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Time is growing short and many news outlets are gloating that President 45 Donald Trump is having trouble posting bond in the nearly $500 million judgement against him. Supposedly, before Trump can appeal the ri-duck-ulous judgement imposed by goony Judge Arthur Engoran, he must raise cash and get an insurance company to bond him (Trump) for the full amount. Yea, good luck with that.
From The Hill:
Former President Trump has less than a week to secure a half billion-dollar bond or risk the seizure of his assets as he challenges a trial court’s finding that he conspired to alter his net worth for tax and insurance benefits.
A New York judge found Trump liable for fraud last year ahead of a months-long trial that ended with the judge imposing a massive $464 million penalty on the Trump Organization.
Judge Arthur Engoron, who oversaw Trump’s civil fraud trial, ordered the former president to pay a $454 million judgment in line with penalties requested by the New York attorney general’s office, which sued Trump in 2022 over deceitful business practices.
With interest piling on an additional $112,000 each day Trump doesn’t pay, the former president now owes the state $456.8 million.
Trump’s lawyers are seeking to obtain a bond so that the enforcement of the eye-popping judgment would be automatically paused while they appeal Engoron’s ruling. But to obtain the bond, Trump must post collateral covering 120 percent of the judgment — more than $557 million, the lawyers said in a court filing.
A bond in the full amount is due March 25, the same day Trump’s hush money criminal trial was scheduled to get underway before a last-minute document dump delayed the proceeding by at least a month.
Congressweenie illustrates part of the problem. Democrats don’t understand the discipline of FINANCE:
Trump claims he is a billionaire. But he can’t pay a $464 million judgement. That means he is lying. How do I know? Math.#TrumpIsBroke https://t.co/OSS0nR8d6r
— Ted Lieu (@tedlieu) March 18, 2024
Lord help me Jesus. Poor Ted Lieu. One would think it would be painful to be that STOOPID. For those like Ted Lieu and his ilk (epic word), it is best to have about 10% of your portfolio in cash and marketable securities. If Trump was worth $1 billion, that would call for $100 million in cash. Does that make it clear? Trump Tower NYC is an amazing property located in Midtown Manhattan close to the flag ship Tiffanys, Bergdorf Goodman’s (Heaven) and Central Park. Its most recent valuation was about $1.9 billion with Trump holding about 30%. AG Letitia James would love to seize Trump Tower. And, New York courts would allow it. Remember he still has other properties in NYC plus hotels, resorts and golf courses in the Western world
Trump’s biggest hurdle
to posting bond is New York City politics and injustice. Chubb Insurance underwrote the bond in the E. Jean Carrol defamation case (a pox upon her). The blowback from bad press was immediate:
The CEO of the Chubb insurance company on Wednesday defended providing former President Donald Trump with a $91.6 million appeal bond in the case where he was found civilly liable for defaming writer E. Jean Carroll after she accused him of rape.
Chubb CEO Evan Greenberg, in a letter to investors, customers and brokers who expressed concerns about the bond, wrote that the decision to give Trump the bond “has nothing to do with the underlying merits” of the appeal, “or with favoring any of the parties in the case.”
“As the surety, we don’t take sides,” Greenberg wrote in the letter, which was obtained by CNBC.
“It would be wrong for us to do so and we are in no way supporting the defendant,” he wrote. “We are supporting and are part of the justice system plumbing included in this case.”
“I fully realize how polarizing and emotional this case and the defendant are and how easy it would be for Chubb to just say no,′ Greenberg wrote. “However, we support the rule of law and our role in it. We considered this the right thing to do and we frankly left our own personal feelings aside.”
There is a cloud of fear surrounding everything in the good old USA today, thanks to the likes of Letitia James and Arthur Engoron. As Stuart Varney says there is no justice in NYC. Brian Brenberg says the tip of the spear is Donald Trump, but it’s really about us:
Trump has asked the court to forego his posting bond and hear the appeal:
NY AG asks court to ignore Trump claim that posting $464M bond is 'practical impossibility'https://t.co/OkMAg8clxg
READ THE 8TH AMENDMENT!!!— Pat Morger (@PatMorger) March 20, 2024
What’s that about the Eighth Amendment?
The Eighth Amendment (Amendment VIII) to the United States Constitution protects against imposing excessive bail, excessive fines, or cruel and unusual punishments. This amendment was adopted on December 15, 1791, along with the rest of the United States Bill of Rights.[1] The amendment serves as a limitation upon the state or federal government to impose unduly harsh penalties on criminal defendants before and after a conviction. This limitation applies equally to the price for obtaining pretrial release and the punishment for crime after conviction.[2] The phrases in this amendment originated in the English Bill of Rights of 1689.
Too bad that under the Biden Regime we are in a post-Constitution Era.
