LEGAL Donald Trump Unable to Secure Bond in New York's $464 Million Civil Fraud Case

jward

jward

passin' thru

Donald Trump Unable to Secure Bond in New York's $464 Million Civil Fraud Case​


thepoliticsbriefhttps://thepoliticsbrief.com​
Former President Donald Trump has been unable to obtain a bail to secure the $464 million fraud judgment against him, according to his lawyers in a court filing on Monday.
Trump and his firm must deposit a full-amount bail by next week to prevent New York Attorney General Letitia James from collecting while he appeals. They’ve asked an appeals court to intervene in the meanwhile, and they stated Monday that they’ve had no luck obtaining a bail.

“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,'” said a court statement. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
Their efforts, which included “countless hours negotiating with one of the largest insurance companies in the world,” demonstrated that “obtaining an appeal bond in the full amount” of the Judgment “is not possible under the circumstances presented,” according to the petition.

The other bond companies “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities),” according to the petition. He further stated that those corporations normally “require collateral of approximately 120% of the amount of the judgment” — which would be over $557 million.
“In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advance—an upfront cost over $18 million,” according to the report. Even if Trump’s appeal is successful, the $18 million will not be recoverable.
In all, according to the petition, the “actual amount of cash or cash equivalents required ‘to collateralize the bond and have sufficient capital to run the business and satisfy its other obligations’ approach[es] $1 billion,” according to the filing.
While the lawsuit claims Trump cannot afford the bond, it also asserts that the attorney general does not have to worry about collecting her judgment.

“Defendants’ real estate holdings — including iconic properties like 40 Wall Street, Doral Miami, and Mar-a-Lago, — greatly exceed the amount of the judgment. Such assets are impossible to secrete or dispose of surreptitiously, leaving the plaintiff effectively secured during the pendency of an appeal,” the filing said.
Trump’s lawyers also contended that the $464 million punishment is “grossly disproportional” and referenced their contention throughout the months-long trial that “there are no victims, as there were no damages and no financial losses.”
Last month, Trump’s lawyers requested that the bond amount be cut to $100 million, but Monday’s letter contends that he should not be required to post any bond at all.

James’ office has claimed that Trump should pay up the entire money.
In a related lawsuit in New York federal court, Trump last week posted a $91 million bond to safeguard writer E. Jean Carroll’s $83 million defamation judgment against him, which he is appealing as well.
“In the civil fraud case, which is in New York state court, if Trump can’t post the funds or get a bond, then the judgment would take effect immediately and a sheriff could begin seizing Trump’s assets,” Politico reported.
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thepoliticsbrief.com

Donald Trump Unable to Secure Bond in New York's $464 Million Civil Fraud Case

Former President Donald Trump has been unable to obtain a bail to secure the $464 million fraud judgment against him, according to his lawyers in a court filing on Monday. Trump and his firm must deposit a full-amount bail by next week to prevent New York Attorney General Letitia James from...
thepoliticsbrief.com thepoliticsbrief.com
 
Sacajawea

Sacajawea

Has No Life - Lives on TB
Ya know, the convoluted rationale for "no bail" required for certain crimes is because those arrested are poor - hence resorting to criminality... :rolleyes: ... yeah, I KNOW how backasswards that reasoning is. So, it begs the question: Is the DA attempting to just bankrupt Trump? And shouldn't a judge say this is unreasonable when they found no victims, no financial fraud (according to the banks involved), and no losses to the banks?

But, of course, the judge in the case was clearly biased so I HOPE the appeals court wacks that evil judge's peepee.
 
Griz3752

Griz3752

Retired, practising Curmudgeon
Sacajawea said:
Ya know, the convoluted rationale for "no bail" required for certain crimes is because those arrested are poor - hence resorting to criminality... :rolleyes: ... yeah, I KNOW how backasswards that reasoning is. So, it begs the question: Is the DA attempting to just bankrupt Trump? And shouldn't a judge say this is unreasonable when they found no victims, no financial fraud (according to the banks involved), and no losses to the banks?

But, of course, the judge in the case was clearly biased so I HOPE the appeals court wacks that evil judge's peepee.
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Falls in line with Marxist strategies to financially cripple opponents and when they're down, then put the boot in.
 
Melodi

Melodi

Disaster Cat
If I were forced against a wall to do this, I would suggest two possible solutions if I were one of his advisors.

1. See if a friend or trusted business person could buy one of his businesses with the understanding (in writing) that Trump could repurchase it later at the same price (or with a specific mark-up; this is business, after all) if he is cleared on appeal (or becomes President. He is supposed to make billions in a few months over the sale of something else (Trump), which would be enough money to do a buyback, but he can't raise the money right now.

2. If the Powers that Be (or the judge) make the above impossible (and I'm sure they would try), the next best thing is to decide which property means the most to him. Is it Trump Tower? Wall Street? His resort and golf course in Ireland? Is there a similar one in Scotland, etc.?

