• givesomefucks@lemmy.world
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    8 months ago

    Trump and his company need to post a bond for the full amount by next week in order to stop New York Attorney General Letitia James from being able to collect while he appeals.

    He doesn’t have the cash to pay, so when NY collects, they can start forcing sales on his property.

    If he gets the bond, then it just sits there till after appeals. Which would prevent him from selling property he put up for bond, but he’d still own them.

    If he misses that bond, the rest of the dominoes will fall like a house of cards. Checkmate

    • ryan213
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      8 months ago

      Thanks for the summary, Zap!

      • ChickenLadyLovesLife@lemmy.world
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        8 months ago

        Back in the late '80s, Spy magazine had a plan to collect donations to purchase a condo in one of Trump’s buildings - which they were then going to donate to the outgoing president of the Industrial Workers of the World to retire in.

  • WaxiestSteam69@lemmy.world
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    8 months ago

    The fact that no bond companies would accept real property as a collateral for the bond and only liquid or easily liquified assets points to the properties being leveraged to the hilt. If he ends up having to pay even a portion of this and has to start selling properties we should see a true picture of his financial status.

    • FenrirIII@lemmy.world
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      8 months ago

      Imagine if he wins the election and is flat broke. He’ll auction off everything the US owns in exchange for a cut or finder’s fee. And let’s not pretend that the emoluments clause actually applies to any of elected leaders.

      • Tyfud@lemmy.world
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        8 months ago

        We don’t have to imagine too hard here. The fact that he’s even able to run for president again is a travesty of justice.

      • WaxiestSteam69@lemmy.world
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        8 months ago

        I think the reason it was such an issue with Trump is I can’t think of another president that had the infrastructure (i.e. his hotels) to make revenue via emoluments.

        • Blue_Morpho@lemmy.world
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          8 months ago

          Carter was a peanut farmer and those peanuts were sold internationally. He sold the farm before being elected so as not to be in violation of the emoluments clause.

          • Dagwood222@lemm.ee
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            8 months ago

            Just setting the record straight. Carter put his farm in a blind trust. And I agree that Trump isn’t fit to clean Carter’s outhouse

          • WaxiestSteam69@lemmy.world
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            8 months ago

            Didn’t W divest a bunch of stuff and setup a blind trust for the same reason. And if I’m remembering correctly didn’t the peanut farm had been Carter’s family for a while so he gave up something that meant something more than money.

            • evatronic@lemm.ee
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              8 months ago

              Every president save Trump in modern times has had various assets and investments, and they have all put them in blind trusts during their terms.

    • homura1650@lemm.ee
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      8 months ago

      Additionally, this judgment is for his civil fraud trial. Where he was found liable for inflating the value of his properties in order to obtain loans against them.

      Given that, I can understand a general reluctance to loan against the value of his properties.

    • A Phlaming Phoenix@lemm.ee
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      8 months ago

      So if he falls to make bond and the state starts seizing assets, how does that work, exactly? They auction it to pay the lawsuit? What if Trump gets a bite on selling a property intending to make bond but it’s a big real estate transaction and that takes time? Will he be allowed to finish the sale before the state seizes assets?

      • ikidd@lemmy.world
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        8 months ago

        They’d be best to sieze and sell the assets independent of Trump. Chances are he will sell stuff to certain people with Slavic accents, and then we’ll have a potential president even further beholden to enemies of the state, which is generally considered sub-optimal.

      • nucleative@lemmy.world
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        8 months ago

        The government people who are in charge of collecting the dough from this judgment will be wise to the possibility that he may not have a bonafide buyer and that he’s just fluffing if he says a deal is about to go through.

        Any buyer will know that he’s a motivated seller so the offers aren’t going to be all that great.

        When the government seizes banks that are about to fail, usually they seem to find qualified buyers privately and the deal is over within days.

        I have a feeling that because Trump has allowed things to get to this point, the government is less interested in selling at the highest price possible and instead will take any offer that settles the debt.

      • obviouspornalt@lemmynsfw.com
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        8 months ago

        I’m wondering what priority the state has over existing lienholders. If State has priority, then some banks may be about to get hosed.

    • ripcord@lemmy.world
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      8 months ago

      He won’t. I just can’t imagine he’s not going to find some bad actor to step in before that happens. Possibly SA.

      • radicalautonomy@lemmy.world
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        8 months ago

        some bad actor to step in before that happens. Possibly SA.

        Shohreh Aghdashloo is one of the finest actors of our time. You shut your damn mouth.

        Edit: Sorry, I just figured out you meant South America. Yeah, I hate that country, too…buncha jerks.

