase cash flow to pay interest on $126 million in loans.
He's paying $13 million per year in debt service & has a D/E of 4.86 to 1. No lenders will give him new money.
And, they're shedding inventory (as you noted) to generate cash, also reflecting that with sales plummeting, they don't need to be carrying inventory forward.
Finally, if he's really worth $300 million (he's not, that's a lie of his, & it's probably a case of an added zero), he wouldn't need to liquidate for cash. Besides if he's got that kind of worth, he wouldn't have a 28 year old plane to sell in the first place
The Dominion lawsuit is not the reason he's selling the plane.
dalton99a
(81,065 posts)Vinca
(50,168 posts)ProfessorGAC
(64,413 posts)They don't want it!
And a query: why would a $150 million company need their own plane?
I worked for a company 25x that size, & they didn't have a private jet.
Answer: ostentation that's consistent with his lies about his net worth. (He's worth 8-10% of what he claims)
Pretending to be a business titan instead of a big mouthed crackhead.