DreamTeamDownloads1, FTP Help, Movies, Bollywood, Applications, etc. & Mature Sex Forum, Rapidshare, Filefactory, Freakshare, Rapidgator, Turbobit, & More MULTI Filehosts - View Single Post - Judge Engoron Accepts New Terms on TRUMP Organization $175MIL Bond

Ladybbird · 18-03-24, 19:16

TRUMP Fraud Judgment: Ex-POTUS Says Posting Full $454 Million Bond ‘Not Possible’ As Deadline Looms

More Than 30 Underwriters REFUSED to Back The Bond, Due by End of This Month.

Road to Donald Trumps’ financial demise': AG James could seize properties as TRUMP is unable to make $464 million bond in NY civil fraud case,

MSNBBC 18 MAR 2024

“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote.

(TRUMP himself was ordered to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)

Former President Donald Trump can’t find an insurance company to underwrite his bond to cover the massive judgment against him in the New York attorney general’s civil fraud case, his lawyers told a New York appeals court.

Trump’s attorneys said he has approached 30 underwriters to back the bond, which is due by the end of this month.

An insurance broker, Gary Giulietti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount “is a practical impossibility.”

Potential underwriters are seeking cash to back the bond, not properties, according to Trump’s lawyers.

Trump’s lawyers have asked the appeals court to delay posting the bond until his appeal of the case is over, arguing that the value of Trump’s properties far exceed the judgment. If the appeals court rules against him, Trump asked the court to delay his posting the bond until his appeal to New York’s highest court is heard.

Last month, Trump was ordered to pay $355 million in disgorgement, or “ill-gotten gains,” by New York Judge Arthur Engoron in a civil fraud case brought by New York Attorney General Letitia James.

Engoron wrote in his 93-page decision that Trump and his co-defendants – including his adult sons – were liable for fraud, conspiracy and issuing false financial statements and false business records, finding that the defendants fraudulently inflated the value of Trump’s assets to obtain more favorable loan and insurance rates.

The amount Trump owed surpassed $450 million with interest included.

Trump is appealing the ruling, but in order to stop the state from enforcing the judgment, Trump has to post a bond to be held in an account pending the appellate process, which could take years to litigate.

Trump posted a $91.6 million bond earlier this month as part of his appeal in the E. Jean Carroll defamation case.

But Giulietti said some of the biggest underwriters have internal policies that limit them from securing a bond in excess of $100 million. None of them, he said, including some of the largest insurance companies in the world, will accept real estate – they are only comfortable taking cash or stock.

18-03-24, 19:16	#92
Ladybbird Join Date: Feb 2011 Posts: 47,703 Thanks: 27,653 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	DOOMED TRUMP CAN'T Pay $454MIL NY Fraud Case-30 Underwriters REFUSED to Back Bond TRUMP Fraud Judgment: Ex-POTUS Says Posting Full $454 Million Bond ‘Not Possible’ As Deadline Looms More Than 30 Underwriters REFUSED to Back The Bond, Due by End of This Month. Road to Donald Trumps’ financial demise': AG James could seize properties as TRUMP is unable to make $464 million bond in NY civil fraud case, MSNBBC 18 MAR 2024 “The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote. (TRUMP himself was ordered to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.) Former President Donald Trump can’t find an insurance company to underwrite his bond to cover the massive judgment against him in the New York attorney general’s civil fraud case, his lawyers told a New York appeals court. Trump’s attorneys said he has approached 30 underwriters to back the bond, which is due by the end of this month. An insurance broker, Gary Giulietti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount “is a practical impossibility.” Potential underwriters are seeking cash to back the bond, not properties, according to Trump’s lawyers. Trump’s lawyers have asked the appeals court to delay posting the bond until his appeal of the case is over, arguing that the value of Trump’s properties far exceed the judgment. If the appeals court rules against him, Trump asked the court to delay his posting the bond until his appeal to New York’s highest court is heard. Last month, Trump was ordered to pay $355 million in disgorgement, or “ill-gotten gains,” by New York Judge Arthur Engoron in a civil fraud case brought by New York Attorney General Letitia James. Engoron wrote in his 93-page decision that Trump and his co-defendants – including his adult sons – were liable for fraud, conspiracy and issuing false financial statements and false business records, finding that the defendants fraudulently inflated the value of Trump’s assets to obtain more favorable loan and insurance rates. The amount Trump owed surpassed $450 million with interest included. Trump is appealing the ruling, but in order to stop the state from enforcing the judgment, Trump has to post a bond to be held in an account pending the appellate process, which could take years to litigate. Trump posted a $91.6 million bond earlier this month as part of his appeal in the E. Jean Carroll defamation case. But Giulietti said some of the biggest underwriters have internal policies that limit them from securing a bond in excess of $100 million. None of them, he said, including some of the largest insurance companies in the world, will accept real estate – they are only comfortable taking cash or stock.