KEY POINTS
- Donald Trump should have pledged real estate to the courts if he were “truly unable” to secure a bond, the New York attorney general’s office said.
- Instead, Trump claimed it was “impossible” for him to get a bond using his properties, but did not provide any hard evidence for this, the AG’s office said.
Donald Trump should have pledged real estate he owns as collateral against a $464 million business fraud judgment if he were “truly unable” to secure an appeal bond for that amount, the New York attorney general’s office said in a court filing Wednesday.
Trump also failed to provide evidence supporting his claim this week that it was “impossible” to obtain an appeal bond by using the properties as collateral, a lawyer for AG Letitia James wrote.
“Defendants supply no documentary evidence that demonstrates precisely what real property they offered” to potential insurers," wrote Dennis Fan, senior solicitor general in the AG’s office, in the filing to Manhattan appeals court judges.
Nor did they report “on what terms that property was offered, or precisely why” bond insurers “were unwilling to accept the assets.”
Here’s the thing: Trump may have the right to appeal, but he doesn’t have the right to be able to afford the bond. And he if he can’t, there’s no damned reason for the court to give a shit, especially if he refuses to give any solid explanation as to why he both claim to be a “billionaire” while at the same time pleading poverty.
So, Donnie, pay the bond or the state gets to take your shit. End of story.
It’s really a catch 22 for him so he’s trying any and everything. He knows it will destroy him when he has to pay this. His empire is a hollow shell leveraged to the tits.
If when the state starts selling these properties they’re gonna have to sell them all and even then it won’t be enough so he’ll have any trump org royalties garnished too until kingdom come.
His only hope is to somehow delay until he’s president again (FML)
There’s pretty much zero possibility of that happening. And, for the record, there’s also almost no possibility of him winning this appeal, either.
I really hope they’re watching closely though. Imagine Russia or China or North Korea giving him the money…
The Chubb group (who financed the ~$90M bond in the E Jean Carrol case)? That company’s CEO is in charge of financing several Russian oil companies and a bunch of other shady shit. Oh, Trump already got a bunch of dirty money.
Thing is, that’s all they’re willing to give him, which may indicate that he’s run out of usefulness to them.
That’s a good sign! I’d really love to see his house of cards collapse.
Or they just want him to sweat a little.
It’s also notable that this law was meant to apply to organizations rather than individuals, who would presumably have the resources to put up the bond. This is the first time that a private individual did something big enough to get caught up in this.
lol, I didn’t know that. I appreciate you mentioning that Trump is actually such a big fucking liar that he made legal history for it.
And is now about to lose literally everything as a result, including, quite possibly, the election.
If I believed in a god, I would be praying or sacrificing or whatever I was supposed to do pretty much constantly until November to ensure that.
Believers can rest assured I don’t secretly believe in their gods, because if I was going to pray for anything, I’d pray for Trump to receive ultimate justice and humiliation.
rAmen
You noodle.
He’s not claiming poverty, he’s claiming that he will win on appeal, but his wealth is all locked up in real estate, and to make the bond in time he would have to quickly sell a lot of assets, and would likely get taken advantage of while doing so.
It doesnt matter and it doesn’t fit trumps typical braggadocios speech, which is why I have no idea why this constantly get misinterpreted.
It’s even more likely that his ownership stake in the real estate holdings has been mortgaged to the hilt and he actually doesn’t have any capital available at all. The most likely reality is that he’s going to have to declare bankruptcy, and is terrified of the public finding out.
It was also testified in a deposition (or similar that would be perjury for lying, maybe not by Trump I can’t recall) that he (or Trump org?) had 400million liquidity, so it shouldn’t be that big of an issue for him to come up with it. Even if he had to deal with the defamation bond. So he (or his lackey) told the courts that they could cover it, I mean a real estate billionaire down 100million should be able to come up with 150million (sorry if math is off, liquidity - defamation bond - tax-fraud bond difference) from non liquid assets without too much work right? I’m sure some bond company would cover it with proper collateral anyways. Hah. These are the chickens coming to roost you orange turd.
That $400 million is, apparently, “operating capital” intended to keep all of his business ventures working, and, without it, everything would cease to function. Which is plausible.
But who really gives a fuck? Certainly not the courts, nor should they. Also, he may not even have that left after getting that ~$90m bond for the E Jean Carrol case (another reason this judge isn’t listening to Trump’s cries for mercy). That bond probably cost twice that after all the fees.
He’s so superfucked.
Yeah I’m not speaking to what the truth of the matter, only what he’s claiming. It would be surprising to me that he has nowhere to go for the money, as you say.
It’s just mind numbing to come into every one of these threads and see this nearly exact misinterpretation of what he is saying.
Well, one thing plays into the other— he can’t get a bond because he’d have to put up collateral, and all of these bond companies know he’s up to his cotton-candy bouffant in debt, so all of his properties probably aren’t worth shit, or, at least not worth anything close to what he claims. After all, he was just found liable in this very case for lying for years about that very thing.
How everyone is missing the giant, Raiders of the Lost Ark-style boulder of irony about to crush Trump is what perplexes me.
I can quickly come up with some reasons why they might not want to put up the collateral that have nothing to do with his actual finances: like public backlash, being notorious for not paying back his debts, and being convicted of lying about how much stuff is worth (so not trustworthy in that regard).
It’s just none of this has anything to do with what he’s actually saying. Which is ultimately my point.
And we are both sitting here with our popcorn anxiously awaiting it to all come crashing down. It can’t happen soon enough, IMO.
Those are all other possibilities, I just don’t find them as likely IMO. But they could be. But, either way, my point is that - and I was more explicit about it in another comment - it doesn’t matter what he says, especially to the court. He has the right to appeal and the right to post a bond, but Trump has no right to be able to afford a bond, and if he can’t, tough shit.
And he’s got 4 1/2 days to beg, borrow, or steal it before the People of the State of New York come after his grifting ass.
If he has equity why couldn’t he mortgage it?
Frankly, if I were a mortgage lender, I might be a little hesitant to lend to a guy who is in trouble because he was defrauding real estate lenders.
The speculation is that due to him fraudulently over-valuing his properties (as just proven in court) to borrow more than they are worth against them, he likely has negative equity on those properties. Can’t borrow against equity if you’re underwater on all your mortgages.
I didn’t claim he had equity. I did nothing other than challenge the claim that he’s pleading poverty.
And doing so to the very court who already found him guilty of fraud.
They already know he’s a lying grifter. What reason do they have to believe him this time?