NY - $250m fraud against Former President Donald Trump, Trump Org., Eric, Donald Jr., Sept 2022, Trial 2 Oct 2023, #2

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Cool Cats said:
news.yahoo.com

Trump faces 'insurmountable difficulties' in securing $464M bond in civil fraud case, his attorneys say

Former President Donald Trump is facing "insurmountable difficulties" in obtaining a bond to satisfy the $464 million civil fraud judgment, his attorneys said Monday in a new appellate court filing, and the magnitude of which would require him to use real estate as collateral. Judge Arthur...
news.yahoo.com news.yahoo.com
Click to expand...

So... he has until Sunday, 3/24/24 to come up with $$$ - right? Judge did not grant his appeal for a lower bond - right? TIA! :)
 
Niner said:
So... he has until Sunday, 3/24/24 to come up with $$$ - right? Judge did not grant his appeal for a lower bond - right? TIA! :)
Click to expand...

It sounds like it is in another court now - the appellate court.


In a court filing on Monday, Mr Trump's lawyers urged a mid-level state appeals court to delay enforcement of the judgement, arguing the amount was excessive. It was unclear when the court, known as the Appellate Division, would rule.

The lawyers asked that Mr Trump instead be allowed to post a $US100 million bond while he appeals the judgement.

www.abc.net.au

Trump risks assets being frozen as 30 companies reject $690m bond applications

Thirty surety companies rejected the former US president and others' applications for a bond to pay off the judgement. He has until March 25 to pay the amount in full.
www.abc.net.au www.abc.net.au
 
Last edited:
Niner said:
So... he has until Sunday, 3/24/24 to come up with $$$ - right? Judge did not grant his appeal for a lower bond - right? TIA! :)
Click to expand...

He is still appealing.

Trump will continue to accrue interest on the fine during his lengthy appeal of Engoron's ruling, unless he deposits the full amount of the fine into an escrow account.

While Trump's appeal will prompt an automatic stay of the enforcement of Engoron's ruling, Trump needs to first put money into an escrow account or post a bond in order to appeal.

If Trump decides to post a bond to cover the fine during his appeal, the interest will continue to accrue during his appeal, adding potentially tens of millions of dollars in the process.
 
NY AG blasts Trump for ‘unreliable’ claim he can’t secure bond for $454 million fraud judgment - Courthouse News Service

The New York Attorney General’s Office cast doubts over Donald Trump’s assertion that posting a bond for his half-billion-dollar civil fraud judgment is a “practical impossibility.”
.....
“Defendants’ argument that obtaining a full bond is purportedly impossible is based on the false premise that they must obtain a single bond from a single surety for the entire judgment amount of $464 million,” state attorney Dennis Fan wrote in a Wednesday filing. “But appealing parties may bond large judgments by dividing the bond amount among multiple sureties, thereby limiting any individual surety’s risk to a smaller sum, such as $100 or $200 million apiece.”
.....
Fan said Wednesday that there is “nothing unusual about even billion-dollar judgments being fully bonded on appeal.” He cited four cases, with posted bonds ranging from $1 billion to $1.54 billion, in which the appealing parties did just that.

Trump blamed his bond difficulties, in part, on sureties being unwilling to accept his properties as collateral. But Fan says Trump has offered “no documentary evidence” that demonstrates which properties he offered or why the sureties were hesitant to accept them.

“As far as the court can infer, sureties may have refused to accept defendants’ specific holdings as collateral because using Mr. Trump’s real estate will generally need ‘a property appraisal’ and his holdings are not nearly as valuable as defendants claim,” Fan said.
....
Fan also blasted the “unreliable” sources Trump used to voice these concerns in the first place, namely two affidavits filed Monday to back up his claims that getting a bond would be “impossible.” One was from Connecticut mega broker Gary Giulietti, who Fan said failed to disclose that he was a paid expert witness for Trump. The other was from Trump Organization general counsel Alan Garten, whom the court found to be “personally involved in the fraudulent and illegal conduct.”
....
As it stands, Trump has until March 25 to secure the judgment before New York Attorney General Letitia James starts seizing his assets, putting a number of his state properties on the chopping block.

 
Smelly Squirrel said:
NY AG blasts Trump for ‘unreliable’ claim he can’t secure bond for $454 million fraud judgment - Courthouse News Service

The New York Attorney General’s Office cast doubts over Donald Trump’s assertion that posting a bond for his half-billion-dollar civil fraud judgment is a “practical impossibility.”
.....
“Defendants’ argument that obtaining a full bond is purportedly impossible is based on the false premise that they must obtain a single bond from a single surety for the entire judgment amount of $464 million,” state attorney Dennis Fan wrote in a Wednesday filing. “But appealing parties may bond large judgments by dividing the bond amount among multiple sureties, thereby limiting any individual surety’s risk to a smaller sum, such as $100 or $200 million apiece.”
.....
Fan said Wednesday that there is “nothing unusual about even billion-dollar judgments being fully bonded on appeal.” He cited four cases, with posted bonds ranging from $1 billion to $1.54 billion, in which the appealing parties did just that.

