By BERNARD CONDON
NEW YORK (AP) — A company that recently employed President Donald Trump’s eldest sons as advisors made headlines with a public document filed on Monday. The document initially suggested that the company hoped to capitalize on federal grants and incentives, a move that raised eyebrows given their father’s role as the head of the government.
Upon inquiry from The Associated Press about this potential conflict of interest, the Trump family business promptly revised the filing, removing the contentious statement.
Eric Trump and Donald Trump Jr. have been granted “founder shares” valued at millions in New America Acquisition 1 Corp., a special purpose acquisition company (SPAC). This company, though currently without an operating business, seeks to acquire an American enterprise that will contribute to the revitalization of domestic manufacturing — a key focus of the president’s trade policies.
Initially, the securities filing indicated that the target company should be strategically positioned to gain from federal or state incentives. This reference was omitted in the updated version.
While the Trump Organization did not comment on whether New America still aims to benefit from government programs or the reason for the line’s removal, the law firm Paul Weiss, involved in drafting the document, attributed the original inclusion to a “mistake” by “scriveners,” referring to legal document transcribers.
Kathleen Clark, a government ethics expert and critic of Trump, expressed concern, stating, “They just deleted the language. They haven’t committed not to do what they said earlier today they were planning to do.” She suggested that this indicated an attempt to leverage public office for private gain.
New America Acquisition 1 Corp., the SPAC in question, plans to raise capital by selling shares on the New York Stock Exchange at $10 each. This move is expected to provide the Trump sons with $5 million in paper wealth on the first trading day. The company aims to amass $300 million through this stock sale, which it intends to use for acquiring an unspecified manufacturer.
In a press release, New America emphasized its commitment to “American values and priorities,” although it made no mention of seeking government incentives.
The company’s filing with the Securities and Exchange Commission outlined its search criteria for potential acquisitions, specifically looking for companies that could leverage “public policy tailwinds” such as federal or state “grants, tax credits, government contracts or preferential procurement programs.”
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