Legal AF by MeidasTouch - Appellate Court Makes MAJOR RULING on Trump Bond

Episode Date: March 25, 2024

A NY appellate court just BAILED OUT TRUMP and granted his MOTION TO STAY the enforcement of the $465 million dollar fraud judgment AS LONG AS HE POSTS A $175 MILLION DOLLAR bond or cash by APRIL 4. Michael Popok breaks down the DISTURBING new last minute order and what it means for Trump and family running his company’s in the meantime. Go to https://CozyEarth.com/legalaf and enter our promo code LEGALAF at checkout for up to thirty-five percent off! Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

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from the New York Appellate Court. The First Department Appellate Division has granted partially his attempt to stay the enforcement of the judgment against them for $465 million. He wasn't able to come up with the bond. He pled poverty. He pled that he wasn't able to do it and that it was inconceivable for him to obtain a over $500 million bond, and he's gotten a partial bailout from the appellate court at least temporarily. He has to post a $175 million bond, which we all believe he can do based on at least his cash assets.

He has to do that within 10 days and perfect his appeal, which would take the appeal into the September term for the First Department Appellate Division, which is the intermediary appellate court sitting in Manhattan over Judge Angoran and the New York Civil Fraud case. If he does all that, then within 10 days, and of course we'll keep track of it, then certain other aspects of the order, the decision and order and judgment of Judge Angoran are also state pending appeal, which, the decision and order and judgment of Judge Angora are also state pending appeal, which includes the bar and ban of Donald Trump, Allen Weisselberg, Eric Trump, Don Jr. from serving in positions of control and officers and directors of companies

in New York, including, of course, the Trump Organization, meaning they're allowed to stay in and run the Trump Organization and any other entities under Trump as officers and directors under New York Corporation law. They're allowed to stay in there through the term of the appeal, which will be heard sometime in September. And then after that, a ruling coming from the appellate court, which could happen after the election. In the meantime, the primary requirement here and the takeaway on this hot take

is Donald Trump has to post $175 million within 10 days through a bonding company or cash in order for all of these stays that I just identified to go into effect. Let me read the actual order to you so you know what I'm relying on. It's signed by the clerk of the court. That's usually what happens. I practice here and I'm a member of the first department. The five judges that have been assigned to it, justices of the court are Diane Renwick, who's the presiding justice, Anil Singh,

he's been on cases involving Donald Trump before, Lizbeth Gonzalez, Bahati E. Pittberg, and Kelly O'Neill Levy, those are the justices. Presiding justice is Diane Renwick. She has entered the order or the clerk has signed it, and it says as follows, it is ordered that the motion is granted to the extent of staying enforcement of those portions of the judgment. Now that's the Judge Angoran judgment ordering disgorgement to the attorney

general of $464,576,230 plus 62 cents conditioned on defendant's appellants, that's the Trump world, posting within 10 days of the date of this order, which is dated today, an undertaking in the amount of $175 million. And then other aspects, as I outlined, the other aspects of the judgment that are stayed pending the appeal that will happen in the September 2024 term are those aspects that barred Weisselberg and McConney, Jeff McConney, the controller and chief financial officer of the company from serving in the financial control function of a New York corporation. That stayed, barring Donald Trump, Weisselberg and McConney from serving as an officer or director

of a New York corporation for three years. That stayed, barring Donald Trump and the other defendants from applying for loans in New York financial institutions for three years. That stayed, barring Donald Trump Jr. and Eric Trump from serving as officers and directors of a New York corporation. That has stayed as long as, as I said,

the $175 million undertaking, either by cash or by bond, is posted within the next 10 days. And they perfect their appeal, meaning the briefing is done on time and the submissions on time in order for the case to be called on the September, 2024 term.

There'll be an oral argument around that time, and then there's a ruling usually one to six months after that about what happens on that judgment. Look folks, did you know that 35% of adults report experiencing poor sleep quality? Better sleep awaits with Cozy Earth, and it's time to discover the secret to better sleep with Cozy Earth's luxurious bedding products. And here's an exclusive offer just for our listeners. Use code LEGALAF for 35% off at CozyEarth.com.

