To Raise $464 Million in Bonds, Trump Says He May Be Forced to Sell Real Estate at ‘Fire Sale Prices’

By | March 19, 2024

Former President Donald Trump says he may be forced to sell his ‘major assets’ at ‘Fire Sale prices’ to raise the required $464 million bond as he appeals the verdict in his New York financial fraud case York. In a motion filed Monday, Trump’s lawyers are seeking to delay bail payments while they appeal Judge Arthur Engoron’s ruling in the case. In the Jan. 6 election interference case, Trump’s lawyers are filing a brief asking the Supreme Court to rule that presidents have “absolute immunity” from criminal prosecution for acts committed while in office. Here are the latest legal developments regarding the presumptive 2024 Republican presidential nominee.

Financial fraud in New York

As the bond deadline approaches, Trump is looking for alternatives

Main actors: Right Arthur Engoron, Attorney General of New York Letitia James

  • On Tuesday, Trump took to social media to address the March 25 deadline to post $464 million bond as he appeals Engoron’s verdict in his civil financial fraud case. The hill reported.

  • “Judge Engoron actually wants me to fork over hundreds of millions of dollars for the right to appeal his ridiculous decision. In other words, he is trying to take away my professional rights,” Trump said in a message to Truth Social. “No one has ever heard of something like this before.”

  • ‘I would be forced to mortgage or sell Major Assets, perhaps at Fire Sale prices, and if and when I win the Appeal they would be gone. Does that make any sense?” Trump added.

  • New York law requires a defendant to deposit 110% of a civil judgment into an escrow account while that person appeals the decision in a case.

  • Engoron ruled that Trump, his adult sons and his family business had committed years of financial fraud by inflating the value of assets to obtain favorable banking and insurance rates.

  • Thanks to a loan from insurer Chubb, Trump has already posted a separate nearly $92 million bond while he appeals the jury’s verdict in the defamation case against E. Jean Carroll. But Chubb and 29 other lenders refused to give Trump a loan to pay for the larger bond amount.

  • Trump now has limited options to raise the $464 million, The New York Times reported.

  • He can hope that his appeal to the court will lead to a reprieve, that he will sell real estate quickly, receive a gift from a wealthy supporter, ask James to extend the 30-day grace period she has already given him, or that he will file for bankruptcy.

  • If Trump has none of these options and fails to pay the full bail amount by Monday, James could seize Trump’s assets and freeze his bank accounts.

Why it matters: Even as a politician, the Trump brand has been synonymous with wealth. His real estate holdings in New York, some of which were at the center of the financial fraud trial, are reportedly among his most prized assets.

January 6 election interference

Trump asks the Supreme Court to rule that presidents have ‘absolute immunity’ from prosecution

Main actors: Right Tanya ChutkanDC Circuit Court of Appeals, US Supreme Court, Trump lawyer John Sauerspecial counsel Jac Smith

  • On Tuesday, Trump’s lawyers filed a brief with the Supreme Court, arguing that a president “enjoys absolute immunity from criminal prosecution for his official actions.” .

  • “The president cannot function, and the presidency itself cannot maintain its vital independence, if the president faces criminal charges for official acts as soon as he leaves office,” Sauer wrote in the filing.

  • Trump is charged with conspiracy to defraud the United States, conspiracy to disenfranchise voters, and conspiracy and attempted obstruction of an official proceeding over his efforts to overturn the results of the 2020 presidential election.

  • His lawyers argue that Trump’s actions were part of his “official duties” as president and argued in their letter that allowing him to face charges would change the job forever.

  • “The threat of future prosecution and imprisonment would become a political cudgel to influence the most sensitive and controversial presidential decisions, removing the power, authority and decisiveness of the presidency,” the filing said.

  • In fact, Trump is the first president in American history to be charged with a crime after leaving office.

  • Smith has countered that Trump contested the election in an effort to stay in power, and that no one is above the law.

  • Chutkan and the appeals court both ruled in Smith’s favor, but Trump has appealed the case to the Supreme Court.

  • A publication released this week shows that 70% of American voters and 48% of Republicans reject Trump’s claim that he is immune from criminal prosecution for actions committed while in office.

