Appeals Court Bails Trump Out of Having to Post Massive Fraud Bond
Appeals Court Bails Trump Out of Having to Post Massive Fraud Bond
A New York appeals court has blocked the collection of Donald Trump's fraud judgment, ruling that he has 10 days to post a $175 million bond.
Donald Trump was supposed to have to post a $464 million bond by Monday or else the state of New York could begin collecting on the massive civil fraud judgment leveled against him earlier this year. An appeals court bailed him out, blocking collection of the judgment and giving the former president 10 days to post a drastically reduced $175 million bond.
The order is a huge win for Trump, whose assets were going to be subject to seizure if he couldn’t post nearly half-a-billion dollars by Monday. His lawyers said last week he wasn’t going to be able to come up with the money after 30 underwriters rejected him. The New York Times has reported that Trump is expected to be able to scrounge the new, reduced $175 million bond
This sucks, but a few points are at least worth mentioning:
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Of the five judges listed on the order, annoyingly slim as it is, three are Democrats and two are "nonpartisan" but with resumes in the public sector and public interest law.
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Most states actually have a cap on appeal bonds, often around $50 million or less. NY doesn't have one, but all the same thinking, for good or for ill, that would lead to a statutory limit might influence the appeals court here. Among them is precluding additional litigation from forcing a fire sale.
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In an appeal like this, the court has to at least conceptually imagine that there's some possibility of success, and that with a defendant who is leveraged AF and not nearly as liquid as he boasts, there is only one bite at the apple when seizing and selling the assets to satisfy the judgment. If the court is convinced that this amount, well into nine figures, will occupy the vast majority of his liquid assets and insure some plausible compensation for the plaintiff, and the other assets aren't going anywhere, then it's not insane to demand a bond more in line with the available liquidity.
Trump is definitely getting the "rich business owner with lots of lawyers" treatment here, and that's certainly something you could criticize about the American legal system, but I don't think we're seeing some completely inexplicable abuse of existing civil procedure. The orange turd still gets the due process that a President Turd would deny to so many others.
TL;DR: it's possible the only thing the Appeals Court is saying is that ol' Donny really can't get the bigger bond and that Trump Tower will still be there to seize later.
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Banks, mega corporations, (fake) rich people get bailed out — Republicans: Nothing.
Working-class doing public service get minor bailout with student loan forgiveness — Republicans: WHOA, NOW....
Do these judges have to explain their decision? Is there an opinion published somewhere? I'd love to understand what context brought them to this conclusion, I've never heard of someone gaining leniency because they couldn't afford the fine.
There's an old saying in Tennessee, I know it's in Texas, probably in Tennessee — that says, "don't do the crime if you can't do the time"...
Sigh. Evergreen:
Damn. I was really hoping this would be a ray of light for the next year and a reduction in the level of election insanity we're going to see.
Instead, just more fuel for the flames.
Rules for thee but not me me!!
He should have been forced to sell all of his properties prior to his presidency.
People say he's being treated different, and he is. Special treatment in his favour.
Un fucking believable.
Dianne T. Renwick, Anil C. Singh, Lizbeth González, Bahaati E. Pitt-Burke, and Kelly O’Neill Levy
What was their actual individual motivation?
So we can all just do whatever we want without consequences right? Or is it still just rich fascists the rules don’t apply to?
burn this country down
How republican do I have to be to get light sentences for crime because Im trying to ***** a *** in the ****
You know, it's almost like the justice system has... I dunno. Problems or something.
“Rules for thee, not for me.”
Actually he can't pay that much either!
Poor Trump!
Okay, I figured it out! How about all his republicans buy his golden shoes, I wash his car, and give him a personal back massage? Rob you fix up his fence, Stephen, you and Mary go and vacuum under all his beds. Frederick and Stacey will do the cooking for month.
How does that sound? And I also want to give him 5 bucks. Is that okay for bail?
But, but, but, I only like girls! , I couldn't possibly! And my neck and knees hurt! Fine! Okay but only the top and only for a minute. Rob will take second turn when he's done with the fence.