Posted on 02/19/2024 1:35:33 PM PST by ChicagoConservative27
Former President Donald Trump must pay nearly half a billion dollars as a bond to New York State before he can appeal the ruling by Judge Arthur Engoron last week that he must pay $354 million in fines — over $450 million, with interest — for fraud.
Critics have noted that Trump is the only person ever to be sued under an obscure New York fraud statute that does not require any harm be done, and that effectively criminalizes the everyday practice of real estate valuations in negotiations with banks.
Though Attorney General Letitia James — who ran for office promising to target Trump — claimed that no one is above the law, her case against Trump marks the only such case in the history of the state. And the staggering fine is likewise unprecedented.
(Excerpt) Read more at breitbart.com ...
He cannot. They seized control of the businesses too.
What a country. Our Republic fading.
🍌🍌🍌🍌🍌🍌
🍌🍌🍌🍌🍌🍌
He cannot. They seized control of the businesses too.
(Link in the article)
“Who is saying he can’t appeal without having the 400 mil in escrow—is it Ergodon or the appeals court?”
Neither. The requirement of a bond was established many years ago by the state legislature.
To be more precise, Trump is allowed to appeal without posting any bond. His problem is that there is no automatic stay pending appeal. A money judgment states that the defendant (the judgment debtor) must pay a certain sum to the plaintiff (the judgment creditor). If the debtor doesn’t pay, the creditor can collect on the judgment by going after the debtor’s assets. The creditor can do this even if there’s an appeal pending. This is not Engoron’s decision or a get-Trump rule. It’s been the law since before Trump came down the escalator and, I would guess, since before Trump was even born. (Your state probably has the same rule.)
Trump needs to avoid having his bank accounts attached and business dismembered by enforcement of the judgment. Therefore, he needs a stay of enforcement proceedings pending the appeal. That’s where the bond comes in. The full New York statute is here — https://newyork.public.law/laws/n.y._civil_practice_law_and_rules_section_5519 – but under the relevant portion, CPLR 5519(a)(2), Trump has to post the bond to get a stay pending appeal.
That doesn’t mean he has to put up the cash. He can get a bond from an authorized surety company, of which there are many. (Surety One, Inc. at https://suretyone.com/new-york-appeal-bond-supersedeas-bond won the SEO race to be my first hit, but there are others.) Trump would have to cut a deal with the surety company, probably agreeing not to sell or mortgage certain properties, so that the company would be assured of getting its money back if it has to pay the judgment after an unsuccessful appeal.
Say I list/ask $800,000 for my home and it sells at that or more, most likely. Am I guilty of civil fraud as is the case with Trump? If people are willing to pay more than the assessed government value, and sign a contract and go through escrow and it closes on the agreed amount on the date stipulated, where is the fraud?
This is government interference between two parties of a valid contract should have been thrown out immediately upon the initial filing, ESPECIALLY since there was no damaged party and the banks did their own due diligence and no complaints and loans were paid back in full. Yes, I know I'm preaching to the choir. I'm just astounded.
THIS ARTICLE IS MISLEADING, INACCURATE, CLICK-BATE, BULL SHIITAKE.
Under NY law, the filing fee to appeal the order is $315. However, if he wants to stay enforcement of the order pending appeal, he has to post a “supersedes bond,” for the $354 million judgment, plus interest (~$390 million). The cost of a supercedes bond is typically .3% to 2% depending upon the type of collateral. Given DJT’s wealth, he will pay the lowest rate or about $1,170,000 per year to secure the $390 million bond.
Quite frankly, the person who wrote this article is either stupid or lazy or both.
+1
“Praying that PDJT has a few very loyal and magnanimous friend who might chip in and can also be willing to offer a number of properties for collateral toward loans”
Remember, he also cannot obtain any financing from banks that are HQ’d in NY either, under the terms of this ruling. See how cute Engoran is trying to be?
Ring, ring, ring. Elon, it’s Trump, how’s your cashflow? Let’s make a deal on a hal-bil.”
That scenario is unnecessary. Don’t forget that the day this pedo-judge issued this clown-world ruling, the SEC also approved the Truth Social merger, which effectively took Trump’s net worth from just over $4B to $8.5B - in one day.
So after this ruling, should it stand, and it will not, Trump is still worth $8B.
Trump’s candidacy is providential; he is showing us the vile underbelly of our country every day. That power to illuminate truth, is Trump’s super power. I for one will be eternally grateful.
> The law is on our side.
Clearly judge Erdogan disagrees with you and has the power to back it up within the undeniably corrupt state of New York.
+1
Don’t forget that the day this pedo-judge issued this clown-world ruling, the SEC also approved the Truth Social merger, which effectively took Trump’s net worth from just over $4B to $8.5B - in one day.
So after this ruling, should it stand, and it will not, Trump is still worth $8B.
Trump’s candidacy is providential; he is showing us the vile underbelly of our country every day. That power to illuminate truth, is Trump’s super power. I for one will be eternally grateful.
__________________
AMEN, Bshaw!! What a brilliant post!!
Yes, I agree that the approved Merger by the SEC may well prove propitious.
Also, I am eternally grateful for all of what President Trump is willing to endure in order to expose the wicked ways of the myriad forces trying to destroy him—and the rest of us.
Thanks again for sharing your excellent analysis with me.
You can argue the State violated civil rights among other things.
“100% wrong. No federal court has standing to take on the matter until all state level appeals have been unsuccessfully exhausted.”
100% moronic you said that so arrogantly. The federal court may not take the State case but he can due the State for violation of civil rights among other things.
“Losing a lawsuit is NOT grounds to sue the prosecutors or the judge.”
Who said “losing a lawsuit” as the grounds? No one. You really suck at this.
“This is government interference between two parties of a valid contract should have been thrown out immediately upon the initial filing”
Exactly.
“The US Supreme Court RARELY intervenes in a state court civil action, and they have been consistently ducking making any big decisions.”
Right now the USSC is looking into the coup. This is part of that information.
Yeah, I hear ya...
“You can’t fight city hall”.
...to that, response I once heard was “but you can take a dump on their doorstep”.
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