Trump has been unable to get bond for $464 million judgment, his lawyers say

[Poiuyt]

Former President Donald Trump has not been able to get a bond to secure the $464 million fraud judgment against him, his lawyers said in a court filing Monday.

Trump and his company need to post a bond for the full amount by next week in order to stop New York Attorney General Letitia James from being able to collect while he appeals. They've asked an appeals court to step in in the meantime and said Monday that they have not had any success getting a bond.

"Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is 'a practical impossibility,'" the filing said. "These diligent efforts have included approaching about 30 surety companies through 4 separate brokers."

Their efforts, including “countless hours negotiating with one of the largest insurance companies in the world,” have proven that “obtaining an appeal bond in the full amount” of the Judgment “is not possible under the circumstances presented,” the filing said.

https://www.nbcnews.com/politics/donald-trump/trump-unable-get-bond-464-million-judgment-lawyers-say-rcna143860

[hatrack]

1. "Countless Hours" - yeah, bullshit.

They're lawyers, and they count every single hour.

[Think. Again.]

7. Good point...

...and I bet they're counting those hours a little more carefully since finding out he isn't the bottomless pit of cash he says he is.

[underpants]

18. Plus we know how many hours have passed since the ruling.

[LetMyPeopleVote]

2. This makes me smile

Here is a link to TFG's filing
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=LkIQgg7Dg2GXrJ4iSoe3tA==

Link to tweet

Link to tweet

[malaise]

10. Smile?

Will he jump from the Tower before Leticia seizes it?

[bluesbassman]

42. Sounds like TSF is caught between a rock and a hard place.

The law is pretty clear on this, if you want to appeal you have to put up a bond. Obviously his diligent and hard working attorneys have explained this to him and apparently he understands it because he came up with a bond in the Carroll case. Half a billion dollars is a little harder to come by though, and now he thinks the law doesn't apply because he made a few phone calls and got snubbed? Too bad sucker, start selling your shit!

[Aviation Pro]

47. And Motherfucker is liable for the taxes associated with the sale

Schaun Freude anyone?

[Timewas]

58. I seriously doubt

I doubt he has anything worth that amount that isn't already in hock to the hilt..

[mcar]

52. Are we, at long last,

in the FO portion of FAFO?

[VMA131Marine]

3. Judge to Trump:

“This seems like a you problem….”

Well, that’s what I would do. I thought Trump was supposed to be flush with cash! Apparently he isn’t as rich as he says he is.

[rurallib]

4. A cynic might say this is a guy who is ripe to take bribes

But I would not ever say that. After all, this is "Honest Don" we are talking about.

[albacore]

40. I believe that it's impossible to get a security clearance if you owe large amounts of money. nt

[erronis]

63. But you could be elected POTUS. Amazing, isn't it?

[rurallib]

75. And as POTUS you can give security clearance to someone who could not get clearance

For instance a POTUS could give his son-in-law clearance even though his SIL was hugely in debt. Say Trump could give Kushner clearance while he was in debt billions. Gawd I hope that never happens

[GoCubsGo]

62. A cynic might also wonder which state secrets are about to get sold.

Better keep an eye on Ivana's grave. "Honest Don" might need some of the stolen documents he probably has stashed there.

[Think. Again.]

5. Welcome to the real world, jackass.

[malaise]

6. Get thee to the greatest page

RFN!

[spanone]

8. So the 'billionaire' can't get a bond.

Start selling your shit, don.

[getagrip_already]

9. Time to start warming up the auction room...

It's probably a bit chilly in there. Turn the heat on and start moving in the folding chairs.

They are probably going to have to move a lot of properties to get to that number.

Maybe all of them.

[dalton99a]

11. What happened to your $10 billion, asshole?

[Ping Tung]

12. Trump's lawyers have spent "countless hours" trying to figure out how he's

going to stiff them when he goes broke.