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be sure to let them know we sent you. Select podcast in the survey and be sure to write in LegalAF, it helps. Head over to CozyEarth.com and use promo code LegalAF for an exclusive 35% off. Upgrade your nights, transform your days with Cozy Earth. Remember also, or let me tell you for the first time here, last week, Judge Angoron issued an enhanced monitoring order

giving the monitor, who is a former federal judge, Barbara Jones, enhanced superpowers over the corporation, over Donald Trump's business affairs, including the ability to both monitor all compliance and financial reporting and interactions with counterparties, interactions with bonding companies, insurity companies, that's already in place. And that has not been stayed by this order,

meaning that Trump is gonna have to go through the monitor and report to the monitor about his interactions with bonding companies in order to raise the $175 million. But with Donald Trump bragging that he has $500 million cash in the bank, combined with the other assets we know he has in real estate and the ability to either get a irrevocable letter of credit from a bank ability to either get a irrevocable letter of credit from a bank or to syndicate the bond beyond just one bonding company, use two or three surety companies, each taking, let's say, a $50 or $75 million piece to total up to $175 million. I'm reasonably confident that Trump's going to be able to ultimately raise that and won't

have to post $175 million in cash. Now, he's going to have to back that bond with pledged assets. There's no way around it. Nobody is going to take the IOU from Donald Trump, not with fraudulent and fake financial reports, CFOs going to jail for fraud, entities of his convicted of fraud in tax evasion, and this judgment that's out there despite it being stayed. He's not going to be able to just give an IOU. And even when he got the $100 million bond that he got two weeks ago to stop the enforcement of the E. Jean Carroll rape and defamation judgment against him, he had to pledge the equivalent and mainly in cash to Chubb or a subsidiary of Chubb Insurance in order to get that bond. So Donald Trump's going to have to scrape up $175 million, primarily in cash, to pledge and keep in a secured bank account for the benefit of the surety companies or bonding companies, pay them the 10 or 12 million dollars that it's going to cost in fees for all of these things, and then get all

that posted within 10 days in order for that to work. That's the order of operation based on this new order. Now look, it's not great news. They've basically given him a break, bought him at his word based on some flimsy affidavits that really didn't do the trick, that he can't raise the money, and they gave him a break. I mean, they cut his bond requirement down 60%. Anybody else that had a bond of that, that judgment of $460 million

would require a much larger bond. But this is the ruling of the five judge panel, five justice panel of the Appellate Division First Department chaired by Justice Renwick. And that's it. I mean, could the New York Attorney General take an appeal to the Court of Appeals and ask for a larger bond? Perhaps, but she's not going to do that. And what happens in between this kind of interstitial period between today's ruling giving Donald Trump this life preserver and the posting of the bond? Nothing.

When I mean nothing, I mean the Attorney General is not going to be able to now execute on any of the judgment against any of the assets. She's not going to be able to seize property. She's not going to be able to take Trump Tower or some golf course or cash in a bank account for Donald Trump. She's basically in a standstill position to respect this order for the next 10 days as a wait and see to see that Donald Trump posts that bond. It doesn't have to take the whole 10 days, but he has 10 days. And then, of course, he has to perfect the bond, the appeal as well. So we'll follow all that right here on the Midas Touch Network and on Legal AF. We do it just like this, hot takes, updates on breaking news,

and then on Wednesday and Saturdays at 8 p.m. Eastern time on our Legal AF podcast. So until my next hot take, until my next Legal AF, this is Michael Popak reporting. One last thing, if you're looking for a way, you like this kind of reporting, join us on that Wednesday and Saturday 8 p.m. Eastern Time podcast. Sorry, forgot the name of our podcast. Legal AF at the intersection of law and politics. We round together five or six of these developments at the intersection of law, politics, and justice. We bring them to you with this kind of analysis and we do it in only one place right here on the Midas Touch Network.

If you like what we're doing here, you like what I'm doing, thumbs up, leave a comment, it keeps the ratings high and us on the air. So until our next Legal AF, our next podcast, this is Michael Popak reporting. Hey Midas Mighty, love this report? Continue the conversation by following us on Instagram, at Midas Touch to keep up with the most important news of the day. What are you waiting for? Follow us now.