BRKG Court tells NY fascist AG to remove the fine: excessive

Dobbin

Faithful Steed
This goes with Turley's comments about excessive bond yesterday.

There will be bond, but it will be like 3/4 million - not nearly half a billion.

The point of the exercise is to make Trump "sweat." And do it publicly.

They want him to say "uncle."

Dobbin
 

Melodi

Disaster Cat

Court Orders NY Attorney General to Withdraw Letter Saying $464 Million Trump Bond Not ‘Impossible’
The defense found a $464 million bond would require about $557 million cash.
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Court Orders NY Attorney General to Withdraw Letter Saying $464 Million Trump Bond Not ‘Impossible’
Former President Donald Trump and New York Attorney General Letitia James in file images. (Brandon Bell; David Dee Delgado/Getty Images)
Catherine Yang
By Catherine Yang
3/21/2024
Updated:
3/21/2024


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Shortly after New York Attorney General Letitia James filed a letter asking the New York Supreme Court to “not consider“ that the $464 million bond former President Donald Trump needs to post to keep his assets from being seized is a ”practical impossibility,” the court ordered her to remove it.
The letter was attached to a request to file a surreply—a reply to a reply—which generally isn’t done unless the court grants express permission.

In a March 21 letter, the defense argued that, predictably, the letter received widespread media coverage even though it was “improperly filed” and taken down the same day, refiled with only the request and no letter.
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“The Court may draw its own conclusions about the propriety of this maneuver. In doing so, the Court is ‘not required to exhibit a naiveté from which ordinary citizens are free,’” the defense wrote, urging the court to deny the attorney general’s request.

In the original letter, Ms. James had asked the court not to accept the testimonies of a Trump attorney and broker who detailed the efforts they'd gone through in trying to obtain a $464 million bond, claiming they were unreliable sources. The defense faulted the state for not providing any “reason to doubt any of their assertions,” however, and only making a blanket statement.

“While attempting to cynically and wrongfully tar the Defendants’ witnesses as ‘unreliable,’ the Attorney General does not actually dispute the truth of a single one of their specific claims,” the defense’s letter reads.

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The sworn affidavits submitted revealed that the defense had sought out the large bond since before final judgment was entered—raising the fine from $250 million to more than $350 million during the last days of trial—and that negotiations by four brokers with 30-plus surety companies still resulted in no deal. One of the brokers provided additional context, saying a $100 million bond was considered large and a $464 million bond (which includes the ordered interest) is something few sureties have the ability to issue and would issue only for large publicly traded companies.
The attorney general had argued that these affidavits still didn’t provide enough information on why the defendants had been turned down, suggesting that Trump Organization assets aren’t as valuable as the defense claims.

The defense sought to rebut several such details in the March 21 letter to the court, arguing that the state was wrong in its assertion that the defendants didn’t spend enough time trying to obtain a bond, arguing they had undergone critical negotiations just this past week and that efforts were ongoing even while the defense tried to obtain a stay.

Trump Blasts ‘Out of Control’ NY AG Letitia James, Says He Should Be ‘Entitled to Damages’

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“The Attorney General is inartfully attempting a losing argument of ‘heads I win, tails you lose,’” the letter reads.
How Much Cash?
After these negotiations, the defense found that a $464 million bond would require about $557 million in cash, on top of any operating expenses to continue The Trump Organization, because sureties require about 120 percent as collateral, plus additional premiums.
This is at least $200 million more than the original judgment figure, which the defense could have put in an escrow account if the cash were available.

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The attorney general had suggested that the defense be required to put up a total of $464 million through several “smaller” bonds of $100 million or $200 million apiece, and the defense argued that this doesn’t resolve the cash issue.

The judgment total is $363 million, with about $355 million of that specifically applying to President Trump, $4 million to be recovered from Eric Trump, $4 million to be recovered from Donald Trump Jr., and $1 million to be recovered from Allen Weisselberg.
With the applied 9 percent interest, court filings say the bond comes out to more than $464 million, with a little more than $10 million of that attributed to judgment on Eric Trump, Donald Trump Jr., and Allen Weisselberg.
 

vector7

Dot Collector
Nasty, racist woman.

Your turn…

GJef3THa4AA27Iq

View: https://twitter.com/GigaBeers/status/1772060753614516573
 

anney

Veteran Member

An appeals court slashed former President Donald Trump's bond payment on Monday, saying Trump must pay $175 million within the next 10 days.

Trump had previously faced a Monday deadline to pay a $454 million bond payment that came as a result of civil fraud allegations from New York Attorney General Letitia James.
 

Kathy in FL

Administrator
_______________

Appeals Court Sides With Trump, Reduces Bond In Civil Fraud Case

An appeals court agreed Monday to reduce Trump’s civil fraud case bond while he appeals the ruling.

If Trump is able to put up the $175 million bond within 10 days, the court agreed to block collection of the judgement, according to the Associated Press. Trump initially faced a Monday deadline to pay the $454 million bond to cover the judgement issued by Judge Arthur Engoron.

Trump’s lawyers indicated in a court filing last week that he would not be able to post bond, writing that “very few bonding companies will consider a bond of anything approaching that magnitude.” His attorneys sought to stay the execution of the judgement.

In response, James argued Trump had not supplied evidence that he would be unable to pay.

“If defendants were truly unable to provide an undertaking, they at a minimum should have consented to have their real-estate interests held by Supreme Court to satisfy the judgment,” the filing stated.
 
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