The MeidasTouch Podcast - Trump ADMITS he DOESN’T HAVE MONEY for Bond, BEGS Court

Episode Date: March 18, 2024

MeidasTouch host Ben Meiselas reports on Donald Trump’s motion in the New York Attorney General civil fraud case where Trump admits he doesn’t have the funds to secure a bond and he asks the Appellate Division to help him. Head to https://rhone.com/meidas and use code MEIDAS to save 20% off your entire order! 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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impossibility for him to secure any form of a surety bond and that again he does not have the means to post this bond. Rather than hear it from me, why don't we just take a look at what Donald Trump filed because I think it's important to see his own words right here. And folks, no matter how rich Donald Trump wants to tell the world he is, we can see right here that he doesn't have the assets to even be able to post this $464 million bond, and he doesn't have the means to be able to even secure a surety bond where he would basically have to guarantee the surety payment as he did in the E. Gene Carroll case. Nobody wants to deal with him.

I thought this is supposed to be someone who's really good at business and who has all of this money. Didn't Donald Trump's lawyer, Alina Haba, say that he's so wealthy that posting this bond would be really easy for him to do? Nope. Donald Trump does not have the funds to post this bond and not even the funds to get a surety to help him post this bond. Here's what it says. If you go to page eight, and I'll read more from this motion, but page eight, it says, posting a full undertaking is a practical impossibility.

Trump's lawyers writing this. In the opening brief, when their efforts to obtain such a bond were still ongoing, defendants stated their expectation that it would be impossible to secure and post a complete bond. Diligent efforts since that time, including countless hours negotiating with one of the largest insurance companies in the world, have proven that obtaining an appeal bond

in the full amount of the judgment is not possible under the circumstances presented. Pause. Donald Trump is filing this to beg the New York Appellate Division to stay the enforcement of the judgment against him, right? The clock is ticking down right now where in just under about two weeks, you're going to have New York Attorney General Letitia James be able to start enforcing this judgment against Donald Trump, seizing his buildings, taking his assets.

So in this motion, Donald Trump is basically going to the appellate division. And now he's saying, I don't have the funds. Please, I need your help, appellate division. I'm not as rich as I said I was. Stay the enforcement of the judgment. Do not let New York Attorney General Letitia James start seizing my assets because I don't have the money and I can't secure a bond. Let's keep going through what Donald Trump writes here. He goes, the amount of judgment with interest exceeds $464 million and very few bonding companies will consider a bond of anything

approaching that magnitude. Pause. I thought you were so rich. I thought you just had this money lying around, huh? It goes on to say, the remaining handful, talking about of companies that help with surety bonds, the remaining handful will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents such as marketable securities. Moreover, sureties would typically require collateral of approximately 120% of the amount of the judgment, which would require defendants to hand over collateral in the form of cash or cash equivalent of approximately $557 million. In addition, sureties would likely charge a bond premium of approximately 2% per year

with two years in advance and upfront costs of over $18 million. Okay, so you got hit with a civil fraud judgment. And by the way, since you got hit with that, the facts have not gotten better for you. In fact, what you and your lawyers concealed from the court, which frankly should be told to the appellate division right here, is that your key witness, the chief financial officer of your organization, Alan Weisselberg, just pled guilty to felony counts in this specific case. And Justice Ngoran did not have this information despite requesting this information when he issued the $464 million judgment. So frankly, you may have gotten the benefit of the doubt there because your lawyers covered

up Weisselberg's fraud. But OK, you're whining about $18 million and $557 million, 120% of the amount of the judgment. I thought you said you're worth like $10 billion. You don't even have the money to secure a surety bond. You don't have the cash equivalents to even be able to do that. So you're begging the appellate division to save you right now. This is so desperate and so bizarre. Most clothes are uncomfortable or too tight or never actually the size you really are, not to mention the annoyance of trying to put a good outfit together. Everyone wants to dress their best and look good at all times because frankly, it's a confidence booster. So here's the deal.

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circumstance that a bond of this size is issued, it is provided to the largest companies in the world, not to individuals or privately held businesses. I thought your kid said that the Trump organization is the biggest business in the world. Oh, yeah, I think it was Eric who said that. Let me play that tape. Play it. They wouldn't be doing this. This has never been tried in New York before. There's no better real estate company in the country than us.

Oh, now I guess you're not a big business. Now I just guess this is just a small family held business. Oh, I understand that you're not of the means anymore. I got it. The actual, and this is what Trump writes, the actual amount of cash or cash equivalents required to collateralize the bond that have sufficient capital to run the business and satisfy its other obligations approaches $1 billion. As a result, obtaining a bond for $464 million is a practical impossibility. The attorney general claims that

defendants have failed to provide information about what steps, if any, they have taken to secure the undertaking. In fact, those efforts were ongoing when defendant's stay motion was filed, and they have since confirmed defendants' expectation that a full undertaking is a practical impossibility. The attorney general speculates without evidence and revealing her misunderstanding of basic business practices that sureties might accept an irrevocable line of credit as collateral, but any such ILOC would still typically have to be fully backed by cash or cash equivalents. Obtaining such cash through a fire sale of real estate holdings would inevitably result in massive irrevocable losses, textbook irreparable injury. The practical impossibility of obtaining a bond interferes with defendant's right to appeal and threatens this court's appellate jurisdiction.

For this reason, courts routinely waive or reduce bond requirements when securing the bond is not practicable. Other features of the judgment, moreover, threaten to dramatically compound the punitive financial hardships, the provisions preventing the individuals from serving as officers and directors of businesses that they have successfully helmed for decades, and preventing them from seeking loans from any bank registered in New York, which encompasses most nationwide lending institutions, radically interferes with defendants' ability to continue to conduct profit-making activities during the pendency of appeal. The court stayed that final obligation. So that's so utterly disingenuous right there,

what you're saying, because the court's allowing you to go get loans from major financial institutions. You just can't do it right there. And then what I was just reading to you where Donald Trump's trying to be like, oh, well, you know, the New York attorney general claims that we didn't go through the appropriate process to try to get an undertaking. You're all out there bragging how you have billions of dollars. Not the New York Attorney General. You're out there saying that they're undervaluing your assets when you said your assets are actually worth 1.8 or 2.

You say Mar-a-Lago alone is worth $2 billion. And by the way, this reply brief to me almost looks like a new motion as opposed to like a, this is styled as a reply brief. I think that the New York Attorney General should be able to respond to this with a surreply or something because, I mean, they're bringing all these new facts in without details at all. And the whole underlying point is Trump saying that he's, Trump has said that he's worth 10 times, 15 times, you know, more than what the New York attorney general. Trump says he worked at $10 billion. So this is utterly absurd, but you see the game that Trump plays. He just, he'll take any measure possible to try to avoid justice and accountability and hope that people don't report on it.

Here he's begging the court of appeals to stay or stop the enforcement of the judgment against him. I mean, so utterly pathetic, but you see in his own words, he's not that rich. He doesn't have the money. He doesn't have the funds. Trump is broke. That's the headline here. That's the headline here. Always a loser. I'm Ben Micellis from the Midas Touch Network. Hit subscribe. We're on our way to 3 million subscribers.

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