Featured Image: Eden, Janine and Jim/flickr.com/cropped/Creative Commons
I can foresee an academic paper some time in the future that will examine how Trump Derangement Syndrome affects intelligence. They’ll probably find that it reduces it by somewhere around 20 to 30 points.
James is in a cleft stick, entirely of her own making – and will likely sharpen it even more by seizing Trump assets.
Trump Tower for example. As noted, Trump has only a 30% interest in it. Which, by the way, is unlikely to be an unfettered interest – part of it is probably serving as collateral on current loans.
First, the current creditors can sue New York State for payment on the debt – possibly full payment, if they successfully argue that the State does NOT have the Aa1 credit rating it currently enjoys, or won’t have it for very much longer. In any case, the State will be forced to take over the service of that secured debt.
Second, if the State wants to “cash out” on the seized property, they are going to have a VERY hard time doing so. Selling at anything less than the full value gives the owners of the OTHER 70% a basis for lawsuit for reducing the value of their asset.
Third – just who does the State sell it TO, at any price, when they’ve destroyed any incentive for putting money into New York State properties? Keeping it for the State ties up cash in required upkeep costs – while simultaneously removing it from the tax rolls.
Toni Williams says: The evil-doers maneuvering James are not smart enough to see beyond their own noses. Tumbleweeds will be rolling down Fifth Avenue at the rate they are going. I will miss Bergdorf’s.
Bruce says: Just your basic State Terrorism; writ VERY large.
NOT designed to work “as advertised” but to induce massive societal and economic collapses, This will be the sort of crisis that Rahm Emanual et al warned to NEVER let go to waste.
Social and political engineering on a continental scale.
The bonus for them is the prodigious amount of “spillage” that will be up for grabs in the chaos
A bit like the Nakatomi Tower caper scaled up, A LOY.
Toni Williams says: I had not thought of it as State Terrorism, but it’s exactly that.
A reader says: For starters, Trump doesn’t own Trump Tower. He does own the retail part and his condo, but not the whole thing. In most cases with most of his properties, he has a stake in them, or just licensed his name. So the valuation isn’t as big as it may seem.
But here’s the thing: you can’t use real estate to pay the bond. So he had to either find someone to loan him the money, which is highly unlikely. He has terrible credit and is known for not paying on his loans. Plus he’s a huge risk for an investor. Now it’s possible that a foreign government or rich person may be willing to pay the bond, but that opens up a whole can of worms. Because then he would be financially beholden to them and that’s a giant security risk. Seriously, just think about this as if it were Biden. Wouldn’t you be concerned to have a president with that financial stake hanging over his head?! Also, the judge would have to agree to the payment and the receiver overseeing the payment would be made aware of who it is. Again, that’s a security issue, especially national security, for a president.
If he can’t find someone to pay the bond, he does have to start selling things. It’s entirely possible that by the time the whole ordeal is over he’ll be virtually homeless. Face it, he simply doesn’t have the cash on hand— or liquid assets— to cover the payment. Billionaire he’s not. He has also thrown Junior— and I think the best the other kids— under the bus for the appeal of E Jean Carroll. If he loses, which he likely will, Jr. and the others can kiss the gravy train goodbye as their inheritance will be gone.
You see, you have to factor in legal fees as well. So the amount he’ll end up owing for all these cases is huge. And campaign finance laws dictate what can and cannot be used for payment.
The man is screwed essentially.
What ignorance is on display here.
James can seize New York State property, of course (which is a potential poison pill for her, unless she is very careful – see above). But you seem to believe that Trump has ALL of his assets in New York? Not even close, and he doesn’t even live there any longer. She’d have to go to other States to obtain any other properties – and judges in many of those States are NOT going to be sympathetic to her robbery – very unwilling to give the same signal to other investors in THEIR States.
Or she could file suit in Federal Court to get access to his out of State assets. Oooh, I hope she is THAT stupid. Letting this get out of her captive People’s Tribunals of the Democratic Republic of New York would be her last mistake – and put an extremely large hole in the already precarious State budget as the counter-suits for damages start rolling in.
BJ says: Not necessarily, according to Jonathan Last:
https://plus.thebulwark.com/p/how-im-helping-donald-trump-post-557-bond
Kevin says: Here’s how the Malignant Tumor can get out of this mess … all of his ardent, faithful, and devoted followers can get a second (third, fourth?) mortgage on their homes and give the money to him for his bond. If you believe in him that much, put your money where your mouth is. He’s drained his small donors the past four years where they can no longer cough up $10 for every desperate email he sends out (I must get 20 a day pleading for money).
You know he’ll pay you back. You gotta believe him just like when he says, “I never met that woman” or “I didn’t take state secrets” or whatever else that pours out of his mouth.
$450,000,000 divided by $100,000 (you must have at least that much in equity in your home) means that all he has to find is 4,500 donors. That shouldn’t be difficult. He’ll pay you back. Honestly.
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