440
Sounds like more fraud.
I thought they were already moving to have it thrown out and start seizure proceedings last week? What's taking so long?
Letitia James challenged the validity of the bond roughly two weeks ago.
The challenge does not harm Trump’s bond but makes it so that the insurance company will need to show proof that they can pay it.
Trump's lawyers responded last week.
Now she is preparing to argue before a judge that their response is inadequate.
The hearing will be on Monday.
Is he reauired to attend this one as well?
No, he is only required to attend criminal trials.
The appeal bond is part of a civil case, not criminal. And appeals are not trials, so attendance is not required.
Stalling tactics to find more money?
Well, I mean...they've committed fraud at this point by submitting a false bond to the court. I don't see how they could stall at all.
they've committed fraud at this point
Not quite. At this point Letitia James is arguing that the bond is no good, but a judge hasn't yet ruled on whether she is right.
If and when that happens, there will be less room to stall.
It worked! Should have been seizing property weeks ago. But they still haven’t.
Yeah, and now they're tied up in procedural red tape.
Nah, just the usual incompetence and fraud.
To hide more money, but yeah, stalling.
It's court. A week or two is not a long time.
How does one get a 175 million fake bail bond? Like, the magnitude of scale alone is insane, but they tried to fake it?!
The filing notes that the surety Trump used to obtain the bond, Knight Specialty Insurance Company, is “a small insurer that is not authorized to write business in New York and thus not regulated by the state’s insurance department
I can see why they are concerned. Nearly 200 million is no joke. This would wreck a smaller company if 200 million was needed immediately. And Trump doesn't exactly owe this company his alliance.
Even though "Hank" the owner of the company, is a billionaire in CA from car loans and rental properties. Most of his assets are tied to properties that will not be easy to sell on the spot (Eviction usually takes at least a month), or on car loans that take time to accumulate in value.
On a non logical note: He isn't exactly the most trustworthy either....
In October 2015, Westlake Financial (Owned by Hank) was ordered by the Consumer Financial Protection Bureau to provide $44.1 million dollars in consumer relief for engaging in illegal debt collection practices. Westlake Financial and its affiliate Wilshire Consumer Credit deceived borrowers into thinking they were being called by repossession companies, other third parties, or even the borrowers’ own family and friends. The Bureau also found that the companies unlawfully disclosed information about borrowers’ debts to employers, family, and friends.
So lying to get what they want isn't off the table in this case either.
I think the deal is that the parent company of the bond issuer is in the Cayman Islands, so the court would likely be unable to collect payment.
https://finance.yahoo.com/news/trump-bond-cayman-connection-stinks-084524447.html
We have the best offshore holding companies! The best!
It's not the only factor. They're also additionally known to "overinsure" collateral, meaning they most likely don't have enough cash on hand to pay out the full sum (or if they do, it would hurt their ability to pay their other liabilities, creating the equivalent of a "bank run" risk)
Why can’t they just take Trump’s word for it?
"I know bonds, I have the best bonds. This is the best bond in the history of bonds, maybe of all time."
“Everyone’s saying it.”
I'm a very stable genius!!!
this post was submitted on 20 Apr 2024
440 points (98.9% liked)
politics
19097 readers
1936 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 1 year ago
MODERATORS