Trump blamed his bond difficulties, in part, on sureties being unwilling to accept his properties as collateral. But Fan says Trump has offered “no documentary evidence” that demonstrates which properties he offered or why the sureties were hesitant to accept them.

“As far as the court can infer, sureties may have refused to accept defendants’ specific holdings as collateral because using Mr. Trump’s real estate will generally need ‘a property appraisal’ and his holdings are not nearly as valuable as defendants claim,” Fan said.
....
Fan also blasted the “unreliable” sources Trump used to voice these concerns in the first place, namely two affidavits filed Monday to back up his claims that getting a bond would be “impossible.” One was from Connecticut mega broker Gary Giulietti, who Fan said failed to disclose that he was a paid expert witness for Trump. The other was from Trump Organization general counsel Alan Garten, whom the court found to be “personally involved in the fraudulent and illegal conduct.”
....
As it stands, Trump has until March 25 to secure the judgment before New York Attorney General Letitia James starts seizing his assets, putting a number of his state properties on the chopping block.

Click to expand...
interesting that Ivanka managed to get herself out from in front of the bus that was coming and chooses not to help dear old dad in his current situation, considering her and Jared's net worth is more than adequate to cover the bonding and act as sureties. But she is content to let him hawk tennis shoes to try to raise funds :D
------------------------
Some legal experts swiftly chimed in to deride that argument as a poor excuse to avoid a court summons — especially for Ivanka Trump and her husband, Jared Kushner, whose combined net worth has been estimated to exceed $1 billion and can likely afford adequate child care.
https://www.cnbc.com/2023/11/08/trump-trial-ivanka-trump-testifies-in-ny-ag-business-fraud-case.html
 
tlcya said:
interesting that Ivanka managed to get herself out from in front of the bus that was coming and chooses not to help dear old dad in his current situation, considering her and Jared's net worth is more than adequate to cover the bonding and act as sureties. But she is content to let him hawk tennis shoes to try to raise funds :D
------------------------
Some legal experts swiftly chimed in to deride that argument as a poor excuse to avoid a court summons — especially for Ivanka Trump and her husband, Jared Kushner, whose combined net worth has been estimated to exceed $1 billion and can likely afford adequate child care.
https://www.cnbc.com/2023/11/08/trump-trial-ivanka-trump-testifies-in-ny-ag-business-fraud-case.html
Click to expand...
My guess would be that the Kushner's new worth is largely illiquid and maybe within partnerships that would be complicated to unravel.

Of course, that does present the opportunity for some of Kushner's business associates to themselves offer to front money to tRump. Saudi Arabia seems to be eager to throw money around these days.
 
Lisa Rubin
@lawofruby

If NY Attorney General is able to start enforcing her judgment as soon as next week, don’t expect Trump Tower to top her list. Why? Because as recently as August ‘23, Trump reported Axos Bank still has an outstanding loan on that property for “over $50,000,000.”

Yes, this list of his liabilities is from six-plus months ago, and there has been public reporting that certain loans have been refinanced. But don’t sleep on the fact that this disclosure was signed by Trump himself—and that he initialed each page.

And giving credit where it’s due, you can find Trump’s August 2023 Office of Government Ethics disclosure — in 3 parts — where I did: through @CREWcrew which obtained it in October and has posted all three parts for all to see:

www.citizensforethics.org

Donald Trump’s OGE certified 2023 financial disclosures - CREW | Citizens for Responsibility and Ethics in Washington

CREW obtained Donald Trump’s Office of Government Ethics certified 2023 financial disclosures.
www.citizensforethics.org www.citizensforethics.org

1710963878401.jpeg
 
Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.

The former president's lawyers notified the court that none of 30 underwriting entities they approached would finance the half-billion bond he needs to pay as he appeals the fraud judgment, which means the New York attorney general's office could begin seizing his properties next week if he fails to pay by Monday's deadline.

"KEEP YOUR FILTHY HANDS OFF TRUMP TOWER!" reads a fundraising email sent to supporters. "Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. THIS INCLUDES THE ICONIC TRUMP TOWER!"

www.rawstory.com

'Filthy hands off Trump Tower!' Frantic fundraising plea issued as fraud deadline nears

Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.The former president's lawyers notified the court that none of 30 underwriting entities they approached would...
www.rawstory.com www.rawstory.com
 
sds71 said:
Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.

The former president's lawyers notified the court that none of 30 underwriting entities they approached would finance the half-billion bond he needs to pay as he appeals the fraud judgment, which means the New York attorney general's office could begin seizing his properties next week if he fails to pay by Monday's deadline.