      • ferralcat@monyet.cc
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        8 months ago

        Why would sa make a deal with him? It would have to be secret and there’s zero chance he would abide by it later. If he wins and they kill him its a war. If he loses they’ve bought nothing anyway…

  • andyburke@fedia.io
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    8 months ago

    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.

    Perfection.

    They won’t let him pay with play money anymore.

    • Billiam@lemmy.world
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      8 months ago

      AKA “we have no idea how much your property is actually worth because you’ve been lying about it for years, so we want things that have a value set by someone other than you.”

        • fine_sandy_bottom@discuss.tchncs.de
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          8 months ago

          It’s this.

          Anyone would be stoked to lend $500m if he could give them, say, $1b in clear property titles.

          He can’t because other banks already have their mortgage registered on the titles, and those banks have obviously reached the limit of what they will offer.

        • nilloc@discuss.tchncs.de
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          8 months ago

          This is what I’m expecting, that or appraisals will end up finding out many of these places are worth way less or need condemning/major work to be sellable.

  • snooggums@midwest.social
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    8 months ago

    Oh no, he will have to sell the things he inflatated the price for illegally at actual market price.

    • eric@lemmy.world
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      8 months ago

      The aggression in Liotta’s laugher makes it the most appropriate gif.

  • Tja@programming.dev
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    8 months ago

    PSA: it’s not over yet, they have until 25th of March. Don’t discard a boatload of rubles showing up on March 24th.

    • No_Eponym
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      8 months ago

      I was curious, so I did the (lazy) math.

      1 USD is going for about 90 Rubles currently.

      Assuming a Ruble is roughly the size of a USD…

      A $1M USD stack made of 100 x $10,000, or 10 x 10 stacks measures 12" across x 13" front to back x approx. 5" tall. That is 780 cubic feet or a bit more than 22 cubic meters.

      At $464 USD, assuming 90 Ruples per USD and that Rubles are roughly the same dimension as a USD (464 x 90 x 780 or 22) we get 32,572,800 cubic feet or 918,720 cubic meters.

      Cargo ship size is usually measured in twenty-foot equivalent units (TEUs), based on the volume of a 20-foot-long (6.1 m) intermodal container. The internal volume of one of these containers is 1,172 cubic feet or 33.2 cubic meters.

      Assuming a standard container size, it would take 28,710 TEUs to move the entire Trump bond via ship. The maximum TEU of the largest container ship listed on Wikipedia is 24,232, leaving Trump 4478 TEUs, 5,248,216 cubic feet or 143,296 cubic meters, and $72M short.

      TL;DR: Even with the biggest boatload of Rubles, Trump would still come up short on the bond.

      • Blackmist@feddit.uk
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        8 months ago

        12" across x 13" front to back x approx. 5" tall. That is 780 cubic feet or a bit more than 22 cubic meters.

        I’m not sure I agree with you a hundred percent on your police work, there, Lou.

        • No_Eponym
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          8 months ago

          Bake 'em away toys! Amazing what misunderstanding ’ vs " can do.

    • Ohi@lemmy.world
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      8 months ago

      Yeah for real. Putin may be a dick, but unlike Trump he is way ahead in the dictator plays and is estimated to be sitting at well over 100 billion USD. 500 million to bail out the US president who would gladly take the U.S. out of NATO for him seems absolutely reasonable.

    • gregorum@lemm.eeOP
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      8 months ago

      Applying for emergency funding grant from my workplace to move back home and get a new home. Things are actually looking pretty good for me after seven months of living a complete and utter nightmare. When I got the news that I will probably be given the financial assistance I finally need as long as my paperwork is in line, I had to step off the sales floor and going to the bathroom and cry a little bit. I had a really good day today.

      It’s been A really long time since had something to hope for

      Thanks for asking

        • gregorum@lemm.eeOP
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          8 months ago

          Neither did I, to be honest. My birthday was on Friday, and I turned 45, and my family had abandoned me. And it was so bad that I had to keep myself from crying all day at work. But today was a good day. And I’ll take it.

          • corsicanguppy
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            8 months ago

            Yep, take every win. And maybe when you’re sitting up late at night and the sleep’s not coming, just think about this win. Just a bit. It’s kinda fun to do.

      • unphazed@lemmy.world
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        8 months ago

        Wow! Good for you! Also, thanks for being real! Hope everything stays on this path! Don’t let the bumps bring you down!

  • Veedem@lemmy.world
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    8 months ago

    Leticia James is a bad ass who painted this guy into a corner. I love it.

  • Varyk@sh.itjust.works
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    8 months ago

    Gee, he can’t pay for his business fraud judgments with his sneaker fraud or his nft trading card fraud?

    What about all the bribes he illegally and treasonously accepted by premiers of hostile countries?