Donald Trump has posted a $175 million bond to avert asset seizure as he appeals NY fraud penalty
apnews.com
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.

  • givesomefucks@lemmy.worldOPEnglish
    361·
    8 months ago

    There’s rules for the rich, and rules for the rest of us…

    Should have been seizing his property last week.

  • Got_Bent@lemmy.world
    11·
    8 months ago

    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.

  • gravitas_deficiency@sh.itjust.worksEnglish
    81·
    8 months ago

    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).

    • FilterItOut@thelemmy.club
      10·
      8 months ago

      I’m sure between the random bullshit filings and the supreme sucker’s court, it’ll last until late january…

      • TropicalDingdong@lemmy.world
        81·
        8 months ago

        Well that’s it then. Its pretty much all up to Joe from here on in. There are no court cases that can effectively keep him out of office at this point. Gonna have to win this one on the field.

  • AutoTL;DR@lemmings.worldBEnglish
    21·
    8 months ago

    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.

    The original article contains 723 words, the summary contains 202 words. Saved 72%. I’m a bot and I’m open source!