Legal AF by MeidasTouch - Trump TAPS OUT after Federal Court LOSS

Episode Date: March 11, 2024

Trump went from being “judgment difficult” to “judgment easy” in just the last few days. E Jean Carroll used to have a problem on how she would find Trump’s assets hidden among his trust and 50+ companies with his name on it, to make him pay her the $83.5 million he owes her. But Michael Popok explains how the problem was just solved by Trump being forced to immediately post a $96 million dollar bond backed by an insurance company on favorable terms to E Jean Carroll. Upgrade your sleep with Miracle Made! Go to https://TryMiracle.com/LEGALAF and use the code LEGALAF to claim your FREE 3 PIECE TOWEL SET and SAVE over 40% 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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legal.ca. PRU. JustClimber. This is Michael Popak with a legal AF hot take. When you're in the driver's seat like Eugene Carroll against Donald Trump, you can negotiate a hard bargain with the surety company that got hired by by uh by Donald Trump to put up the

bond to stop the execution of Eugene Carroll's 83 and a half million dollar judgment. And we know in a new filing that E. Jean Carroll's lawyer, Robbie Kaplan, friend of the pod, friend of legal AF, negotiated a hard deal and got the terms of the when the bond is going to be paid and the 93 and a half million dollars or more that's running with interest is going to be paid to Eugene Carroll in case Donald Trump after losing at the appellate level in the next six months or so with the Second Circuit Court of Appeals, which is basically assured the timing has now been sped up as to when Eugene Carroll will be connected

with her money as the judgment creditor because Robbie Kaplan was able to negotiate a great deal for herself because she's in the driver's seat when you're the judgment creditor. And you got a judgment debtor on the other side, you are in the driver's seat. So the entity owned by Chubb Insurance that decided to get into bed with Donald Trump and post that bond for him. We'll talk about that for a minute. That particular bonding company, and don't be fooled by the name. It sounds like it's some sort of federal entity that's owned by the government. It's not, but it is called federal insurance company. FIC, FIC is not a federal company. It's owned as a private company by Chump Insurance. They agreed to put up the

$96 million bond that was required, running with interest at 120% of the judgment amount, in return for a complete pledge of assets by Donald Trump, meaning he had to put up about $80 million in cash in a segregated bank account in favor of the bonding company segregated from, can't you say, well, I got an IOU, it's in my bank account. No, has to be segregated account deposited where the surety is listed as the beneficiary and they can go after it in case of default, right? And other assets to get them over that 96 million

would leans on it and all of that. But the problem with the form of agreement, the form of appellate bond used by the ShariD company is that it didn't connect E. Jean Carroll quick enough to her money. It had an extended period of time in there and a number of procedures and hurdles and hoops that she had to jump through and jump over in order to get her money. And E. Jean Carroll's lawyer said, no way. Where's the judgment creditor?

We have to approve that bond. And she finally got the language to her liking. And now it's a much shorter period of time in the bond agreement because the bonding company bent over and agreed to that condition in order to post the bond and Donald Trump had to do the same. So you've got a number of things to unpack here. Donald Trump to answer the question that's out there in the audience. Donald Trump can't pledge assets twice. Even Donald Trump can't do that. So the assets that he's using here, the major cash, 80 or 90 million, and the other real estate, he can't pledge again for the $600 million bond that he needs to stop the enforcement

of the peoples of the state of New York's judgment against him in the New York Attorney General fraud case has to be an entirely new set of assets that are not subject to a lien. And the way we know we can keep Donald Trump on is all of his assets in his trust and otherwise are under the monitor ship, monitor ship of Barbara Jones, a former federal judge who was appointed 16 months ago by Judge Ngoran in New York over all things Donald Trump. That's not a receivership. She doesn't have the power to stop transactions.

She doesn't have the power to liquidate yet assets of Donald Trump or to say no to proposed transactions. She monitors. There has to be accurate reporting. She recommends. She refers. She makes decisions. That's what she does. So we know where all of his assets are because Barbara Jones knows where all of his assets are. Now that the bonding issue has been resolved in Now, now that the bonding issue has been resolved in favor of E. Jean Carroll, let's let's look again at what that means. If that bond issue hadn't been accepted by her, and she was in the driver's seat, and the judge didn't accept it, and he's been asked now to accept it, Judge Lewis Kaplan has been asked by E. Jean Carroll to accept the bond conditions because

they're okay with it, and the judge should be too now. Then all this time, Eugene Carroll as of today would be able to execute on Donald Trump's assets to have the sheriff seize his assets, sell them at auction, liquidate, go get bank accounts, garnish and levy, make Donald Trump sit down or get it from the monitor and get a listing of all of his assets, his bank accounts, the amounts in them, and the like. Now there's an issue here that's actually in E. Jean Carroll's favor that I want to point out on this hot take. Her judgment is

against Donald J. Trump, who as a judge by two juries raped her in a dressing room in 1996 and then persistently, virulently defamed her. He defamed her just recently. She's got probably a third defamation case coming by denying that what the jury has a judge to be the truth. 18 jurors in New York in two separate jury trials filed for Eugene Carroll on this rape defamation punitive damage case and against Donald Trump. So you've got that ruling, that judgment that came out, right? And you have the enforcement of it.

