Donald the Orange and Family Sued in NY

[Shadowy Man]

Trump on Truth Social:

"I had to pay New York State in order to appeal a corrupt decision by a biased, crooked and highly overturned judge," Trump wrote in the social post. "It’s supposed to be the other way around - you appeal before you pay. Is a crooked New York Judge allowed to make you pay for the “privilege” of appealing a wrongful & corrupt decision??? NOT IN AMERICA!!!"

Certainly every talking head I have seen has stated that yes, paying to appeal a financial judgment is standard. He knows this of course, but he's trying to make it sound to his ignorant followers as if the system is being unfair to him.

 

[Elixir]

paying to appeal a financial judgment is standard.

Right.
You were found liable for $475m worth of fraud, asshole.
You SHOULD have had to put up the full amount for which you remain liable.

 

[AdamWho]

paying to appeal a financial judgment is standard

He is paying to stop COLLECTION on the judgment, NOT to make an appeal. People don't have to pay (beyond standard fees) to make an appeal

 

[Loren Pechtel]

Current financial statement???!!! That's got to be a heavy lift - he actually needs to make it correct for a court case otherwise it will be a contempt of court? Or basis for a new fraud filing?

Sounds like he's stepped into a mineshaft full of manure.

I'll take that back--sounds like the court wants financials on the insurance company, not on the Orange Fool. And it looks like they may not have enough.

 

[Shadowy Man]

paying to appeal a financial judgment is standard

He is paying to stop COLLECTION on the judgment, NOT to make an appeal. People don't have to pay (beyond standard fees) to make an appeal

Yes. I understand that. I was loose with the language. I did not imply causality. Sorry.

 

[ZiprHead]

Looks like the bond offer by Knight Insurance of Ca could be rejected because the insurance company is not licensed to do such business in New York.

 

[Elixir]

Looks like the bond offer by Knight Insurance of Ca could be rejected because the insurance company is not licensed to do such business in New York.

So … does the clock get re-set again?

 

[TV and credit cards]

Looks like the bond offer by Knight Insurance of Ca could be rejected because the insurance company is not licensed to do such business in New York.

So … does the clock get re-set again?

No. But the clock will get reset a-gain.

 

[marc]

He had been given 10 days to get this stuff straightened out. Considering that firm doesn’t have the money or license, I doubt that will be fixed in time. Maybe someone else will step in? Maybe the DA can start measuring Trump Tower for new curtains, and a new sign?

 

[Shadowy Man]

You’d think asking if they can do business in the jurisdiction would be the first question.

Then again I’m not a stable genius like Trump who hires all the best people.

 

[TV and credit cards]

You’d think asking if they can do business in the jurisdiction would be the first question.

Then again I’m not a stable genius like Trump who hires all the best people.

Moreover the company should have known and informed the great legal minds surrounding Trump.
Still, a person who is unaware of a law may not escape liability for violating that law merely by being unaware of its content. Or the judge can just give them the Latin version.

 

[lpetrich]

The Shady Company Backing Trump’s Bond May Never Actually Pay Up | The New Republic - "The parent company of Knight Specialty Insurance Company is set up in a way that will make it hard to collect the bond."

The financial backer covering Donald Trump’s $175 million bank fraud bond has already been revealed as a “king of subprime car loans” with sketchy business practices. But the financial situation behind the dubiously leveraged suretor, Knight Specialty Insurance Company, has gotten even more complicated: Apparently, its parent company is located in the Cayman Islands, a popular tax haven for corporations and the ultrarich.

...
In a court filing last week, Knight revealed that its liquid assets don’t meet the needs of Trump’s already minimized bond. According to a financial assessment, the company, owned by billionaire Don Hankey, had just $138 million in “surplus.” Knight would therefore need to spend 127 percent of its reserves in order to cover Trump’s bond—far more than the 10 percent of a state-regulated suretor’s surplus that’s allowed by New York law.

"Problematic": Trump's $175 million bond could be "very difficult" to collect due to Cayman ties | Salon.com - "It raises a whole other level of complexity," expert says"

The financial details are complicated, but the gist is this: the bond's issuer is itself insured by the similarly named but island-based parent company -- and since that island is a notorious tax shelter for the rich and powerful, that parent does not have to divulge key financial data, like whether it has enough cash on hand to cover a sudden $175 million bill.

“The Caymans are widely recognized as a ‘secrecy jurisdiction,’" Tom Grober, a forensic account, told The Daily Beast. "If you called the regulator in the Caymans and asked, ‘Can you tell me if Knight reinsurance has enough to cover these claims?’ Their laws require total confidentiality. Why?"

Trump’s Bond Is So Weak, Letitia James May Still Seize His Assets

As it turns out, the company has nowhere near the capital and surplus to guarantee Trump’s bond. What’s more, the legal document it produced does not seem to promise to pay the full penalty if Trump’s appeal fails.

noting
Letitia James Nears Green Light to Start Taking Donald Trump's Assets

The New York Attorney General may start collecting Trump assets if he fails to post a bond by next Monday, a leading real estate lawyer has said.

Paul Golden, author of Litigating Constructive Trusts and a partner at New York law firm Coffey Modica, told Newsweek that either Trump or a bond company must file a motion by Monday stating they have a $175 million bond in place.

"Presumably, if the motion fails, the Attorney General will take the position that the bond is without effect and that the Attorney General may start to take collection efforts," Golden said.

"Of course, if for whatever reason a court rules the bond is without effect, then Trump would likely appeal that decision as well, and possibly seek a stay in the context of that separate appeal too," he said.