[Scrivener7]

13. That is awesome!

[sinkingfeeling]

14. Gee, I thought TSF was a billionaire. So, why isn't he putting up his cash?

[LetMyPeopleVote]

15. Again, Trump confirms he doesn't have the money.

Link to tweet

[underpants]

19. Didn't he testify that he had $400M on hand?

In a deposition. I’m pretty sure he did.

[Irish_Dem]

39. Is Trump asking the court for special treatment?

A waiver for posting the bond or something?

[zanana1]

16. So insurance companies don't trust him either, huh?

[Chakaconcarne]

17. I thought he was covered by Chubb?

[underpants]

20. That was in the rape and defamation case

Last edited Mon Mar 18, 2024, 02:54 PM - Edit history (1)

$91M to appeal if memory serves

[Ocelot II]

25. He's not "covered by" Chubb. They wrote an appeal bond covering only the judgment

in the E. Jean Carroll case, but that deal applies only to that case. He's not covered for any other judgments; each appeal bond has to be issued separately for each judgment. Considering the amount involved in the NY judgment, and the fact that he's already on the hook for other large judgments and debts, it's not surprising that neither Chubb nor any other surety company wants to take on this one.

[hlthe2b]

21. Not enough onions in the world to get a tear from me on this...

[MOMFUDSKI]

22. Looks like Orban didn't come

bearing gifts. lol

[erronis]

65. No, I think Orban was expecting to leave with suitcases of $$$s

I bet trump has a color printer at MaL.

Order some more green cartridges, won't you flunky? Damn, where did everyone go?

[LetMyPeopleVote]

23. Trump has been unable to get a bond for the $464 million judgment in his New York civil fraud trial, his lawyers say

Link to tweet

[underpants]

24. Let Freedom ring ☎️

[LetMyPeopleVote]

26. Trump has been unable to get a bond for the $464 million judgment in his New York civil fraud trial, his lawyers say

Link to tweet

[Irish_Dem]

27. Most people cannot afford to appeal their court case?

Probably most people do not have the cash to post bonds and hire a legal firm to handle
appellate cases.

Does Trump expect to get special treatment?

[chicoescuela]

34. That's easy, yes. He has received special treatment for the last 78 years

[Irish_Dem]

41. He is not used to be told no.

Will be interesting to see how this plays out.

[TSExile]

28. Boo-hoo.

My heart bleeds. Serves him right!!

[tavernier]

29. And zero chance to buy a hooker who will spank him

when Malaria leaves. They don’t take IOU’s.

[TSExile]

31. Speaking of which...

...Barron's 18th birthday is on Wednesday. Looks like the $$$$ is drying up. With her kid becoming a legal adult, will she take what's left of the money and run? I hope she does.

[NJCher]

59. Poor trump

buy a hooker who will spank him

I've heard spankings with Forbes magazine are 10% extra, too!

[erronis]

70. I'm sure he has a few old copies of Forbes and Penthouse laying around

He can spank himself with the encrudded copies.

[yorkster]

30. Grab him by the assets....n/t

[lark]

32. No problem says the judge, start the liquidation of the properties immediately.

Please oh please!

[Meadowoak]

33. Throw his FAT ass in jail, rotten diaper and all.

[Wednesdays]

35. So, (serious question) what happens if Smelvis defaults?

I assume the government will seize his properties.

Then what happens if even that isn't enough?

[Irish_Dem]

36. Does this mean Trump doesn't have $400 million equity in his properties?

[appmanga]

37. This shouldn't be an issue...

...for a multi-billionaire who claims to be worth $10 billion. Trump is a broke boi con man

[AverageOldGuy]

38. Chubb??

According to what I read, Trump's businesses have done business with Chubb, the huge multi-national insurance, finance, etc., organization that bailed him out at the last minute with a $93 million bond in the E. Jean Carroll case.

Any reason Chubb would not bail him out now?

We will not know until the deadline passes. It could be that Chubb investigated, found that he had assets sufficient to cover $93 million but he could not cover anything close to $500 million.

