He should have been forced to sell all of his properties prior to his presidency.
this post was submitted on 25 Mar 2024
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If they started auctioning off and selling his properties to make money, it would turn over a lot of really dark stones full of other people's criminal activities.
He's being protected by the club he's in, not because they like him but because they would be in trouble if they didn't.
That's the basis of the system, mutually assurred corruption.
That's why Epstein Epsteined himself
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You know, it's almost like the justice system has... I dunno. Problems or something.
This sucks, but a few points are at least worth mentioning:
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Of the five judges listed on the order, annoyingly slim as it is, three are Democrats and two are "nonpartisan" but with resumes in the public sector and public interest law.
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Most states actually have a cap on appeal bonds, often around $50 million or less. NY doesn't have one, but all the same thinking, for good or for ill, that would lead to a statutory limit might influence the appeals court here. Among them is precluding additional litigation from forcing a fire sale.
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In an appeal like this, the court has to at least conceptually imagine that there's some possibility of success, and that with a defendant who is leveraged AF and not nearly as liquid as he boasts, there is only one bite at the apple when seizing and selling the assets to satisfy the judgment. If the court is convinced that this amount, well into nine figures, will occupy the vast majority of his liquid assets and insure some plausible compensation for the plaintiff, and the other assets aren't going anywhere, then it's not insane to demand a bond more in line with the available liquidity.
Trump is definitely getting the "rich business owner with lots of lawyers" treatment here, and that's certainly something you could criticize about the American legal system, but I don't think we're seeing some completely inexplicable abuse of existing civil procedure. The orange turd still gets the due process that a President Turd would deny to so many others.
TL;DR: it's possible the only thing the Appeals Court is saying is that ol' Donny really can't get the bigger bond and that Trump Tower will still be there to seize later.
I heartily disagree on these limits being to prevent a fire sale. They're to protect the wealthy from a fire sale. You or I would be forced into a fire sale in a heartbeat for a million dollar judgement. And then into debtor's prison when we turn out to be normal people who don't have a million dollars of assets lying around.
And this is why I love Lemmy. Where else would you get a well reasoned explanation like this?
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I can't say I'm surprised by this, and while I hate Trump, it's not for the cynical reason. It's going to be quite the nightmare unwinding those transactions. My understanding is that NY doesn't have a right of redemption after a Sheriff's sale. While this is judicious, I would prefer Trump be given no quarter.
Sigh. Evergreen:
How funny would it be if he can't raise the $175 million either.
He's already recently stated he has the full half billion in cash on hand, just refuses to pay in cash, and bonds companies won't touch him.
They didn't give him a break because he can't pay, they gave him a break because he refuses to.
They gave him a break because he put half the supreme court in there, which is all downwards pressure.
Are there Supreme Court Justices in the New York court of appeals? (I haven't taken the time to look) can they even serve both?
This particular one isn't a federal case.
He's also a well known liar. There's no reason to believe he has the full amount in cash
In a situation like this, he should be held to his word.
He's the one that's said he has the funds available; so why should he get a break?
It'd be different if that figure was pulled from thin air; but it was based off of his own valuations.
I'm not saying he should get any kind of break. If he can't put up the money they should start seizing property. I'm just not convinced he has $400M lying around.
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