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BumRushDaShow

(129,025 posts)
Mon Mar 25, 2024, 06:32 PM Mar 25

Letitia James Fires Back After Donald Trump's Bond Reduction

Source: Newsweek

Published Mar 25, 2024 at 12:20 PM EDT | Updated Mar 25, 2024 at 1:42 PM EDT


After an appeals court ruled on Monday that Donald Trump could proceed with a much lower amount than the $454 million penalty against him in his civil fraud case, New York Attorney General Letitia James fired back at the former president.

"Donald Trump is still facing accountability for his staggering fraud. The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization. The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands," James said in a statement.

Context:

Last month, Judge Arthur Engoron ruled in favor of James' lawsuit against Trump, his sons, Eric Trump and Donald Trump Jr., and The Trump Organization over allegations that the former president inflated the value of his properties and his own net worth by billions of dollars on financial statements provided to banks and insurers to make deals and secure loans. The former president, who maintains his innocence, was ordered to pay over $400 million in penalties and has been barred from conducting business in New York for three years.

In an effort to pursue an appeal, the former president was seeking a bond of $464 million to cover his fines and the disgorgement for his sons. Although Trump can appeal the ruling against him without a bond or paying the cash, the former president would be required to post a bond of slightly more than the amount of the penalty against him to stop the collection of his assets. Trump was required to post the bond amount by Monday to stop James from collecting his assets and properties.

Read more: https://www.newsweek.com/letitia-james-fires-back-after-donald-trump-bond-reduction-new-york-civil-fraud-1883197

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Letitia James Fires Back After Donald Trump's Bond Reduction (Original Post) BumRushDaShow Mar 25 OP
He JUST bragged he has $500 million. So why the FUCK did they reduce it? He can pay, right? Novara Mar 25 #1
As long as the full "judgement" (versus the "bond" ) is still kept in place BumRushDaShow Mar 25 #2
just smacks us law abiders as favoritism, and the rich asshole with the best lawyers always wins. Evolve Dammit Mar 25 #3
And you know he won't pay unless NYPD or FBI actually cuff and stuff his orange ass. nt Evolve Dammit Mar 25 #4
Not to mention if his appeals are successful whats to deter him from trying to pull the same crap again? BlueKota Mar 25 #7
Just enables them Evolve Dammit Mar 25 #9
I heard one of the talking head legal eagles say that if TSF loses the appeal, he will still owe $453 Million + the iluvtennis Mar 25 #5
He will never pay it. Novara Mar 25 #6
#+ riversedge Mar 26 #15
Then NYAG needs to start to liquidate his assets after the appeal is deemed unsuccessful. onetexan Mar 26 #17
I suspect everything is leveraged to the hilt in a house of cards Novara Mar 26 #18
Agree, & that's what the pundits have been speculating as well. Which is why NYAG's office has been angling to onetexan Mar 26 #19
But it's going to take time to sort all that bullshit out Novara Mar 26 #22
Yup not going to be an easy or quick job onetexan Mar 26 #23
Hardly. The fix is in. He'll never pay. It will just be more delays until he's dead. PSPS Mar 26 #11
Exactly. And the State of New York WILL get its money back. ancianita Mar 26 #12
Sure. He'll have problems, sometime in 2030. Appeals can take time. Kablooie Mar 26 #13
The Appeals court gave no reason gab13by13 Mar 25 #8
Yes they gave no reason, citing no cases, etc. Irish_Dem Mar 25 #10
"The $464 million judgment - plus interest - against Donald Trump and the other defendants still stands," James said .." riversedge Mar 26 #14
ON PAPER Novara Mar 26 #16
Yes - and several of us posted that yesterday FakeNoose Mar 26 #20
But, but, those laws are for common folks, not the ultra wealthy, silly girl. republianmushroom Mar 26 #21

Novara

(5,842 posts)
1. He JUST bragged he has $500 million. So why the FUCK did they reduce it? He can pay, right?
Mon Mar 25, 2024, 06:40 PM
Mar 25

Reducing the bond and expecting that he can come up with the full judgement later on is about as stupid as it gets. He was just convicted for MASSIVE FRAUD. He will never pay the entire judgment. Hoping this somehow helps him get there is the dumbest damn thing this appellate court could do.

And yes, he IS getting special treatment. At the same time he was whining about being too poor to pay, he said he had MORE than the judgement in cash.

BumRushDaShow

(129,025 posts)
2. As long as the full "judgement" (versus the "bond" ) is still kept in place
Mon Mar 25, 2024, 06:59 PM
Mar 25

he's still in deep doo doo.