For all the criticism directed at them for helping him with $93, I suspect the Chubb folks are not stupid.

[AverageOldGuy]

49. Answered my own question

I did what I should have done to begin with -- READ THE LINKED ARTICLE.

At the risk of violating DU rules about quoting too much, it seems as though The World's Sharpest Businessman has been turned down by EVERYONE HE HAS APPROACHED.

I'm heartbroken for him . . . aren't you?

From the NBC News article"

"Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is 'a practical impossibility,'" the filing said. "These diligent efforts have included approaching about 30 surety companies through 4 separate brokers."

Their efforts, including “countless hours negotiating with one of the largest insurance companies in the world,” have proven that “obtaining an appeal bond in the full amount” of the Judgment “is not possible under the circumstances presented,” the filing said.

The other bond companies will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities),” the filing said. He also noted those companies typically “require collateral of approximately 120% of the amount of the judgment” — which would total about $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," the filing said. That $18 million would not be recoverable even if Trump wins his appeal.

[NJCher]

69. I've been observing all along

that this is not just about delay. As you say about the $18 million, my observation has been that he is taking the expensive way out. $18 million, again, as you point out, is not recoverable.

That makes this a very expensive strategy. You don't incur expenses like this unless you have no choice.

He would have other options if he'd had the money, but he doesn't.

----------

On another but related topic, I think the above OP about Chubb only being willing to do the E. Jean Carroll bond seems to be a realistic assessment of the situation. If the lawyers are telling the truth (stop laughing!) about the largest insurance company, that would mean that the Germans turned him down. Allianz is by far and away the largest insurance company, followed by Axa in France and then Prudential in the States.

I'm sure everyone realizes now that trump's "wealth" has not passed the test, according to some of the best wealth investigators out there. This interested me because I used to do this as a p-t job while in grad school. I had to meet with company CEO's for an interview before they would be able to get very large income protection policies. At that time there were not enough databases to research their wealth, but that came shortly after I received my degree and had no more use for that job. However, I got a lot of $$ for each CEO interview! $1500!

[Johnny2X2X]

43. Typical

Trump could put up his own bond by offering the court a lien on one of his properties. But he wants a 3rd party to post it for him so he can grift them. And he knows giving a lien directly to the court makes the process of seizing his property extremely fast.

[NJCher]

71. that just might be what happens!

What a delicious thought. Let's make Letitia's job easier.

[jalan48]

44. He's falling apart and daddy isn't here to bail him out this time.

[RockRaven]

45. Protestations of "countless hours" and "diligent efforts" mean nothing

coming from this lot. Their reputation precedes them.

Your dog ate your homework so you can't turn it in? Then you get an F.

[OAITW r.2.0]

46. I imagine there is no real upside for Trump to liquidate assets as they will not bring their stated value.

The market value is going to crush him when the forced sales start.

[niyad]

48. When, exactly, IS the deadline for him handing over the money?

[herding cats]

51. I believe that date is March 25th.

[niyad]

55. Thank you. It would be so nice if our so-called "news" organizations

could actually construct "news" articles that contained all the relevant facts. "Next week" may be correct, but is not informative.

[Hotler]

50. Would have liked to have listened in on the calls to the Bond people. nt

[niyad]

60. "I am calling on behalf of our client, the former president." CLICK!!!

Thirty times.

[Initech]

53. Time to seize his plane and Mar-A-Lago.

No more fun until the bills are paid!

[MurrayDelph]

74. Save Mar-a-lardo for later

Seize Bedminster first, and exhume Ivana's cenotaph.

[Initech]

76. Well he's turned Mar-A-Lago into some kind of weird MAGA party palace.

So yeah it's time to take that away from him. And yes his plane and Bedminster too. Seize it all!

[The Unmitigated Gall]

54. That's a lot of gold-leaf toilets. nt

[cloudbase]

56. He should try one of those payday loan places.

[Enoki33]

57. Think he once bragged that if you

owe $20,000 and failed to pay you are in trouble, but if you owe twenty million it's the lender who is in trouble. Karma can at times take a little longer.

