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In reply to the discussion: Trump has been unable to get bond for $464 million judgment, his lawyers say [View all]AverageOldGuy
(1,573 posts)49. Answered my own question
I did what I should have done to begin with -- READ THE LINKED ARTICLE.
At the risk of violating DU rules about quoting too much, it seems as though The World's Sharpest Businessman has been turned down by EVERYONE HE HAS APPROACHED.
I'm heartbroken for him . . . aren't you?
From the NBC News article"
"Defendants ongoing diligent efforts have proven that a bond in the judgments full amount is 'a practical impossibility,'" the filing said. "These diligent efforts have included approaching about 30 surety companies through 4 separate brokers."
Their efforts, including countless hours negotiating with one of the largest insurance companies in the world, have proven that obtaining an appeal bond in the full amount of the Judgment is not possible under the circumstances presented, the filing said.
The other bond companies will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents (such as marketable securities), the filing said. He also noted those companies typically require collateral of approximately 120% of the amount of the judgment which would total about $557 million.
"In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advancean upfront cost over $18 million," the filing said. That $18 million would not be recoverable even if Trump wins his appeal.
Their efforts, including countless hours negotiating with one of the largest insurance companies in the world, have proven that obtaining an appeal bond in the full amount of the Judgment is not possible under the circumstances presented, the filing said.
The other bond companies will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents (such as marketable securities), the filing said. He also noted those companies typically require collateral of approximately 120% of the amount of the judgment which would total about $557 million.
"In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advancean upfront cost over $18 million," the filing said. That $18 million would not be recoverable even if Trump wins his appeal.
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Trump has been unable to get bond for $464 million judgment, his lawyers say [View all]
Poiuyt
Mar 18
OP
I believe that it's impossible to get a security clearance if you owe large amounts of money. nt
albacore
Mar 18
#40
And as POTUS you can give security clearance to someone who could not get clearance
rurallib
Mar 18
#75
Gee, I thought TSF was a billionaire. So, why isn't he putting up his cash?
sinkingfeeling
Mar 18
#14
He's not "covered by" Chubb. They wrote an appeal bond covering only the judgment
Ocelot II
Mar 18
#25
Trump has been unable to get a bond for the $464 million judgment in his New York civil fraud trial, his lawyers say
LetMyPeopleVote
Mar 18
#23
Trump has been unable to get a bond for the $464 million judgment in his New York civil fraud trial, his lawyers say
LetMyPeopleVote
Mar 18
#26
I imagine there is no real upside for Trump to liquidate assets as they will not bring their stated value.
OAITW r.2.0
Mar 18
#46
$454 million? That's 42 billion in Rusian Rubles. Will Putin help his pal in need?
SupportSanity
Mar 18
#61
si. and homless . get rid of the russian and chineese nationals while we are at it.
AllaN01Bear
Mar 18
#73