New York Attorney General trolls former president as interest starts accruing on monster judgment
  • blindsight@beehaw.org
    5·
    8 months ago

    The article says he has to pay the debt or get a surety bond to launch an appeal. I didn’t know what a “surety bond” was, so I looked it up:

    It’s a guarantee by a third party to pay the debtor’s debt if they default. Essentially, Trump would need to convince someone to be on the hook for the entire amount if he defaults, or pony up the full value himself.

    I don’t think he can do either easily in the 30-day time limit, can he? It’s not that easy to liquidate assets, and only a fool would offer home a surety bond.

    It’ll be interesting to see how this plays out.

  • Midnitte@beehaw.orgEnglish
    5·
    8 months ago

    Couldn’t happen to a nicer guy.

    The ruling also bars him from using the NY banking system so he can’t use it to get a loan for the bond.

    Will be interesting to see how he pays the bond - does he front his own money, does he somehow get a loan with insane interest?

    Hate to see it

  • AutoTL;DR@lemmings.worldBEnglish
    3·
    8 months ago

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    And New York Attorney General Letitia James, who is preprared to seize his assets if necessary, is not going to let Mr Trump forget.

    Post-judgment interest is accruing at a rate of 9 per cent on the $464m judgment against five individuals and the Trump Organization after a judge determined that the former president fraudulently inflated his net worth and assets over a decade to maintain favourable financing terms on some of his brand-building properties.

    The total owed back to the state among all the defendants – money that is effectively forfeited as “ill-gotten gains” – amounts to roughly $364m, plus at least $100m in interest.

    On Monday, his legal team filed notice of an appeal, but did not appear to bost bond, which he would need to do to stop collections on the judgment.

    “We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,” she told ABC News last week.

    Mr Trump delivered a keynote speech to the Conservative Political Action Conference in Maryland on Saturday, where he called himself a “proud dissident”.

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