Why it mattersWhile Trump’s lawyers argue that presidential power would be damaged if the Supreme Court ruled that a commander-in-chief could never be prosecuted for actions committed while in office, prosecutors have focused on Trump’s efforts to overturn the election. What remains unsaid is what consequences might arise if the Supreme Court were to provide protection for a president’s actions, whatever they may entail, while he remains in the White House.

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Monday March 18

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Lawyers for former President Donald Trump are filing an emergency appeal against Judge Scott McAfee’s ruling that Fulton County District Attorney Fani Willis can continue to prosecute Trump and 18 others on election interference charges now that chief prosecutor Nathan Wade has resigned. Trump’s lawyers tell a New York appeals court that he faces “insurmountable difficulties” in securing the $464 million bond from lenders he must pay while he appeals the verdict in his civil lawsuit over financial fraud. Trump is also asking the court to reduce the amount he must pay while he appeals the case. Here are the latest legal developments facing the presumptive 2024 Republican presidential nominee.

Meddling in the elections in Georgia

Trump is appealing the judge’s decision allowing Fani Willis to remain in the case

Main actors: Trump lawyer Steve SadowRight Scott McAfeeFulton County District Attorney Fani Willisformer chief prosecutor Nathan Wadethe Georgian Court of Appeal

  • On Monday, Trump and eight of his co-defendants filed an emergency appeal of McAfee’s ruling, allowing Willis to continue handling the case against Trump and 18 others as long as Wade stepped aside. USA today reported.

  • “The motion notes that the Court found that Willis’ actions created an appearance of impropriety and an ‘odor of mendacity’ that lingers in this case, but nevertheless declined to dismiss the case or disqualify her,” the motion said. filing with the Georgia Court of Appeals states.

  • Willis and Wade admitted to having a romantic relationship but denied the defendants’ conflict of interest claims that Willis had benefited financially by hiring Wade or had lied when called to testify about that relationship.

  • Willis has sued Trump and 18 others for their efforts to overturn the results of the 2020 presidential election in Georgia. So far, four of the defendants have pleaded guilty and agreed to testify against the others charged in the case.

  • McAfee has yet to schedule a trial date for the remaining defendants.

  • It is unclear whether the appeals court will hear the case.

Why it matters: Although McAfee allowed Willis to stay on the case, the appeals process could further delay the trial of Trump and the other defendants until after the November election.

Financial fraud in New York

Trump asks the appeals court to allow him to delay bail payments

Main players: Judge Arthur Engoronattorney general of New York Letitia JamesTrump lawyers Alina Habba And Clifford Robertgeneral counsel of the Trump Organization Alan Garten

  • Trump’s lawyers told a New York appeals court that the former president had approached 30 insurers to try to secure the $464 million bond he needed to continue his appeal of Engoron’s verdict in the financial fraud trial, but none of them had agreed to lend him the money. , CNN reported.

  • “The amount of the judgment, including interest, exceeds $464 million, and very few bond companies will even consider a bond anywhere close to that size,” Trump’s lawyers wrote in a lawsuit.

  • Trump is asking the appeals court to reduce the bond amount and delay its payment until after his appeal is heard.

  • Last month, Engoron ordered Trump to pay the state $355 million plus interest for years of fraudulent business practices, including inflating his assets to obtain favorable loan and insurance rates.

  • Trump is appealing the decision, which requires him to deposit 110% of the total amount owed into an escrow account while the appeals court hears the case.

  • In Monday’s filing, Garten also painted a bleak outlook for Trump’s ability to increase the bond amount.

  • “Defendants have faced insurmountable difficulties in obtaining bail for the entire $464 million,” he wrote. ABC news reported.

  • James has said that if Trump doesn’t come up with the full bond amount, she would go after his real estate.

  • “Obtaining such money through a ‘fire sale’ of real estate assets would inevitably result in enormous, irreparable losses — by-the-book irreparable harm,” Trump’s lawyers wrote in their filing.

  • Habba and Robert also argued that the bond amount was “unconstitutionally excessive.”

Why it matters: During his trial, Trump told the court that he had $400 million on hand that he could apply for a bond. Since then, he has lost two high-profile cases, causing his debts to rise to over half a billion dollars. He has posted nearly $92 billion in bail while he appeals the jury’s verdict in the defamation lawsuits brought by columnist E. Jean Carroll.

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