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Major Asset Seizure Likely as Trump Can't Afford Bond for NY Fraud Case
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this post was submitted on 19 Mar 2024
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He put up I believe $2m for the other thing. The rest was covered by the bond company.
So he should still have at least $398m if he claimed 400...
That's not quite how it works. When the bond company writes the bond, they don't just take the $2m from the client and then the client is off the hook. They ask the client to put up collateral. So in order for Trump to secure this bond, he would have had to set aside the full amount of the bond and say "If the verdict doesn't get reduced on appeal, I am giving you all this stuff, and not using it for anything else in the meantime".
All Trump is getting for that fee is not actually having to sell those assets now, and have any overage refunded if the appeal gets the verdict reduced. (Given the interest rates right now, the passive income on that kind of cash is not trivial).
True, but we were talking only about liquid assets here, I thought. Otherwise, what would the $400m you mentioned be referring to? Or - what specifically did you mean and do you have a source by any chance?
A source for which part?
I've read some different things about what those bond companies will take as collateral. They are not likely to take on real estate as collateral. Not only is it a pain to unload, but the properties also likely have existing liens on them, reducing the value that can be recovered. The bond companies are well within their rights to say that they will only accept cash or marketable securities as collateral.
With how much Trump is known to fuck contractors I wouldn’t be surprised if the liens are more valuable than the properties themselves.
And it’s the fucking contractors that vote for him ffs.
Turkeys voting for Thanksgiving