Donald J. Trump offered a New York appeals court on Wednesday a bond of only $100 million to pause the more than $450 million judgment he faces in his civil fraud case, saying that he might need to sell some of his properties unless he gets relief.UPDATE: "An appellate court judge promptly denied Mr. Trump’s emergency request to halt the financial judgment, but... Mr. Trump can try again with a panel of five appellate court judges...." (NYT).
It was a stunning acknowledgment that Mr. Trump, who is racing the clock to either secure a bond from a company or produce the full amount himself, lacks the resources to do so. Without a bond, the New York attorney general’s office, which brought the fraud case, could seek to collect from Mr. Trump at any moment....
February 28, 2024
A stunning acknowledgment?
I'm reading "Trump Says He Might Have to Sell Properties to Pay $454 Million Penalty/The ex-president, who is appealing the penalty in his civil fraud case, offered a bond of only $100 million to pause the judgment" (NYT):
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58 comments:
Stunningly Orwellian.
https://ricochet.com/1546885/trump-fraud-verdict-shows-political-overreach/
Embrace the decline.
Not necessarily a bad thing. Sell first any property that has depreciation burnout.
Why is it stunning.
I'm sure that with all of his businesses, there is a reason to keep a certain amount of cash on hand.
If he spends all his cash it might affect those businesses.
'Billionaires' don't (in fact never) have their net worth in cash.
Do you think Musk backs Trump on securing the bond?
Let's say he sells some properties to raise the money, and because his motivation as a seller is widely known, he gets less than market value (which is a foreseeable result of the current situation). Let's further say that he wins on appeal, or just has the fine substantially reduced.
What then? How will the system make him whole?
What's stunning about not having half a billion in cash lying around?
What a crock this entire case is.
"Without a bond, the New York attorney general’s office, which brought the fraud case, could seek to collect from Mr. Trump at any moment"
Does anyone anywhere have any doubt at all what they'll end up doing?
Trump is invested in America. The warlock judgment will force him to divest in order to challenge the consensus of hunters. Progress.
Orange man bad. Mumble mumble mumble.
I get a paycheck for affirming that the orange man is bad?
I thought that was the point of the Judge's decision. It means the penalty of Trump losing his NY business assets occurs whether he wins an appeal or not. I'm sure the sycophants will gloat over this acknowledgement while not understanding how the polls now favor Trump.
When there is no private entity to protect with an appeal bond, what is the justification for not accepting the $100 million, relying on his real estate holdings to protect the rest? Particularly because the stated intended path to collecting immediately would just involve selling off that real estate anyhow?
Also, what is the "stunning admission?" That Trump, like every single other normal human being on the planet, doesn't keep a half a billion dollars in cash on hand? Should he have kept that as "walking-around money" like Willis did?
The next time I get a speeding ticket I offer to pay 20%.
Or as some victimless crimes more victimless?
The State of New York will lose tens of billions in tax base over this malicious prosecution; New York County alone will lose at least a billion.
Between luxury hotels occupied by illegals with 10 thousand dollar cash cards loaded by the NYC taxpayer, criminals unprosecuted and running free to assault and thieve, and property easily seized by power-mad judges, why would anyone invest a dime in that Sodom?
What percentage of your net worth is liquid? Carlos Slim might have a half billion in his petty cash drawer, but even that seems dubious.
A stunning acknowledgment that he doesn't have $450 million in walking around money?
Idiots.
Is he just exhausting remedies / building his case?
It seems the more he attempts to do something like this, the stronger his case under federal law that the process shocks the conscience, violates fundamental procedural and substantive due process, and of course the 8th amendment, etc.
Not my area, and I have not been following too closely because it's too depressing. But I do think he wins (eventually) in federal courts.
Imagine how sympathetic of a figure Trump is becoming to independents.
I think I speak for a lot of moderates: I was raised a democrat (even voted for Carter). I dislike Trump and consider myself pretty moderate. But I have never, ever, ever despised the f-ing Democratic party more than I do right now.
Not even billionaires have $400M-odd lying around in a bank account.
This is what it always was - a bill of attainder by other means.
Without a bond, the New York attorney general’s office, which brought the fraud case, could seek to collect from Mr. Trump at any moment...
Hence making him the victim yet once more, and to a higher degree. They think that if they manage to pants Donald Trump in this manner, it will hurt him. Like he won't be able to leverage that into a few hundred thousand more votes in the primaries. Are these people that clueless about human nature, or are they so consumed by Trump hatred that they cannot help themselves?
