Trump appeals fraud case as $112,000-a-day interest accrues

[Social Media]

 

Donald Trump is pushing back against a recent ruling in a New York civil fraud case, appealing the judge's decision that he must pay a staggering $454 million in penalties and interest. The initial judgment of $355 million has ballooned with interest, accumulating at a rate of at least $112,000 per day. This legal battle, spearheaded by New York Attorney General Letitia James, revolves around allegations that Trump inflated property values to secure more favorable loan terms.

 

The appeal comes amidst Trump's preparations for a likely rematch against Democratic President Joe Biden in the upcoming November election. Trump has consistently denounced the case as a political witch hunt and vowed to challenge the ruling. His attorney, Alina Habba, expressed hope that the appeal court would overturn the "egregious fine" and restore public faith in New York's legal system.

 

In the appeal filing, Trump's legal team raises concerns about potential errors of law or fact by Judge Arthur Engoron's court, questioning whether it acted within its jurisdiction. They argue that Trump was wrongly sued under a consumer-protection statute typically used for cases involving businesses that defraud customers. This latest appeal adds to a string of legal challenges mounted by Trump's lawyers, including previous attempts to contest rulings by Judge Engoron.

 

The appeals process is expected to prolong the legal battle, potentially lasting a year or more. Trump could seek a pause on the collection of the judgment by offering money, assets, or an appeal bond covering the owed amount. However, his approach remains unclear. Trump's adult sons, Donald Jr. and Eric, who were also implicated in the case, have joined their father's appeal, maintaining their innocence.

 

This financial blow adds to Trump's legal woes, as he faces mounting legal expenses. Last month, he was ordered to pay $83 million in a defamation case to E Jean Carroll, a woman he allegedly sexually abused. While Trump's net worth is estimated at $2.6 billion, the extent of his liquid assets remains uncertain.

 

Meanwhile, Trump faces another legal battle in New York City next month, this time involving criminal proceedings. Prosecutors allege that Trump falsified business records to conceal hush money payments made to an adult film star before the 2016 election. In response, the Manhattan prosecutor has requested a gag order on Trump, citing concerns about his history of making inflammatory remarks that could prejudice the case. Trump's campaign spokesman has denounced the request as an infringement on Trump's rights, reiterating the former president's claims of partisan motives behind the indictments.

 

27.02.24

Source

 

[george]

Ouch, that will hurt a bit 🙂

[BKKKevin]

For this appeal to be granted he must post a bond or provide cash equal to the judgement plus interest... 

 

It is yet to be seen if he has the financial resources to do so... 

[jerrymahoney]

3 minutes ago, BKKKevin said:

Trump Media’s Impending Merger May Give Him a Financial Lifeline
The deadline for the former president to pay a $454 million civil fraud penalty coincides with the expected closing of a deal involving his social media platform, Truth Social.

Feb. 26, 2024, 12:54 p.m. ET via NY Times

Former President Donald J. Trump’s stake in Trump Media & Technology Group, his social media company, could be worth as much as $4 billion once a long-delayed merger closes.

 

https://archive.is/bVF9V#selection-546.0-657.173

[BKKKevin]

53 minutes ago, jerrymahoney said:

Trump Media’s Impending Merger May Give Him a Financial Lifeline

 

https://finance.yahoo.com/news/7-reasons-trump-truth-social-232409341.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAnx3WQI3rzxBGstX9xTuwDK79UuC42mnKynWRpvBgzxcDWQuD9yRYWtA_ma6XFgGVtNfFa6k6Sw-ozNNbt1UHLIDlyq3-1b1d2usHs_MFJTYklmK8kmGB-lC58MmPDwBAuuzcsDXRgJOfwZI44Nzv3-KsweeMRcIWnw1ehDlWCz

[Tug]

1 hour ago, jerrymahoney said:

Trump Media’s Impending Merger May Give Him a Financial Lifeline
The deadline for the former president to pay a $454 million civil fraud penalty coincides with the expected closing of a deal involving his social media platform, Truth Social.