Anyway, he decides what he wants to keep the most and then looks at ALL of his other properties and tries to find a buyer in the limited time he has left to do this. Be open to "firesale" prices if he gets the money he needs.

Otherwise, that Judge has already said she will start selling his properties out from under him, and I'm sure she is wringing her hands with glee at the thought of "confiscating" Trump Tower. She will sell it for much less than it is worth (but still make a lot of money) and make sure the buyer is someone who will NEVER sell it back to Trump, no matter what the outcome eventually is.

So even if Trump "wins" on appeal, he loses his New York home or business center. I think this was the reason for such a ridiculous fine. It is probably unconstitutional, but the screwy laws in that State mean he can't appeal until he pays (or has a bond) for the amount of the judgment.
 
Fenwick Babbitt

Fenwick Babbitt

Veteran Member
BadMedicine

BadMedicine

Would *I* Lie???
Fenwick Babbitt said:
Go fundme we'll never allow that money to be used, the have a history of screwing over conservative fundraisers, best way is directly to Trump,
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Then they have to refund eacho ne and JUST HTE ADMINISTRATION OF THAT will cost those commies TENS OF THOUSANDS. Worth it. The money/ support raised IS the message.

I just thought we'd see more III%'s by now. None of these SF's folks back from the sandbox are going to put a stop to the lunacy? I am REALLY surprised all this FA hasn't elicited any FO yet. Some folks too dumb to live, and it shows.
 
tnphil

tnphil

Don't screw with an engineer
Fenwick Babbitt said:
Go fundme we'll never allow that money to be used, the have a history of screwing over conservative fundraisers, best way is directly to Trump,
Click to expand...
GFM has no choice, they have to pay out the donations.
As a reminder, GFM makes their money off of tips, not a percentage of the amount donated.
 
tnphil

tnphil

Don't screw with an engineer
Bubble Head said:
Just sent a donation via tnphil go fund me site. Spread the word on any social media you use. Let’s blow this over the top.
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Yeah, I donated as soon as I saw it. I'm really surprised there haven't been more donations. I suspect a lot of people just aren't aware.
Kaylee Gain's GFM has already hit $343K and Trump's is only at $1.3M...
 
Dennis Olson

Dennis Olson

Chief Curmudgeon
_______________
The Deep State wants him broken; penniless, friendless, and in solitary confinement for the rest of his life. They’ll do anything, legality be damned, to make that happen. Remember when I said Trump would have to leave the country to be left alone? This is the kind of crap I was talking about.
 
N

Nancy in OK

Senior Member
Melodi said:
If I were forced against a wall to do this, I would suggest two possible solutions if I were one of his advisors.

1. See if a friend or trusted business person could buy one of his businesses with the understanding (in writing) that Trump could repurchase it later at the same price (or with a specific mark-up; this is business, after all) if he is cleared on appeal (or becomes President. He is supposed to make billions in a few months over the sale of something else (Trump), which would be enough money to do a buyback, but he can't raise the money right now.

2. If the Powers that Be (or the judge) make the above impossible (and I'm sure they would try), the next best thing is to decide which property means the most to him. Is it Trump Tower? Wall Street? His resort and golf course in Ireland? Is there a similar one in Scotland, etc.?

Anyway, he decides what he wants to keep the most and then looks at ALL of his other properties and tries to find a buyer in the limited time he has left to do this. Be open to "firesale" prices if he gets the money he needs.

Otherwise, that Judge has already said she will start selling his properties out from under him, and I'm sure she is wringing her hands with glee at the thought of "confiscating" Trump Tower. She will sell it for much less than it is worth (but still make a lot of money) and make sure the buyer is someone who will NEVER sell it back to Trump, no matter what the outcome eventually is.

So even if Trump "wins" on appeal, he loses his New York home or business center. I think this was the reason for such a ridiculous fine. It is probably unconstitutional, but the screwy laws in that State mean he can't appeal until he pays (or has a bond) for the amount of the judgment.
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He has no control. The judge put a federal judge over everything. She gets to decide what can be sold or if it can be sold and he gets to pay her 2.9 million on top of that. They have tied his hands knowing full well he can’t get that bond.
 
tnphil

tnphil

Don't screw with an engineer
Dennis Olson said:
The Deep State wants him broken; penniless, friendless, and in solitary confinement for the rest of his life. They’ll do anything, legality be damned, to make that happen. Remember when I said Trump would have to leave the country to be left alone? This is the kind of crap I was talking about.
Click to expand...
And if We The People tolerate this shit, this absolute persecution, we are just as culpable as the commies in allowing the nation to swirl down the bowl.
TINVOWOOT aside, I don't appreciate Demoncrats protecting "our democracy" by telling me who I can and cannot vote for.

I don't see a "clean" way out of our current situation, only the ugly way.
 
The Cub

The Cub

Behold, I am coming soon.
Dennis Olson said:
The Deep State wants him broken; penniless, friendless, and in solitary confinement for the rest of his life. They’ll do anything, legality be damned, to make that happen. Remember when I said Trump would have to leave the country to be left alone? This is the kind of crap I was talking about.
Click to expand...
yes.....and to send a message to the rest of the White Hats.
 