[SupportSanity]

61. $454 million? That's 42 billion in Rusian Rubles. Will Putin help his pal in need?

Perhaps an oligarch will help Trump. They owe him too.

[NJCher]

72. I've read he has converted his economy

Into a war economy. The workers are thriving, having doubled their salaries.

But why should he help out a crazy as a loon loser? Like the large insurance companies, Putin wants a return on his investment and he has in the past stated that he quit depending on trump for anything because he was so erratic.

If anything, trump has become more erratic. How will he deliver to Putin? What behavior can trump display to gain Putin's confidence?

[whopis01]

78. Putin may very well help him out - but not with this

As you said, Putin wants a return on his investment. If he (or any lender) were to put up money or agree to be on the hook for this, Trump would be relieved and not give a damn about it anymore. It would no longer be his money at risk. He wouldn't care anywhere near as much about winning or losing.

If Putin were to give money to Trump, he would want Trump to win the election and be in a position to return the favor. So he wouldn't want the money to be spent paying Trump's fines. Let Trump deal with that, let Trump become more and more desperate. If Putin thinks that Trump has a chance of winning the election, that is what he will do. Wait till Trump is desperate, then make sure any money gets used towards getting Trump elected.

[SupportSanity]

81. end support for Ukraine; create a weakened America;

a US dictator forever, just like Putin; supporting other dictators;

Actually, it's a very long list of things that Trump can deliver for Putin.

ending democracy would be a big gift to Putin.

[NJCher]

82. The problem is that

Trump is a con man who only says he can deliver. He is incompetent and never delivers on anything.

Much depends on who is controlling the House if he were to ever get in.

Saying doesn't make it so.

[SupportSanity]

84. Agreed that Trump is a con man. But he does deliver on

appearing to help American but only making it worse.

He seems to deliver on that very well.

[TomCADem]

77. Saudis Gave Jared Kushner $2 Billion

https://www.vanityfair.com/news/2022/05/jared-kushner-affinity-partners-saudi-arabia

So, you would think that Trump should not have any cash flow issues. Just have Jared and the Saudi foot the bill for his current expenses and legal bills while the state chases after his assets.

[AllaN01Bear]

64. i want to see trump towers seized and sold with a new owner.:)

[Jarqui]

68. The Carroll-James Tower

a place for illegal immigrants sent to New York by Republican Governors

[AllaN01Bear]

73. si. and homless . get rid of the russian and chineese nationals while we are at it.

[exboyfil]

66. Trading Places

Randolph Duke: You know perfectly WELL we don't have three hundred and ninety-four million dollars in CASH!
Official #2: I'm sorry, boys. Put the--Dukes's seats on the Exchange up for sale at once, and seize all holdings of Duke & Duke Commodities Brokers as well as all personal holdings of Randolph and Mortimer Duke.

[world wide wally]

67. Bring those shoes to the flea market?

[Shoonra]

79. Why is it impossible?

As a lawyer, I know that real estate can certainly be put up as collateral for a bond. But why can't Trump manage it? I have some suggestions:

1. His real estate holdings - having been held by a trial court - to have been fraudulently inflated, are simply not worth the amount of the bond, so if he lost on appeal, the insurance company could not recoup its expenditure.

2. Trump squirrelled away a good deal of his real estate so that it can't be reached by creditors. Tricks like putting his childrens' names on the deeds. He acts and talks as if it's his property, but if creditors tried to liquidate it they'd run into a brick wall.

3. Trump's real estate holdings are each relatively small but very numerous, and in multiple jurisdictions, so the expenses of claiming enough to recoup the bond would be prohibitive.

More than one suggested reason may be operative.

[Emile]

80. Phony bastard been living off other people's money

his entire life.

[flying-skeleton]

83. Maybe because....

Maybe it's because he's already hocked up to his eyeballs.

[republianmushroom]

85. He's going to have to try a little harder.