Oh, there. I went and answered my own question, didn't I? How's it going in Atlanta? How do those polls look?
Trump would have to sell properties? If this was Biden, he would have to go hat in hand to the Chinese. Russians and Ukrainians for the cash since they are his main financial backers. Although we all know our propaganda media would go defcon 5 hysterical if this kind of lawfare was ever used against their preferre(D) party.
That's what lawfare is supposed to do.
A man who made a fortune in real estate has most of his wealth tied up in large assets. Shocking, I know.
The whole point of such a large penalty was to ensure that Trump couldn't easily pay it.
Would the court be satisfied if Trump put up a pound of flesh?
Can't he get Mexico to pay it just like they paid for the wall?
It’s not like wealthy families have hundreds of millions in cash sitting around to accommodate leftie asshole judges, though some of our clients are asking if they should. It would take weeks to liquidate what is needed for pe and hedge clients. A real estate portfolio presents a big problem…
Government being not so totalitarian is the real solution…
Not to worry, governor crap-pile says they would never come after ‘you’…
So these idiots think rich people just have immediate access to that much cash, which loses value at the rate of inflation? We are ruled over and “reported” to by morons.
- Rafe
Anyone would have to be an idiot to try to run a business in New York anymore. The courts have been weaponized against anyone who steps out of line. It is a lawless place in the streets, in the courts, and in the government.
Dave Begley said...
"Not necessarily a bad thing. Sell first any property that has depreciation burnout."
Sell some of his soon to be worthless NY properties.
Mark.
Sometimes, when you feel the urge to comment, just let the idea sit in the container for awhile before you open the lid. That way you save an idea and we don't think you're an idiot.
The comments in this article are something to behold. Never think the readers of the NYT are a bright bunch.
If NY grabs Trump Org-owned properties under the judgment while an appeal is pending, that might constitute a "taking" in violation of the 5th Amendment, giving Trump Org a way to get the issue into federal court. There's no justice for Trump in NY State courts, but federal courts? Maybe.
How rich do you have to be to challenge the Democrats?
NY AG Latisha James filed a civil lawsuit against Donald Trump and his failsons for business fraud practices on 9/21/2021 to recover disgorgements against the people of New York with the initial expectation of a $250 million judgment but which grew to more than $350 million when the verdict was handed down 29 months later. During that time, no care was taken to acquire liquid assets to fund the payment of such a large sum. TFG also moved $40 million in cash from New York to Florida despite an order from the judge to keep these funds in New York.
After Trump claimed in his deposition and Alina Habba stated to the media that he had "plenty of cash" to put up the money to stay the imposition of any judgments pending appeal, it appears that was all just a lie like everything else. So now it comes down to an offer to post $100 million to facilitate an appeal. In his latest filing, Trump says that he needs an emergency stay because he doesn’t have the cash and would have to sell some of his properties to raise it. So where were you, Mr Spic & Span, when the shit hit the fan? Perhaps you should talk to your son-in-law about a bond?
Can't he get Mexico to pay it just like they paid for the wall?
Since Biden did away with Trump's Remain in Mexico policy, we sure as fuck are paying for it now, just ask Mayor Adams.
Maybe Trump should try one of those reverse mortgages...
"That way you save an idea and we don't think you're an idiot."
I'm sure you meant well but that ship has sailed.
Any means necessary? Democrat trolls love trashing the American Dream.
It's one reason why I support abortion to term.
You have to be a dumbass to pay the speeding ticket, just take the driver safety course and get the discount on your insurance.
When there is no private entity to protect with an appeal bond, what is the justification for not accepting the $100 million, relying on his real estate holdings to protect the rest? Particularly because the stated intended path to collecting immediately would just involve selling off that real estate anyhow?
Agree 100%, TommyEsq. The court's rejection of this just demonstrates that the purpose of this prosecution is purely vindictive and political.
A very sad state of affairs for the NY Court system.
Mark said:
The next time I get a speeding ticket I offer to pay 20%.
Or as some victimless crimes more victimless?
Suppose the speeding ticket is for $100,000. And you weren't speeding. But you're in Texas, and they don't like your kind.
The law is the law. Right?
The absence of Democrat voices condemning both the judgment and its vicious enforcement terms tells us a great deal about the kind of country we've got. It's much worse than I once thought.
It makes me and many others feel that a significant change in our government is needed.
Too many people aren't yet paying attention.
A judgment of an improbable assessment with neither plausible risk nor actual victim(s) of an alleged crime. Redistributive change... progressive prices and forward-looking risk for diversity, equivocation, and inclusion. Ok (no pun intended).