Fenwick Babbitt

Fenwick Babbitt

Veteran Member
tnphil said:
GFM has no choice, they have to pay out the donations.
As a reminder, GFM makes their money off of tips, not a percentage of the amount donated.
Click to expand...
In the past they've collected the funds and then withheld them from the intended recipient by issuing refunds to all who donated, essentially denying the recipient the funds. They did it to the Canadian Truckers.

www.salon.com

DeSantis to "investigate" GoFundMe for withholding money from anti-vax Canadian trucker protest

Florida governor sides with Canadian truckers who've paralyzed Ottawa for a week, want all COVID rules lifted
www.salon.com www.salon.com

"Over the past two weeks, supporters of the Freedom Convoy have managed to raise roughly $10 million for the movement through GoFundMe, much of it apparently coming from conservative donors in the U.S. On Friday, the fundraising platform announced that it would prevent participants of the demonstration from receiving any of the funds, instead vowing to refund donors and redirect any remaining funds to various charities."
 
tnphil

tnphil

Don't screw with an engineer
Fenwick Babbitt said:
In the past they've collected the funds and then withheld them from the intended recipient by issuing refunds to all who donated, essentially denying the recipient the funds. They did it to the Canadian Truckers.

www.salon.com

DeSantis to "investigate" GoFundMe for withholding money from anti-vax Canadian trucker protest

Florida governor sides with Canadian truckers who've paralyzed Ottawa for a week, want all COVID rules lifted
www.salon.com www.salon.com

"Over the past two weeks, supporters of the Freedom Convoy have managed to raise roughly $10 million for the movement through GoFundMe, much of it apparently coming from conservative donors in the U.S. On Friday, the fundraising platform announced that it would prevent participants of the demonstration from receiving any of the funds, instead vowing to refund donors and redirect any remaining funds to various charities."
Click to expand...
If that is true, that should be the end of GFM. I would not be satisfied with the refund of my donation-I also want a refund of my "tip" and any interest they made from donated money.
 
et2

et2

Has No Life - Lives on TB
We’re next. This isn’t a shot across the bow. Biden said they would remove him from the ballot using every legal means they had. Yes he did. They don’t need no Supreme Court.

Annnnnd the Republicants are where …. Crickets. They’re letting Bidens lawfare brown shirts destroy us. Republicants politico’s are next. Then us.
 
Dennis Olson

Dennis Olson

Chief Curmudgeon
_______________
No. Th
et2 said:
They’re letting Bidens lawfare brown shirts destroy us. Republicants politico’s are next. Then us.
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The alleged “republicans” (spit) are in the club. They perform a vital role for the DS, keeping citizens thinking that they’re actually trying to help us. They’re not. And thinking that they are just shows how deep the programming has been implanted.
 
Toosh

Toosh

Veteran Member
This man is not going to back down. If he's banned from doing business there, why would he want properties, anyway? He can't sell them by next week. He can't even complete bankruptcy. He would walk away and let them take it just to make a statement.

Let's say they take his NY properties, that's a business loss and a tax deduction at the state and federal levels. Then what will the state do with it? It will cost taxpayers dearly for the state to own and operate properties until they can sell it.

It will also cause the closing of millions of other businesses who do not wish to suffer as Trump. The state will soon have no tax base to cover expenses. I read somewhere that he employed about 20,000 people in NYC - let's say they make an avg of $30,000 - that's a lot of people out of work - again reducing the tax base.

Until the good people of NYC stand up and make serious noise to protect what they have - from fire fighters to Trump, this will continue. In my opinion, this is up to the citizens of NYC. If they don't make a stand it's only going to get worse for them. Can you say, "John Galt."
 
jward

jward

passin' thru
they grow ever more comfortable being open about the banana republic rules they are using to form their toxic cesspool paradise.

With every day, and outrage, that comes to pass i become more convinced that any chance of righting this ship is going to take far more than complaining from behind the safety of screens; someone's going to need to do some bleeding, crying and dying.


Dennis Olson said:
The Deep State wants him broken; penniless, friendless, and in solitary confinement for the rest of his life. They’ll do anything, legality be damned, to make that happen. Remember when I said Trump would have to leave the country to be left alone? This is the kind of crap I was talking about.
Click to expand...
you forgot "dead" : (

tnphil said:
And if We The People tolerate this shit, this absolute persecution, we are just as culpable as the commies in allowing the nation to swirl down the bowl.
TINVOWOOT aside, I don't appreciate Demoncrats protecting "our democracy" by telling me who I can and cannot vote for.

I don't see a "clean" way out of our current situation, only the ugly way.
Click to expand...
I agree we share culpability- we sat for too long, and there are too many leftist spreading their toxin in bureaucracies all across this nation to hope to weed them all out and promote meaningful culture change, just by virtue of putting someone(s) in public office- but we have that one ACE up our sleeves: "men plan and Gods laugh"
 
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