Donald Trump posts $175 million in civil fraud case, halting collection of massive judgment
Donald Trump posts $175 million in civil fraud case, halting collection of massive judgment
Donald Trump has posted a $175 million bond in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals.
The bond Trump is posting with the court now is essentially a placeholder, meant to guarantee payment if the judgment is upheld. If that happens, the presumptive Republican presidential nominee will have to pay the state the whole sum, which grows with daily interest.
If Trump wins, he won’t have to pay the state anything and will get back the money he has put up now.
There's rules for the rich, and rules for the rest of us...
Should have been seizing his property last week.
Knight Specialty Insurance Company is looking to lose some money.
No money even changed hands. The insurance company basically wrote a promissory note that they pinky promise swear to pay if the appeal fails and trump doesn't pay.
This fucking guy will NEVER suffer a single consequence and we'll all suffer for it.
The only thing this does is prove (once again) that the justice system has different rules for rich people (or even people who play shell games with their money to grossly inflate their assets).
~275M short of his bill.
Name two things that go together as flawlessly as trump + dodging debts.
Any one know how long for the appeal?
I'm sure between the random bullshit filings and the supreme sucker's court, it'll last until late january....
DENY THAT FUCKING APPEAL! STEAL THE MONEY BACK!
This is the best summary I could come up with:
A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement.
Until the appeals court intervened to lower the required bond, New York Attorney General Letitia James had been poised to initiate efforts to collect the judgment, possibly by seizing some of Trump’s marquee properties.
The court ruled after Trump’s lawyers complained it was “a practical impossibility” to get an underwriter to sign off on a bond for the $454 million, plus interest, that he owes.
Trump is fighting to overturn a judge’s Feb. 16 finding that he lied about his wealth as he fostered the real estate empire that launched him to stardom and the presidency.
Trump denies any wrongdoing, saying the statements actually lowballed his fortune, came with disclaimers and weren’t taken at face value by the institutions that lent to or insured him.
In February, Trump paid the $392,638 in legal fees a judge ordered him to cover for The New York Times and three reporters after he unsuccessfully sued them over a Pulitzer Prize-winning 2018 story about his family’s wealth and tax practices.
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