Feb. 26, 2024, 12:54 p.m. ET via NY Times

Former President Donald J. Trump’s stake in Trump Media & Technology Group, his social media company, could be worth as much as $4 billion once a long-delayed merger closes.

 

https://archive.is/bVF9V#selection-546.0-657.173

His media company is all hot air much like the owner anybody want to buy a bridge?

[jerrymahoney]

44 minutes ago, BKKKevin said:

 

https://finance.yahoo.com/news/7-reasons-trump-truth-social-232409341.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAAnx3WQI3rzxBGstX9xTuwDK79UuC42mnKynWRpvBgzxcDWQuD9yRYWtA_ma6XFgGVtNfFa6k6Sw-ozNNbt1UHLIDlyq3-1b1d2usHs_MFJTYklmK8kmGB-lC58MmPDwBAuuzcsDXRgJOfwZI44Nzv3-KsweeMRcIWnw1ehDlWCz

That article is dated April 16, 2023

 

The NY Times article is dated today Bangkok time

[jerrymahoney]

2 hours ago, Tug said:

His media company is all hot air much like the owner anybody want to buy a bridge?

Maybe enough have already bought the bridge. From the above linked archive article:

 

The most obvious obstacle would be if Digital World shareholders voted it down. But that is unlikely, given that most of the roughly 400,000 shareholders of the company are retail investors who had questioned the pace of the S.E.C.’s inquiry into the deal in online postings on Truth Social and other social media platforms. (my bold)

[tilaceer]

https://trumpdebtcounter.com

[spidermike007]

This is really beautiful how this is unfolding, up until now this fraud has been able to pretend that he's a multi-billionaire, many of us know differently. The conman barely has a half a billion dollars cash available to him to cover his current obligations, and he is scrambling, you can bet he is scrambling right now to save his empire, and millions upon millions around the world hope against hope that his empire crumples. He has worked hard to earn that enmity over a career of crime spanning 45 years. 

 

Lock up Trump. 

[Roo Island]

7 hours ago, jerrymahoney said:

Trump Media’s Impending Merger May Give Him a Financial Lifeline
The deadline for the former president to pay a $454 million civil fraud penalty coincides with the expected closing of a deal involving his social media platform, Truth Social.

Feb. 26, 2024, 12:54 p.m. ET via NY Times

Former President Donald J. Trump’s stake in Trump Media & Technology Group, his social media company, could be worth as much as $4 billion once a long-delayed merger closes.

 

https://archive.is/bVF9V#selection-546.0-657.173

But even if the deal closes, Mr. Trump would need to get a waiver from a lockup provision that restricts major stockholders from selling shares for at least six months. Trump Media did not respond to a request for comment.

[Roo Island]

https://www.forbes.com/sites/danalexander/2023/04/03/trumps-net-worth-plunges-700-million-as-truth-social-flops/?sh=bc246a44c64e

 

The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down, erasing $550 million from his net worth—so far.

.......

Given that Trump owns roughly 85% of the business and Twitter is worth an estima­ted $42 per user, the former president’s stake probably adds up to about $180 million today.

 

[jerrymahoney]

6 minutes ago, Roo Island said:

The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today.

And 'today' as in your post is Apr 3, 2023, 07:25am EDT

[jerrymahoney]

15 minutes ago, Roo Island said:

But even if the deal closes, Mr. Trump would need to get a waiver from a lockup provision that restricts major stockholders from selling shares for at least six months. Trump Media did not respond to a request for comment.

From the NY Times / archive link above:

 

Can Mr. Trump transfer shares during the lockup period?
Yes. The provision permits a major shareholder like Mr. Trump to transfer shares to a trust. A trust backed by some of Mr. Trump’s shares might be able to use that stock as collateral for a loan. He also can transfer shares to an immediate family member.