You got to post the supercedious bond and appellate bond in order to stop it. But the bond has to be in a form and a format approved by the judgment creditor. And ultimately by the judge, our assets are going to start being sold off. And that is what we're watching here with the posting of the bond. Did you know that your temperature at night can have one of the greatest impacts on your sleep quality?

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and with whom Donald Trump is going to post the next bond, that's required in about two weeks Which is going to be 600 million he thought it was a heavy lift to get the 96 million dollars up and running with a bonding company It was begging for for court mercy as a result wait till he has to post this one He better be working on that right now because he does not based on his own self reporting Donald Trump does not have enough cash to post the $600 million. I don't care what Alina Habas says when she's on Newsmax or Fox.

They don't have the money. And they can't get it from their daughter-in-law over at the Republican National Committee because they don't have the money either. And they can't use it to pay off judgments. They can use it for attorney's fees. But they can't use it to pay off judgments. And so he's stuck. And Robbie Kaplan, the lawyer for E. Jean Carroll's continuing to turn the

screws. Now the advantage I started with that she has is because the judgment was only against Donald Trump and he has all of his assets hidden in different limited liability companies. He's got currently over 50 limited liability companies that he owns or controls that are his affiliates. He's got to trust where all of his assets are. There's very little in the name of Donald Trump, which means that if there wasn't a bond put in place, Robbie Kaplan and Eugene Carroll would have to go through a very arduous process to go find, locate assets and do what's called pierce the corporate veil, get through the LLCs and try to get to assets being held there in the name of Donald Trump

or under an alter ego or piercing the corporate veil argument. But now they don't have to do that because he had to post the bond. See the advantage here? This is the advantage. He had to post the bond. So now all they have to do is go against the bond if he doesn't pay. And this is now solved for a problem

that every lawyer, a plaintiff's lawyer has when he goes after somebody who's judgment difficult, right? Or judgment proof, we call it judgment difficult because we'll get it eventually. But there can be assets overseas in foreign bank accounts, in trusts held in other people's names. And then you got to go find it. And it could be years to go find this money, but she doesn't have to spend

years anymore because Donald Trump had to put up a bond in order to stop the enforcement of the judgment. Do you see the beauty of this? So now a federal insurance company owned by Chubb Insurance is on the hook for the money, not Donald Trump. So his days of hiding his money from EG and Kara won't matter, because if he hides it, the bonding company has to pay,

and they're committed to paying the amount, full amount of the judgment. And as interest continues to accrue, there will be a requirement that the bond go up, meaning Donald Trump will have to pledge more assets. I think it's done every quarter. They have to put in more and more and more with an expectation of when the appeal is going to be. And if the appeal is going to be a year,

he's got to put another year of interest in, right? Into that bank account, into that bond account, which is then rewritten and Donald Trump, of course, had to pay a premium somewhere around 15%. So you're looking at almost $20 million in fees that Donald Trump had to pay to get the bonding company to put up this bond plus his assets are frozen and can't be used for other things, right? He, you know, can't be hypothesized.

We call it used as a basis for loans or other security, for other lending or borrowing by Donald Trump. So he's stuck. Then just to continue the theme, Donald Trump may get access in about 11 days to some of his equity shares of stock to some of his equity shares of stock that he owns 79 million of in his Trump Truth Social Media company, that's about to go public. Now that stock price is gyrating wildly, but there is a value to it. He could be worth a couple of billion dollars to him,

but he can't touch it for at least six months. And then he's gotta sit and watch the market do its thing and maybe crush him in the meantime, along with the election results and the criminal prosecutions that start and the criminal trial that starts the end of March and so on and so on. So it's almost like the boy at the candy store that's locked with his nose pressed up against the window. That's Donald Trump staring at potentially a couple of billion dollars that's locked on a roller coaster called the stock market that he can't touch for a while.

So we'll cover all of that, the bonds that he's putting up, the next bond he has to put up, where he's getting the assets from, what the driver's seat that the judgment creditors are in, Donald Trump's use of poor lawyering to try to avoid the inevitable. And what's that's doing to the interest and the fees he has to pay? We do it right here on Legal AF on the Midas Touch Network and on my hot takes just like this one, which I do right here on Legal AF. Go look me up on

playlists under Midas Touch, slide over playlist, Michael Popak, there's an entire body of my work. I got about a thousand of these hot takes at the intersection of law, politics, and justice. And then join me on Wednesdays and Saturdays for Legal AF, a podcast where lawyers talk about things, where they know what they're talking about at the intersection of law and politics, how unique, how quaint. So until my next hot take, until my next legal AF, leave a comment, thumbs up, helps with the ratings.

This is Michael Popak reporting. Love this video? Make sure you stay up to date on the latest breaking news and all things Midas by signing up to the Midas Touch newsletter at MidasTouch.com slash newsletter.