"Trump owes this money because he fraudulently misrepresented the value of his assets—and now (oops) apparently no one will accept those assets as collateral."
Less than a month after New York Attorney General Letitia James said she would be willing to seize former Republican President Donald Trump's assets if he is unable to pay the $464 million required by last month's judgment in his civil fraud case, Trump's lawyers disclosed in court filings Monday that he had failed to secure a bond for the amount.
In the nearly 5,000-page filing, lawyers for Trump said it has proven a "practical impossibility" for Trump to secure a bond from any financial institutions in the state, as "about 30 surety companies" have refused to accept assets including real estate as collateral and have demanded cash and other liquid assets instead.
To get the institutions to agree to cover that $464 million judgment if Trump loses his appeal and fails to pay the state, he would have to pledge more than $550 million as collateral—"a sum he simply does not have," reportedThe New York Times, despite his frequent boasting of his wealth and business prowess.
He testified to $400M, and he already put up a $100M bond for the other thing. But the whole point of this is that he overvalues things, right? I bet when his people had to get down to the actual state of the accounts and not what DJT feels they are, it was probably only $200M or so that is liquid.
It's not worth going after him again for overstating that in court. It's too easy to skirt around. His punishment will come when the DA starts seizing and auctioning stuff to pay the judgement.
I suspect that trump life is over if he fails to win in November, he will either take it himself or it will be effectively over bc he will be in jail and penny less. To that end he does not care about consequences of some extra crimes in the near term.
He's a serial narcissist. Maybe one of the worst in the current world.
No way does he take his own life. That would require having empathy, which he absolutely does not have.
No. trump won't take his own life. He's not committed to any cause like someone like Hitler, nor does he feel backed into a corner.
What he'll do instead is pander/cater to his unhinged base and con them out of what little money they have left.
That's all after he pillages the coffers of the RNC for what he can use there to pay for his legal fees/woes.
It's possible, and I don't want to hope for too much here, but it's possible, that trump maybe legit takes down most of the RNC/republicans if he fails to win in November.
If he wins though, I think we're all pretty fucked. He'll use tax money to pay for that judgement or some shit. He has no morals, ethics, or shame.
The point is to make the case difficult and time consuming, hoping to cause a delay. One common method I have seen is to print every email in an email chain. The efficient way would be to print the last email in a 30 reply long chain and have it make up about 5 pages of the filing. Instead of doing that though, you can print every email in the chain and turn it in to 50+ pages pretty easily. Trump does not want this case to be handled efficiently and having a 5000+ lage filing, full of repeated and unnecessary information is one way to make that happen.
Maybe it included documents or correspondence from each of the 30 attempts? That would still be absurdly long at over 150 pages of documentation per attempt. But I could see them trying to make a point through the sheer volume of pages.
Exhibits attached to motions consisting of rejection letters, loan and credit applications, attachments to each of those .. it's not out of the realm of possibility.
I wouldn’t normally put this much stock in his assets actually getting flipped, but…
Someone or some company signed me up for Trump fundraising emails recently. The subject line of one from 2(?) days ago read: HANDS OFF TRUMP TOWER, so it sounds like they’re preparing some kind of mobilization/campaign to play the victim now that their options are quickly drying up.
I think I'd actually welcome that tactic from the Trump campaign. The base aren't going to change their mind no matter what they hear but I'd be willing to bet a good portion of swing voters will hear about Trump losing his tower and realize that hey, maybe he's actually not a great businessman. It makes him look weak when the only tactic that really works for him is the strongman one.
“about 30 surety companies” have refused to accept assets
well yeah they're lending him money to pay off a court judgment against him for lying about what those assets are worth. I wouldn't lend someone money if their collateral was worth anywhere from 10%-1000% of what I lent them and there was no way for me to verify either. Besides, you know if he owes you money it's gonna be years and millions before you can recoup anything at all.
Ok guys, i dont want to sound like a conspiricy theorist or anything, but sometimes i get a slight suspicion that he might be lying to make himself look better...
Better yet, take Mar a Lago. It's his house but because he has to cheat at everything, he has it registered as a business for zoning reasons IIRC. On top of that, he says it's worth hundreds of millions where in reality it's only valued for $30 mil at most. He might actually have a stroke.
It's probably going to be one of those things where he keeps insisting that whatever property comes with the Trump brand, despite this adding negative value.
No, no, you'd want to name it for a black civil rights activist from the 60s who never rose to national prominence but is from NYC, that way his tower is named after someone who's both black and he wouldn't think was important enough even if he were white.
If Trump hadn't riled up his supporters into storming Congress on Jan 6th and hadn't spurred the authorities into forensically investigating him, I wonder how far ahead he'd be of Biden.
I'm not sure I understand how this happens. He has to post the value in order to appeal, right?
I would have thought the situation was either Trump mortgages a property or gets a bond...or he doesn't get to appeal. I could see the properties getting seized if he doesn't have the funds and the appeal is thus forfeit so the money has to go to the state against his will, I'm not following how the properties get seized and also he still gets to appeal.
I looked into this the other day. To my understanding, he can still appeal without posting the bond. The bond simply keeps the plaintiff from seizing assets before or during the appeal process.
The bond simply acts as a deposit in the event the defendant loses the appeal, which is why there is interest added from the start.
I'm sure his lawyers have him delaying as much as possible because he's hoping he won't have to pay it. They're claiming he "doesn't have it" but they probably mean liquid assets, which should be obvious and irrelevant.
Im sure he'll weasel out of it somehow.. I mean hes a rich white guy in Amerikkka, the legal system literally has no way of dealing with people like him and he is proving that every day.