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#Trump has been unable to get #bond for $464 million judgment, his lawyers say
In a filing to an appeals court, Trump's attorneys said getting the bond needed to halt proceedings while they appeal is a "practical impossibility."
#law #civil #fraud
https://www.nbcnews.com/politics/donald-trump/trump-unable-get-bond-464-million-judgment-lawyers-say-rcna143860
#Trump & #TrumpOrganization must post a bond for the full amt by next wk in order to stop #NYAG #LetitiaJames from being able to collect while he appeals. They asked an appeals court to step in & said Mon they haven’t been able to get a #bond.
"Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is 'a practical impossibility. These diligent efforts have included approaching about 30 surety companies through 4 separate brokers” the filing said.
Their efforts, including “countless hours negotiating w/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 $557M.
"In addition, sureties would likely charge bond premiums of approximately 2% per year w/ 2 years in advance—an upfront cost over $18 million," the filing said. That $18M would not be recoverable even if #Trump wins his appeal.
In all, the filing said, the "actual amount of cash or cash equivalents required 'to collateralize the bond & have sufficient capital to run the business & satisfy its other obligations' approach[es] $1 billion,” the filing said.
While the filing says #Trump can't afford the #bond, it also argues that the #NYAG doesn't have to worry about being able to collect her judgment.
"Defendants’ real estate holdings — including iconic properties like 40 Wall Street, Doral Miami, & Mar-a-Lago, — greatly exceed the amount of the judgment. Such assets are impossible to secrete or dispose of surreptitiously, leaving the plaintiff effectively secured during the pendency of an appeal," the filing said.
[weird choice of modifiers - “secrete” surreptitiously”]
#Trump's team also argued the $464M penalty is “grossly disproportional” & cited the argument they made throughout the months-long trial that "there are no victims, as there were no damages & no financial losses."
[re the latter: a. untrue; b. argument adjudicated & found meritless; c. NY state #civil #fraud #law does not require]
In a filing last month, Trump's lawyers asked that the #bond amount be reduced to $100M, but Monday's filing argues he shouldn't have to put up any bond at all.
@Nonilex So it turns out that if you exaggerate the values of your properties for decades, bond issuers won’t accept them as collateral! Who’d have guessed?
@Nonilex
the court should also remember that just a week or so ago he told a court that he couldn't come up with another bond the day after he had already gotten the bond.
He may already have the money.
The pleading was short on facts.
@Nonilex Lottery. He's got to have his team out buying up lottery tickets. Now.
Or if every one of his supporters would buy him a fistful of lottery tix and immediately mail them in to him, surely one ticket would be the golden one.
@Nonilex "Such assets are impossible to secrete or dispose of surreptitiously..."
Remember, he always projects.
@Nonilex
Awww, those bad, bad bankers won't take the grifter's pinky-swear about the yuge value of his properties.
Sad,
@Nonilex such a shame.
Nevermind.
I heard the gofundme was collecting 50k per day but the interest comes to over 100k a day.
Poetic.
@Nonilex he should’ve thought about that before he started his criminal behavior 70 years ago. #TFGCriming #Criminal