[john donson]

when banks do it, to inflate the numbers, nobody pays anything

[sometimewoodworker]

The title is incorrect. Trump has not appealed. To appeal he must post around $480 million. He has a little less than 30 days to appeal 

 

He is fighting to reduce or eliminate the bond, it is unlikely that he will be successful and the appeal clock is ticking down. So he will have to either post the bond to appeal or accept the judgment.

[Berkshire]

9 minutes ago, john donson said:

when banks do it, to inflate the numbers, nobody pays anything

If you know of a bank doing this, you should report them to the AG.  Unless of course, you just made that up.

[HappyExpat57]

Suddenly major investors are pulling out/steering clear of New York. The orange-tinted fraud is going to cost New York a LOT of money.

 

Tired of winning yet? Make sure he doesn't worm his way back into the White House and that he has to put on an orange jumpsuit and things can go back to a semblance of order.

[jerrymahoney]

14 minutes ago, sometimewoodworker said:

The title is incorrect. Trump has not appealed.

Index No: 452564/2022
Engoron, J.S.C.
NOTICE OF APPEAL

 

PLEASE TAKE NOTICE THAT)   (DJT et al) .... hereby appeal to the Appellate Division, First Department,  Hon. Arthur F. Engoron, J.S.C., dated
February 16, 2024 (NYSCEF Doc. No. 1688)

 

https://static.foxnews.com/foxnews.com/content/uploads/2024/02/452564_2022_PEOPLE_OF_THE_STATE_OF_v_PEOPLE_OF_THE_STATE_OF_NOTICE_OF_APPEAL_1701.pdf

 

 

Edited February 27 by jerrymahoney

[hotchilli]

9 hours ago, george said:

Ouch, that will hurt a bit 🙂

The knives are out for Trump... 

[heybruce]

49 minutes ago, HappyExpat57 said:

Suddenly major investors are pulling out/steering clear of New York. The orange-tinted fraud is going to cost New York a LOT of money.

 

Tired of winning yet? Make sure he doesn't worm his way back into the White House and that he has to put on an orange jumpsuit and things can go back to a semblance of order.

"Suddenly major investors are pulling out/steering clear of New York."

 

A claim like that is much more believable when it comes with a link to a credible source.

[sometimewoodworker]

39 minutes ago, jerrymahoney said:

Index No: 452564/2022
Engoron, J.S.C.
NOTICE OF APPEAL

 

PLEASE TAKE NOTICE THAT)   (DJT et al) .... hereby appeal to the Appellate Division, First Department,  Hon. Arthur F. Engoron, J.S.C., dated
February 16, 2024 (NYSCEF Doc. No. 1688)

 

https://static.foxnews.com/foxnews.com/content/uploads/2024/02/452564_2022_PEOPLE_OF_THE_STATE_OF_v_PEOPLE_OF_THE_STATE_OF_NOTICE_OF_APPEAL_1701.pdf

 

 

You clearly do not understand NY law, and yes it is complex. No I  am not a NY lawyer but I can read and understand those who are.

To appeal the judgment DJT must post an appeal bond of approximately $480 million dollars.

He has not done that

 

His councils are desperately trying to avoid him having to post the appeal bond, they are not successful yet. They may extend the deadline from 30 days by 10 days.

 

There is no suggestion that they will be able to delay the actual posting of the bond by any significant time.

 

 

[jerrymahoney]

29 minutes ago, sometimewoodworker said:

To appeal the judgment DJT must post an appeal bond of approximately $480 million dollars.

He has not done that

He has 30 days from the Notice of appeal -- 26 FEB 2024 -- to put up cash or a bond or obtain a stay from the Appeals Court.

 

< Trump wasn’t able to appeal the decision immediately because the clerk’s office at Engoron’s courthouse had to file paperwork known as a judgment to make it official. That was done on Friday, starting a 30-day window for Trump to pay up or file an appeal and seek a stay.

