It Seems Trump Still Has No Idea How to Post That Massive Fraud Bond

MicroWave@lemmy.world to politics @lemmy.world – 362 points – It Seems Trump Still Has No Idea How to Post That Massive Fraud Bond
newrepublic.com

Donald Trump still hasn’t posted bond in his New York civil fraud trial, but his lawyer Alina Habba wants you to know that it’s definitely not because they’re having trouble getting the massive amount together.

The former president was fined $354 million for committing real estate–related fraud in New York. In order to appeal the decision, Trump must post a bond of the full amount plus interest—which has already reached nearly $467 million, with interest adding $112,000 per day.

When asked Wednesday if Trump was any closer to posting bond, Habba had a very clear answer that raised no red flags.

“Yeah, no, unfortunately I can’t speak to that. That’s privileged, and I am the attorney, one of the attorneys on that case,” Habba told Fox News, stating the obvious.

She quickly pivoted to attacking the case altogether, calling the judgment “absurd” and expressing hope that an appeals court would overturn it.

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When the actual fuck does the government go "you have not paid, we will start taking the money"?

Cause they will happily garnish your wages and take money from your bank account.

March 25th is the deadline for this judgement. The judgement was made on Feb 16th, so that is basically 5 weeks plus a day or so to account for the weekend. Decision was made on a Friday, deadline is a Monday.

What happens on March 26th if there's still no payment or bond?

New York will seize his properties in New York.

I would love it if NY seized his properties and turned them all into low-income housing.

Not that there’s anything wrong with low-income housing. It would just kill Trump to see his 🖐️ tremendous 👌 properties being inhabited by poors.

I would love it too but my only concern is that they might legally still have to keep the trump name and the morons who vote for him would think Trump I's doing that out of the goodness of his heart. I've read in the sale of some of his older properties they've had to keep the name and are currently trying to sue to change it.

I'll believe he's suffered consequences when I see his kids stuffing him down an open grave.

If he dies before facing consequences, the world will still be a worse place, because he’ll have shown all the other sociopaths how to get away with it.

If he dies before facing consequences, the world will still be a worse place, because he’ll have shown all the other sociopaths how to get away with it.

Would the world really be a worse place if sociopaths started dying so they could escape consequences?

He’s showing all the other assholes how to avoid getting in any meaningful trouble is bad for all of us, yes, even after the scumbag is gone. That’s why he needs to be held accountable for the insurrection and vote manipulation. So the next asshole doesn’t try it

In this case, yes. These cases have the potential to set precedents that would pave the way for future charges if someone else decides to copy him. This is what should have happened with Nixon.

Everyone knows already how to get away with it.

Be rich...

As opposed to continuing to live with no consequences other than forced to attend the occasional courtroom hearing? You or I would have been jailed instantly and forever for leading an insurrection against the United States. Everyone can see there are zero consequences.

Yeah that was my point. Him dying doesn’t have anything to do with consequences (other than having a shitty lifestyle, and forgetting to take his statins).

I believe there is a little leeway in there to allow for an appeal? He’s getting charged interest though, so it’s not like he’s off the hook.

The bond is needed before you can appeal. It's like an escrow.

Yes absolutely, but the bond isn’t required immediately after the initial judgment, you have some time after the judgment to provide the bond (before making the appeal of course.)

There is likely a deadline like 90 days or 180 days or something to allow someone to pull together the finances to pay such a judgement. In New York you must post the bond before appealing so it isn't leeway for an appeal which could take way longer.

I meant pretty much what you are saying. He doesn’t have to pay (post bond) yet because he can still appeal. He has to pay (post bond) before he can appeal, and there is a period of time between the end of the initial case, and the time within which he can start an appeal.

Nobody has 467+ million dollars in cash ready for transfer at any given moment, especially for something like this. That would be poor financial planning even for a billionaire. However... It's not like he didn't have a heads up that it's coming, so it seems like he didn't have his ducks in a row here.

I'm sure even Elon or Bill would have to make some annoyingly painful decisions to get that amount of cash on short notice.

It's telling that he is struggling to borrow against his properties to raise the capital. It suggests that behind the scenes banks are not offering him favorable terms. And even if he were to win on appeal, it will still be quite expensive for him. I'm guessing that in the bank's internal analysis they project the original judgment will stand and therefore are considering how much they will earn after they foreclose on his buildings and sell them. It's potentially sizable...

If the Trump name were removed from the tower the value might actually increase lol.