"KEEP YOUR FILTHY HANDS OFF TRUMP TOWER!" reads a fundraising email sent to supporters. "Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. THIS INCLUDES THE ICONIC TRUMP TOWER!"

www.rawstory.com

'Filthy hands off Trump Tower!' Frantic fundraising plea issued as fraud deadline nears

Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.The former president's lawyers notified the court that none of 30 underwriting entities they approached would...
www.rawstory.com www.rawstory.com
Click to expand...

He doesn't own Trump tower, just the lease. I saw that on the news yesterday.

2 Cents
 
sds71 said:
Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.

The former president's lawyers notified the court that none of 30 underwriting entities they approached would finance the half-billion bond he needs to pay as he appeals the fraud judgment, which means the New York attorney general's office could begin seizing his properties next week if he fails to pay by Monday's deadline.

"KEEP YOUR FILTHY HANDS OFF TRUMP TOWER!" reads a fundraising email sent to supporters. "Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. THIS INCLUDES THE ICONIC TRUMP TOWER!"

www.rawstory.com

'Filthy hands off Trump Tower!' Frantic fundraising plea issued as fraud deadline nears

Donald Trump sent out a frantic fundraising plea centered around the possibility that Trump Tower might be seized as part of the massive New York fraud judgment leveled against him.The former president's lawyers notified the court that none of 30 underwriting entities they approached would...
www.rawstory.com www.rawstory.com
Click to expand...
He'll start calling it "The Peoples Tower"' I bet!
 
news.yahoo.com

Key questions as Trump hurtles toward deadline to pay $454 million fraud penalty

Donald Trump is hurtling toward a critical deadline in his most costly legal battle to date. If the former president doesn’t come up with a financial guarantee by Monday, New York’s attorney general can start the process of collecting on the more than $454 million Trump owes the state in a...
news.yahoo.com news.yahoo.com

COULD NEW YORK REALLY SEIZE TRUMP’S ASSETS?
COULD IT HAPPEN SOON?
WHY DOES TRUMP OWE THIS MONEY?
COULD TRUMP PAY IF HE WANTED?
ARE THERE OTHER WAYS TRUMP COULD RAISE THE MONEY?
COULD TRUMP DECLARE BANKRUPTCY?
 
Cool Cats said:
news.yahoo.com

Key questions as Trump hurtles toward deadline to pay $454 million fraud penalty

Donald Trump is hurtling toward a critical deadline in his most costly legal battle to date. If the former president doesn’t come up with a financial guarantee by Monday, New York’s attorney general can start the process of collecting on the more than $454 million Trump owes the state in a...
news.yahoo.com news.yahoo.com

COULD NEW YORK REALLY SEIZE TRUMP’S ASSETS?
COULD IT HAPPEN SOON?
WHY DOES TRUMP OWE THIS MONEY?
COULD TRUMP PAY IF HE WANTED?
ARE THERE OTHER WAYS TRUMP COULD RAISE THE MONEY?
COULD TRUMP DECLARE BANKRUPTCY?
Click to expand...
He can file bankruptcy (again), but he'll still be responsible for the civil judgement(s).
Teehee.
IMO.
 
New York state’s $454 million judgment against Donald Trump in a civil fraud lawsuit was formally registered in Westchester County just outside Manhattan, a sign that his properties in the area may be at risk of being seized if the former president fails to post an appeal bond.

New York Attorney General Letitia James registered the judgment on March 6, according to the Westchester County Clerk’s online database. The filing didn’t give a reason for the registration or identify any Trump assets, but it will allow James to more easily secure liens, should she decide to do so, on two of the real estate mogul’s most valuable properties: Trump National Golf Club Westchester and the mostly undeveloped 212-acre Seven Springs estate.

www.bloomberg.com

NY Gears Up to Seize Trump Westchester Assets If Fraud Fine Is Unpaid

New York state’s $454 million judgment against Donald Trump in a civil fraud lawsuit was formally registered in Westchester County just outside Manhattan, a sign that his properties in the area may be at risk of being seized if the former president fails to post an appeal bond.
www.bloomberg.com www.bloomberg.com

 
abcnews.go.com

Judge in Trump's civil fraud trial imposes monitor to oversee Trump Organization's finances

The judge in former President Trump's civil fraud trial has imposed a monitor to oversee the Trump Organization's finances.
abcnews.go.com abcnews.go.com

Effective Thursday, former President Donald Trump's namesake family real estate company has a babysitter.

New York Judge Arthur Engoron, who oversaw Trump's civil fraud trial, imposed a monitor over the Trump Organization as part of a judgment that also required Trump to pay a nearly-half billion dollar penalty.

Barbara Jones, a retired federal judge, has been overseeing the Trump Organization's finances since November 2022 as part of a preliminary injunction. She is now installed for the next three years.

As part of the arrangement, the Trump Organization must open its books to Jones, who has also been given the ability to suggest court-ordered changes in how the Trump Organization operates.

She must be notified about any large cash transfers, the creation or dissolution of assets, the restructuring of debt and "any efforts to secure surety bonds," according to Engoron's order issued Thursday.
 
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