Embrace the decline.
Progressive (i.e. unqualified monotonic change) liberalism (i.e. philosophy of divergence): one step forward, two steps backward with queer adjustments.
I'm involved in an effort to collect on a nine-figure judgment. Assuming the focus is on assets in the jurisdiction of the judgment, the normal procedure would be to apply for one or more writs of attachment on real and/or substantial personal property (like stocks and bonds). When granted, that would put the judgment creditor ahead of other, unsecured creditors, but behind recorded mortgage holders, etc. At that point, there would not be a need to rush to foreclose on the property or properties. One can also register the NY judgment in other states under the Uniform Enforcement of Foreign Judgments Act and start writ proceedings there.
I assume the appeal will be decided by the NY Appellate Division in a reasonable amount of time, with possible application by the losing side to the Court of Appeals, which has discretionary review powers. If the AG has been victorious, she can foreclose on her attached assets or negotiate substitution of assets to satisfy her judgment. The nice thing about judgment debtors with substantial real estate is that they cannot readily make off with their assets.
gadfly the lickspittle.
I hope life gets more than a little difficult for Letitia James, Jack Smith and Alvin! Bragg.
After reviewing the text messages between Ashleigh Merchant and Terrence Bradley, Fani “Whatchu talkin’’bout” Willis is proper rogered.
The next time I get a speeding ticket I offer to pay 20%.
Or as (sic) some victimless crimes more victimless?
As opposed to exceeding the posted speed limit, just what law did Trump break?
Be specific.
Mark said...
The next time I get a speeding ticket I offer to pay 20%.
Or as some victimless crimes more victimless?
2/28/24, 2:17 PM
The next time cops show up at the door to arrest you for speeding an unknown number of years ago when there was no citation given, and the judge demands that your bank accounts be garnished, then we'll listen to your fucking retarded democrat party member hypotheticals, you fucking, worthless maggot.
Trump should now that even a black woman keeps six months cash reserves in their home lock box in case of emergencies.
“Amendment VIII
Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.”
As the Governor of New York has stated, other business people don’t have to worry about the same thing happening to them because the government singled out Trump. Ok, that might be a legal problem. Testimony during the trial was that no one lost any money, so how is it fraud? And how is a fine of over $300 million for non-existent fraud not an excessive fine? But who cares about the Constitution? Orange Man bad!
We're I a billionaire businessman looking to invest in New York, this lawfare against Trump would make me think twice about spending one thin dime in that open air lunatic asylum.
Michael Fitzgerald - for the win.
F U C K the Soviet left.
Dear rich investors - stay away from NY. Let it rot.
Also from the NYT: "The New York attorney general, Letitia James, on Wednesday sued JBS USA, the American arm of the world's largest meatpacker, accusing the company of making misleading statements about its efforts to reduce greenhouse gas emissions."
So much for Governor Hochol's claim that Trump's case was a one-off! I'm guessing their plan is to make real estate worthless in NY so they can really sock it to Trump. Someone should read up about the law of unintended consequences...
he might need to sell some of his properties unless he gets relief.
It was a stunning acknowledgment...
The NYT thinks billionaires are like Scrooge McDuck.
Just swimming in hundreds of millions of dollars.
They got a cash room in the house.
Saint Croix
It's called the "peasant theory of economics". (1)All rich people hoard their wealth in cash.(2)If you are wealthy you stole that wealth from the peasants.(3)If we steal your wealth we'll become richer.
That is peasants and leftists believe. 11th century enlightenment.
The Godfather.
Readering says it pretty well. Normally even in a fraud case the judge will give the defendant time to liqidate assets to arrange restitution. Actual cash may be siezed right away but sales of assets can take awhile and the judge knows this. Taking the assets in lieu of cash isn't a very bright move.
The judge is treating this like a drug case.
So, suppose this fine stays in force...
They won't come after me. I'm not a Bad Orange Man.
But they'll come after cattle producers using global warming as the pretext...
They'll come after ??? based on ??? what? Pronouns/suicides of trans kids, car companies because lower level models have lesser theft protection than higher priced models (already happening), Texas sending illegals ??? Any other wet dream of the left.???....
Pretty soon the cause may become less relevant than the cash.
As the rich flee the fleecing all governmental eyes will fall on the remaining few wealth producers. Settlements to avoid the wrath/bad publicity/court costs? Why not?
Hell California even wants your money after you leave the state.
Good luck being the last snack of the 'gator.
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