BlueKota

(1,732 posts)
7. Not to mention if his appeals are successful whats to deter him from trying to pull the same crap again?
Mon Mar 25, 2024, 07:21 PM
Mar 25

Or any other rich asshole from following his lead, if he gets to walk away from all of it?

iluvtennis

(19,861 posts)
5. I heard one of the talking head legal eagles say that if TSF loses the appeal, he will still owe $453 Million + the
Mon Mar 25, 2024, 07:05 PM
Mar 25

accrued interest.

That's awesome news!

Novara

(5,842 posts)
6. He will never pay it.
Mon Mar 25, 2024, 07:20 PM
Mar 25

I doubt he feels much pressure about this at all. After all, he only has to whine and he's given another break.

onetexan

(13,041 posts)
17. Then NYAG needs to start to liquidate his assets after the appeal is deemed unsuccessful.
Tue Mar 26, 2024, 09:45 AM
Mar 26

Last edited Tue Mar 26, 2024, 11:25 AM - Edit history (1)

From what i heard from the pundits & legal experts on msnbc, the issue here is how entangled his assets are. No one outside of him & his kids know how much of these assets are mortgaged or owned by other entities. So what they will most likely go after are the more liquidable assets first.

Novara

(5,842 posts)
18. I suspect everything is leveraged to the hilt in a house of cards
Tue Mar 26, 2024, 10:31 AM
Mar 26

I doubt he has one unencumbered asset. After all, it's how he built his house of fraud - use one property, inflate its worth to get a loan using it as collateral, buy another, then use that (with inflated worth) to buy another, etc. So I'll bet he owns nothing outright.

onetexan

(13,041 posts)
19. Agree, & that's what the pundits have been speculating as well. Which is why NYAG's office has been angling to
Tue Mar 26, 2024, 11:24 AM
Mar 26

get to his financial records. Now that there is a monitor in charge of oversight of all of his companies' operations it's highly likely that w be a channel through which the AG's office can gain access to at least some of the Con's records.

Novara

(5,842 posts)
22. But it's going to take time to sort all that bullshit out
Tue Mar 26, 2024, 01:05 PM
Mar 26

It's like a house of cards

So what happens if the AG forces the sale of one of his properties? It was likely used as collateral for another loan that may have been used to buy another property, then that one was used as collateral.....and on and on. What happens when the card on the bottom is pulled out? The whole thing comes crashing down. I don't envy Letitia James the job of sorting out this garbage. But maybe she doesn't have to?

ancianita

(36,058 posts)
12. Exactly. And the State of New York WILL get its money back.
Tue Mar 26, 2024, 02:31 AM
Mar 26

Whether he makes it easy or hard, New York will outlive him.

Kablooie

(18,634 posts)
13. Sure. He'll have problems, sometime in 2030. Appeals can take time.
Tue Mar 26, 2024, 03:43 AM
Mar 26

That’s assuming he doesn’t win the appeals and doesn’t have the settlement drastically reduced.
Either of those are more likely than him having to pay the settlement.

Irish_Dem

(47,095 posts)
10. Yes they gave no reason, citing no cases, etc.
Mon Mar 25, 2024, 08:07 PM
Mar 25

Not one word why they granted the appeal.

I agree, that is the tell that they knew they had no leg to stand on.
It was just a favor for Trump.

riversedge

(70,227 posts)
14. "The $464 million judgment - plus interest - against Donald Trump and the other defendants still stands," James said .."
Tue Mar 26, 2024, 04:08 AM
Mar 26




The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands," James said in a statement.

?s=20

FakeNoose

(32,639 posts)
20. Yes - and several of us posted that yesterday
Tue Mar 26, 2024, 12:15 PM
Mar 26

He still OWES the full amount of the fine. But he got a reprieve on the requirement of a full down payment so that he can proceed with the appeal. The NYS Appellate Court acknowledges that every American is entitled to appeal the lower court's decision. The Appellate Court is willing to give him the hearing, however there's no promise of anything favorable.

In fact, there's little chance that they will overrule Judge Engoron. The initial ruling will stand after all is said and done. Chump still owes the full amount PLUS INTEREST, unless the appellate judges give him a break on the final figure. Judge Engoron anticipated that there would be an appeal, and he probably left a little wiggle room in the fine amount, so that the appellate judges could give Chump a "reduction" and make him think he got a "win."

I have no doubt that AG James is aware of all of this, and she understands how it will play out. Until further notice, Chump still owes the entire amount, plus interest.

republianmushroom

(13,595 posts)
21. But, but, those laws are for common folks, not the ultra wealthy, silly girl.
Tue Mar 26, 2024, 12:22 PM
Mar 26

Ask any court.
The name is trump, donald trump.


38 months and counting (includes foot dragging)

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