 

https://time.com/6835214/donald-trump-appeal-new-york-civil-fraud/

 

 

 

Edited February 27 by jerrymahoney

[Skeptic7]

He's still gotta pay up 💰 or S-T-F-Up 🤐. Extremely unlikely he has anywhere near that much liquid cash. He'll have to find a(nother) sucker to post his bond or he'll have to sell off some property. Either way, highly unlikely he'll win on appeal and is still gonna be hurtin' for certain. 

[HappyExpat57]

10 minutes ago, Skeptic7 said:

He's still gotta pay up 💰 or S-T-F-Up 🤐. Extremely unlikely he has anywhere near that much liquid cash. He'll have to find a(nother) sucker to post his bond or he'll have to sell off some property. Either way, highly unlikely he'll win on appeal and is still gonna be hurtin' for certain. 

The wheels of justice grind VERY slowly, but also very fine.

[illisdean]

9 hours ago, Tug said:

His media company is all hot air much like the owner anybody want to buy a bridge?

Hot air, that once it goes public and it will, should net Trump a cool $3.9B is net value. Not too bad for a hot air media group you all hoped would fail. LOL....another big win for Trump. 

 

 

 

 

CBS Big (major) Win for Trump

 

Edited February 27 by illisdean

[spidermike007]

3 hours ago, jerrymahoney said:

From the NY Times / archive link above:

 

Can Mr. Trump transfer shares during the lockup period?
Yes. The provision permits a major shareholder like Mr. Trump to transfer shares to a trust. A trust backed by some of Mr. Trump’s shares might be able to use that stock as collateral for a loan. He also can transfer shares to an immediate family member.

The real peril that he's in as I see it, is that very few bondsmen, individuals or companies will be willing to lend him money due to the fact that he'll likely have the shield of presidency. Most know that he's a conniver, a liar and a fraud, and with that background they'll consider it very risky to lend money to a man who's going to become incoming president, with a shield of immunity.

 

So let us hope this is the beginning of the end for the king of fraud. 

[HappyExpat57]

21 minutes ago, spidermike007 said:

The real peril that he's in as I see it, is that very few bondsmen, individuals or companies will be willing to lend him money due to the fact that he'll likely have the shield of presidency. Most know that he's a conniver, a liar and a fraud, and with that background they'll consider it very risky to lend money to a man who's going to become incoming president, with a shield of immunity.

 

So let us hope this is the beginning of the end for the king of fraud. 

The only way the orange-tinted fraud ever gets the shield of presidency is if he gets re-elected.  Once the primaries are behind us, the coffee table debaters will settle down and reality will sink in. The majority of voters just plain don't like Joe. This is a statistical fact. However, even more folks REALLY don't like his opponent and the threat he represents if he ever worms his way back in. Once again, we'll have to hold our noses as we pull the lever and another sad election will be behind us, with Joe stumbling and bumbling along again.

[Eric Loh]

37 minutes ago, illisdean said:

Hot air, that once it goes public and it will, should net Trump a cool $3.9B is net value. Not too bad for a hot air media group you all hoped would fail. LOL....another big win for Trump. 

 

 

 

 

CBS Big (major) Win for Trump

 

Don't pop your champagne too early for Donny. Still many hoops to clear for the merger. All paper wealth for Donny. Stipulation in the merger is that shares can't be sold for 6 months and by then the share valuation may change. Suggest you wait and see and put the champagne back to its original packing. 

[Roo Island]

4 hours ago, jerrymahoney said:

From the NY Times / archive link above:

 

Can Mr. Trump transfer shares during the lockup period?
Yes. The provision permits a major shareholder like Mr. Trump to transfer shares to a trust. A trust backed by some of Mr. Trump’s shares might be able to use that stock as collateral for a loan. He also can transfer shares to an immediate family member.

Guess you missed this part....

 

But even if the deal closes, Mr. Trump would need to get a waiver from a lockup provision that restricts major stockholders from selling shares for at least six months. Trump Media did not respond to a request for comment.