Mastodawn

(Paywall) Via Bloomberg:

Donald #Trump followed through on his vow to pay a $175 million bond that will put a massive civil fraud verdict on hold while he appeals, assuring New York state won’t start seizing the former president’s assets, at least for now.

Trump Posts Bond to Freeze $454 Million Fraud Fine During Appeal #legal https://www.bloomberg.com/news/articles/2024-04-02/donald-trump-posts-bond-to-freeze-454m-civil-fraud-fine

Donald Trump Posts Bond to Freeze $454 Million Civil Fraud Fine During Appeal

Donald Trump followed through on his vow to pay a $175 million bond to put a massive civil fraud verdict on hold while he appeals it, assuring New York state won’t start seizing the former president’s assets, at least for now.

Bloomberg

Laffy Apr 2, 2024

2/ Free Link—https://apnews.com/article/feb0593a5bbd3837edc0db195554eda1

Donald Trump posts $175 million in civil fraud case

Donald Trump has posted a $175 million bond in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals. That's according to a court filing made public Monday. A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement. One of Trump’s lawyers says, "He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”

AP News

Laffy Apr 2, 2024

3/ NYT: The $175 million bond came from Knight Specialty Insurance Company, a California company that handles such deals. In providing the bond, which is a legal document, not an actual transfer of money, the firm essentially promised New York’s court system that it would cover the judgment against Mr. Trump if he loses his appeal and fails to pay.

Alan Langford 🇨🇦🧤🧊摏 Apr 2, 2024

@GottaLaff Suckers.

alphy Apr 2, 2024

@alan @GottaLaff

My thought exactly. 100% chance they are left holding the bag.

NY will get at least $175 million when Trump loses the appeal, so not bad for the state by any means.

@alphy @alan @GottaLaff no, they get an IOU. Watch the bonding company go bankrupt!

Rory Apr 2, 2024

@GottaLaff When TFG loses the appeal and fails to pay, we'll see... I don't know anything about Knight Specialty Insurance Company, but something tells me they'll want their money...

Artemesia Apr 2, 2024

@rlstone4dems @GottaLaff

The minimum collateral supersedeas bond companies accept is 120% of the bond amount, and that is for liquid collateral like publicly listed stocks and bonds. If mangolini used up most of his liquid collateral on the $92 mil carroll damages bond, and still got a bond company to take real estate as collateral, it wouldn't surprise me if they required 200% of the bond amount. And it will be the creme of the crop, or more accurately the clearest of the septic tank water.

FWIW he can't pledge his DFT shares as collateral for another six months, and his two planes are worth single-digit millions each.

@artemesia @rlstone4dems @GottaLaff he has 2??

Keeper of Writers’ Tears Apr 2, 2024

@GottaLaff Follow the money. Who’s behind Knight Specialty Insurance Co.?

hammer Apr 2, 2024

@KeeperOfWritersTears @GottaLaff Don Hankey, billionaire that made out on the sub prime housing market crash and whose current biggest money maker is predatory lending.

Keeper of Writers’ Tears Apr 2, 2024

@qualityhammer @GottaLaff Not surprised.

Kirsty Apr 2, 2024

@KeeperOfWritersTears @GottaLaff
Forbes have some information on the insurance co. And their prior dealings with Trump.
https://www.forbes.com/sites/zacheverson/2024/04/01/trump-posts-175-million-bond-new-york-civil-fraud-lawsuit/?sh=6597cc3686d9

Trump Posts $175 Million Bond Thanks To Billionaire Don Hankey

A company backed by Don Hankey, the California billionaire who made his fortune on high-interest car loans, comes to Donald Trump’s rescue.

Forbes

Keeper of Writers’ Tears Apr 2, 2024

@AdminKirsty Thank you for this!

Kirsty Apr 2, 2024

@KeeperOfWritersTears
You may find an un-threaded toot series of interest (esp. #11). You will need to go to the account’s home page to read them after this one:
https://mastodon.world/@tomiahonen/112202711063309774

Tomi T Ahonen Not Indicted (@[email protected])

Attached: 1 image HANKEY PANKEY BOND THREAD/1 So let's start today's Thread-a-Thon with the Trump Prize Loon Danny Hanky-Panky who runs Knight Specialty Insurance Idiots at Axos Bankers & Money Launderers Inc Did you know Dan Hankey already held $225 MILLION dollars of Trump debt? Yes. He is the new Putin

Mastodon

Artemesia Apr 2, 2024

I don't think this is accurate. Knight et al (KSIC) are on the hook for the first $175 mil, not the entirety of the judgement (which is about $468 mil now).

BarneyRCN🇨🇦⚓️🎓Apr 2, 2024

@GottaLaff They aren’t going to do this for nothing! There will be an extraction of $$ from whatever is left of TFG holdings in the end.

@GottaLaff I suspect the bonding firm would appeal too when #45 looses.

@GottaLaff dead link for me.

Laffy Apr 2, 2024

@solmakou Works for me. ?

@GottaLaff and now it's working, sorry about that.

Laffy Apr 2, 2024

@solmakou 👍🏻

Ralph058 (S/he/it) AF4EZ Apr 2, 2024

@GottaLaff Looks like a case of be careful of what you wish for. The October surprise is going to be that Trump is a con man all over the headlines for the month before the election.

Anne Apr 2, 2024

@GottaLaff hmmm. I wonder where the money came from?

Laffy Apr 2, 2024

@annecavicchi I posted that in the thread

Anne Apr 2, 2024

@GottaLaff A little hankey pankey...
Sorry, I'll let myself out.

Lazarou Monkey Terror 🚀💙🌈Apr 2, 2024

@GottaLaff that man threatening the daughters of Judges gets so much leeway.....

Ivey Janette McClelland Apr 2, 2024

@GottaLaff He has a golf tournament and a fundraiser to prepare for this weekend.