Trump can’t pay

[Anonymous]

I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

[Anonymous]

Anonymous wrote:I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

I’m not seeing how this is a loss for NYS.

Does anyone know by when Trump must file his appeal?

[Anonymous]

[Anonymous]

Anonymous wrote:

Is this legal?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Is this legal?

As long as the campaign is paying fair market value, yes.

However, I'm glad that the MAGA who are middle and upper middle class are happy subsidizing a billionaire's rampant life-style. How many non-millionaires are really happy watching he blow their money on extravagant luxuries?

[Anonymous]

"billionaire"

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

I’m not seeing how this is a loss for NYS.

Does anyone know by when Trump must file his appeal?

I wondered what the point was of him using a bond and paying the fee for that instead of posting the cash, although I guess the interest on the account can bring in more than the fee depending on how long this goes on. And I supposed even if the cash cannot be touched by Trump it feels better to look at account with your name on it and $175M than to look at it zeroed out.

Then if he loses at appeal does that bond get immediately forfeited?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

I’m not seeing how this is a loss for NYS.

Does anyone know by when Trump must file his appeal?

I wondered what the point was of him using a bond and paying the fee for that instead of posting the cash, although I guess the interest on the account can bring in more than the fee depending on how long this goes on. And I supposed even if the cash cannot be touched by Trump it feels better to look at account with your name on it and $175M than to look at it zeroed out.

Then if he loses at appeal does that bond get immediately forfeited?

The point of a bond is that federal and state governments are very bad at returning money. If you pay a bond to the state or federal government and you win your appeal it can take weeks or months for the money you put up for bond to be returned. The wheels of bureaucracy turn slowly.

If you put money in bond, essentially it's like an escrow and when the case is resolved, bond insurers will typically resolve the bond issues in days rather than weeks. The larger the amount, the more likely that the person posting the bond does not want to have that money tied up by the government.

If he loses the appeal, the state government will be able to get the bond money within days, but they will know immediately how much the bond is for and they can begin property seizures to liquidate and get the remaining money owed. If he wins the appeal, he will have the money returned in days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

I’m not seeing how this is a loss for NYS.

Does anyone know by when Trump must file his appeal?

I wondered what the point was of him using a bond and paying the fee for that instead of posting the cash, although I guess the interest on the account can bring in more than the fee depending on how long this goes on. And I supposed even if the cash cannot be touched by Trump it feels better to look at account with your name on it and $175M than to look at it zeroed out.

Then if he loses at appeal does that bond get immediately forfeited?

Good point by PP above but also Trump has a lot of loans which require him to keep a certain amount of cash reserves.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm not sure that it should be a "heads" Trump wins and "tails" James loses situation.

The judges ruling:
https://www.cnn.com/politics/live-news/trump-hush-money-trial-04-22-24/index.html

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

So, essentially James questioned whether Knight Insurance was good for the bond. They were not previously approved in NYS to provide surety, and there was a question about the finances of Knight Insurance to guarantee that they could pay out the bond should Trump lose on appeal.

By the agreement above, Trump has to put the money into the Schwab account, can't move it and has to provide regular accounting of the account. Additionally Trump cannot access the money, but Knight Insurance has sole administrative access to the account. In other words, if Trump loses, Knight guarantees that it can pay the bond. Essentially they have escrowed Trump's money. In the event that he wins the appeal, he can get the money back. If he loses the appeal, he loses the money. And Trump cannot control any of that, it will be handled by the courts and by Knight Insurance, just like a bond would.

I’m not seeing how this is a loss for NYS.

Does anyone know by when Trump must file his appeal?

I wondered what the point was of him using a bond and paying the fee for that instead of posting the cash, although I guess the interest on the account can bring in more than the fee depending on how long this goes on. And I supposed even if the cash cannot be touched by Trump it feels better to look at account with your name on it and $175M than to look at it zeroed out.

Then if he loses at appeal does that bond get immediately forfeited?

He can probably appeal to the ny court of Appeals if the appellate division doesn’t rule his way.