short on cash and on time the twice impeached quadruple indicted disgraced ex-president who was found liable for sexual abuse has just 48 hours from now to post a bond for his $464 million civil fraud judgment to prevent New York attorney general Laticia James for being able to collect while he appeals and although Trump may be spouting on Truth social that he has $500 million in cash his lawyers are telling a different story in a court filing earlier this week saying that they have been quote s
uccessful in their efforts to obtain a bond Trump did get some good news yesterday when investors approved a plan to take a struggling social media company public which could see him possibly Holding stock worth up to $3 billion but that stock may be tied up for at least 6 months so will it be too little too late joining me now is Renee zit a partner at boy Schiller flexner Renee it's so good to see you let's talk about the last thing that we just talked about which is this merger went through o
n Friday the potential for Trump to net billions of dollars has a lot of people chatting because they think that that will help him with his bond that is due on Monday talk us briefly through the logistics of why that I guess stake in this new company will not be able to help him in his New York case thank you Katie well I'm so happy to be here um well the uh as you said the stockholders of uh the company approved the merger to go forward and that could close as soon as next week the problem is
that Trump's Shares are subject to a lockup which prevents him from selling those shares for six months now it's possible that the board of directors could decide to modify that lockup agreement but that creates serious fiduciary challenges for them especially this being a Delaware company where controlling stockholder transactions are very closely scrutinized and so that would be probably very likely to lead to litigation where the board to do that um the other problem with trying to use these
shares in order to uh help with his situation in the uh in the New York judgment enforcement uh efforts is that this is a meme stock I mean it's really another AMC situation the fundamentals of this company are completely unored from the stock price the company has $3 million of revenues it's forecasting losses into the foreseeable future and somehow it's going to have a market cap in the billions of dollarss I think it would be I'm not sure that assy would find that that was an appropriate uh s
ource of collateral for a bond it's possible that some private lender might feel differently so Renee this deadline on Monday is right around the corner the appeals court could actually issue or Grant a discretionary stay if Trump can't come up with the bond shity to stop execution on that judgment what are the chances though of that happening considering the filings that have gone back and forth with this appell court on both sides and what do you think that compromise might look like just mayb
e less of a bond that he would have to post so Katie let's be clear about one thing Trump doesn't need this bond to appeal the Judgment what he needs this bond to do is to be able to stay enforcement of the Judgment pending the appeal and if he can't post the bond then the only way he can stay the enforcement is to get a discretionary stay as you just mentioned now in order to do that he has to be able to convince the appell at court that he not only has a meritorious appeal but also that he wou
ld be irreparably harmed if the stay is not granted so in or irreparable harm is a legal term and by definition it means that your harm cannot be remedied by money damages Trump's arguments here are that if a stay is not granted he would have to sell his properties in a fire sale but generally speaking invest the loss of investment or commercial properties under New York law is not con considered to be irreparable harm it's different of course if it's your home or if he can show that these prope
rties are unique in some way but when it's just a commercial investment courts generally find that the harm can be remedied through money damages so I don't think he my personal view is I don't think he's got a high chance of success but anything is possible the appella court might cut him a break and then Renee assuming arguendo Trump does not get that Bond and that he doesn't get a discretionary stay issued by an appeals court let's talk about what Laticia James her options are we know that sh
e went to Westchester County to record the Judgment there we know that Trump has assets there is she able to do that across the United States where any of Trump's assets and the other defendants assets are currently located well Katie New York is a very creditor friendly State we take creditors right seriously here and our law has a lot of options for creditors to enforce their judgments um even before we get to his properties she can can very very easily go ahead and freeze his bank accounts an
d all she has to do to do that is to serve restraining notices on the banks where he holds accounts and she can then have a sheriff execute on those accounts or she can commence a turnover proceeding directing the banks directly to turn over the Assets in those accounts and speaking of turnover proceedings she can actually do that for any asset that Trump owns no matter where it is located across the country across the world that includes things like stock that he owns LLC member interests intel
lectual property cars planes jewelry Furniture personal property she can direct she can seek an order directing that Trump turn over those assets to her and then those assets can be auctioned let's briefly talk about the Independent Court monitor that's been on this case for a few years now retired Judge Barbara Jones Justice and Goron just a couple of days ago entering a beefed up order allowing her to actually have have more control over the finances of these defendants like Trump and Trump or
g what does it say to you that there's a provision that was added that said that she had to be notified if any bond shity applications were done by by Trump organization well I think uh you know one of the interesting points that the attorney general made in in her response to Trump's application for a discretionary stay is that the Trump organization moved $40 million out of the out of the company without telling the independent monitor so I think it certainly signals a concern by the court tha
t those types of antics could keep happening
Comments
“Grab him by the wallet, when you’re the AG they let you do it”
If Troth Sertual is worth 3 billion dollars, the moon is made of cheese.
That 757 could almost certainly be sold to one of the cargo carriers: DHL, UPS or Fedex, and converted to a freighter. It's used to hauling crap around......
Truth Social: $3M in revenues, loses money hand over fist for years to come, and they want to raise billions in an IPO. That stock will tank faster than the Titanic.
America has lost its mind. Its sad whats happening to this country
The shock here is how many have no clue how bad this is!!!
All i know is if it were a regular person, the courts wouldnt care, they would still take everything you owned. No matter what. There would be no talking or trying to fight it.
In the military...debt is considered problematic, because it renders you more open to pay offs. ...so how can a flailing, bankrupt man, be Commander in Chief? 😂
The irony is so hamberder, you couldn't cut it with a covfefe.
The bond will undoubtedly be posted via a third party untraceable injection of funds.
Trump is on the rooftop yelling "Russia, if you're listening".
Please get the AG to “Turnover” the Scottish golf courses! We want rid of this A Hole in Britain!
If he has all that cash then, why wait until Monday to post it? Every day that passes by is costing him $110,000.00 in interest.
get your popcorn ready. the whole world is watching and laughing
Take his fake Airforce 1. That'll make him cry.
Billionaires can literally just make up money it seems. Truth social bleeds money like a haemorrhage, its not worth 3 billion dollars, its a liability.
It's simple - Trump's own actions determine he is not deserving of any special treatment or favours by the court to help him out.
Human arrogance never ceases to amaze me. Justice is a lie we tell ourselves to pretend we are civil.
If the appeals court decides that he's too rich to have to feel any pinch, we have a massive problem.
40 Wall Street has too many challenges by virtue of the fact that he doesn't own the land that the building sits on. The mortgage will have to be refinanced in about a year and the land rental fee is set to be revised upward.