On the other hand, unless Trump is delusional (granted, it's possible), he must also know that winning on appeal is a long shot and therefore this money, once he puts it up, is gone. I guess his efforts to borrow rather than sell to raise capital are his version of YOLO. Because he's either president and figures out how to stall, or he's old already in the consequences will be short-lived.

Yeah "no one has $467 million dollars on hand" except Trump reported to the court he had $400 million on hand and he had plenty of time to prep just in case.

Hmm I wonder if Trump's ever inflated his asset values before

Somebody should look into that...

i wonder if he's ever been honest about literialy anything, ever.

Nobody has 467+ million dollars in cash ready for transfer at any given moment

That's OK. The point is that nobody wants to lend him that amount of money anymore. So either he does not offer enough collateral, or no-one deems whatever he offers worth it. And those companies who have the money to do this usually know how to estimate someones worth...

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Don't worry guys we all know trump is a "billionaire" he will easily post this bond without needing an insurance company to bail him out. I'm sure he's probably got 450m just laying around in boxes at maralago. We all know he's super fancy and rich and has big hands.

He did claim at one point he had $400M in liquidity available... so that would cover most of it. A "reputable" businessman like himself shouldn't have any issue finding someone that can help post bond for the remainder, surely.

Didn't he say at one point that part of his net worth was the value of his name? Maybe he can just sell that, and we can legitimately start calling him by one of the popular aliases.

I would love it if NYC siezed his trump tower and turned it into migrant housing.

The Barack and Michelle Obama Center for Refugees Seeking Asylum

Massive Institute Granting Refugees Asylum Now Tower (MIGRANT)

Trump Refugee, Undocumented Migrant Plus Asylum Seeker Shelter Housing Organization Limited Enterprise

I bet this goes all the way to the election... If he wins he makes it vanish. Or well attempts to do so... If he loses.. he will fuck off out of the US.

Can't. it's a state civil trial. presidents can't do that.

Really, the only way he can make this go away is to shut up and pay.

And he's constitutionally incapable of either.

He can't legally, but that's not a major impediment for him

If he's president he can do a variety of things "legally" that benefit moneyed interests in the US or elsewhere.

If his son in law can get a billion dollar loan, trump can too.

If the house is Republican led, there could be no real repurcussuons except in an election.

an election

oh like you'll get one of those again

Nope. In 30 days or whatever it is now, if he doesn’t put it up. Chubb pays for him seizes whatever collateral was put up.

It’s probably his real estate because it’s the only thing he has of significant value.

It is possible that Chubb didn’t cut him any favors and it really “just is” business. If they took say 2x in collateral, depending on the contract, they could make quite a bit of bank on that deal- or whatever they figured it was overvalued by.

Chubb put up the appeals bond for his defamation trial.

This is talking about the appeals bond for his fraud trial. Chubb (currently) has no stake in that one and Trump (currently) hasn't posted a bond for that. He has until March 25th to do so or else the state of New York is gonna be getting $400 million of new real estate.

And they won't use Trump's fraudulent valuations, either.

Ah. Even simpler then. When it expires it goes to collections and the state starts seizing assets. Either way… that’s unlikely to not be resolved before he’s the president.

My money is on this stalling being so the Truth Social merger goes through and he can loan against his stake there, that or sell shares. The preliminary valuation puts Trumps part of the post-merger company at up to $4 billion, which is absurd but also he does have an extremely specific demographic completely captured over there. It's marketing gold for unscrupulous companies and niche stuff that won't ever sell to city Dems, like truck nuts and tacticool gear.

Chubb put up the appeals bond for his defamation trial.

There's an article which explains that the financial document says it'll take months for that bond to be valid and it has various ways to get out of the "bond". Meaning, they were trying to get the judge to sign off on a bond which wasn't a bond.

bet this goes all the way to the election... If he wins he makes it vanish. Or well attempts to do so...

That does appear to be his plan.

Hopefully it fails in multiple ways.

Donald trump is so rich, he can afford to lose a casino. He's a gazillion-aire. He's immune, and it was "a perfect phone call".

Headline should be "Has No Idea How to Post That Massive Fraud Bond Without Actually Paying Any of His Own Money"

He could pay all of his own money and still not know how to post the entire bond because of how much would still be left to pay.

He could have all the money he needs, and still not know how to post the entire bond, because he's an idiot with a moron for a lawyer.

Letitia James must be salivating

I read the headline as Trump still hasn’t posted his massive fraud “boner,” and somehow it still made since.