WorthyNews:Former U.S. President Wins Request To Reduce Bond To $175 Million

[WorthyNewsBot]

By Stefan J. Bos, Chief International Correspondent Worthy News

NEW YORK (Worthy News) – A panel of New York appellate judges came to former U.S. President Donald J. Trump’s aid Monday, ruling that he must post a $175 million bond within ten days. That is down from nearly over $275 billion dollars as previously demanded.

The move would stop Attorney General Letitia James from taking his assets, such as the Trump Tower in New York City, while he appeals.

Trump’s lawyers, in a court filing last week, said that it was “impossible” for him to get an appeal bond of $454 million to satisfy the judgment in that amount, having approached more than 30 surety companies without success.

Earlier Monday, Trump had raged in a post on his Truth Social media platform that he might be forced to sell his “babies” — real estate assets — to satisfy the large judgment amount while he appeals the verdict in the case.

A judge found that he and other defendants for years “fraudulently inflated” the stated value of properties, charges Trump vehemently denies.

Trump’s lawyers previously suggested that the appeal bond in the case be set at $100 million, significantly lower than the $175 million demanded now.

His two adult sons, his company, the Trump Organization, and two executives who all were co-defendants in the case owe about $10 million in additional damages.

SURETY COMPANIES

None of the surety companies were willing to write a $464 million check without Trump posting cash or some other liquid asset, the attorneys wrote in their filing with the appellate division.

Because of the size of the fraud judgment, the companies insisted that Trump show “cash reserves approaching $1 billion,” according to his lawyers.

But neither Trump nor the Trump Organization company has that amount of cash on hand, the filing claimed.

While Trump is technically a multi-billionaire, much of his cash is believed to be in the bricks of his many real estate.

Yet there was some hope on Monday that Trump, who claims to be a successful dealmaker, was now able to stop the clock on collection.

It would prevent the state from seizing the presumptive Republican presidential nominee’s assets while he appeals.

Seizing assets is a standard legal option when someone doesn’t have the cash to pay a civil court penalty.

TRUMP TOWER

In Trump’s case, potential targets could include his Trump Tower penthouse, aircraft, Wall Street office building, or golf courses.

As Trump arrived Monday at a different New York court for a separate hearing in his alleged “criminal hush money” case to silence an adult film star over her suspected relations with her, he didn’t say whether he’d obtained a bond.

In the hush money case, a judge said the criminal trial against Trump will begin on April 15 with jury selection.

During a hearing Monday, the judge dismissed the former president’s motion to toss out the indictment altogether or delay the trial further.

Trump’s attorneys had sought sanctions against the Manhattan District Attorney’s office after more documents of discovery were turned over.

The former president is charged with 34 counts of allegedly “falsifying” business documents related to the repayment of Michael Cohen for hush-money payments made before the 2016 election.

That money was paid to cover up an alleged affair with adult film star Stormy Daniels, according to investigators.

LEGAL CHALLENGES

Trump has pleaded not guilty and denied the affair

The legal challenges come as he prepares for a rematch with U.S. President Joe Biden in November.

With the hush money trial set to start in April, it will be the first of Trump’s four criminal trials to begin.

It is potentially the only one to occur before the presidential election, trial observers said.

Despite the legal wrangling that critics say challenges his image as a successful businessman, Trump still leads in the polls in the run for the White House.

The post Former U.S. President Wins Request To Reduce Bond To $175 Million appeared first on Worthy Christian News.

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[FJK]

I imagine the strategy was to make it impossible for him to appeal through an excessively large bond requirement, so this reduction will probably make them go crazy while they try to figure out some other way of stopping an appeal so they won't have to face a high potential of being overturned.

Things just keep getting more and more interesting.