Donald Trump on Friday posted a $91.6 million bond to cover the defamation verdict in favor of writer E. Jean Carroll, and began his appeal of the case that arose from his branding her a liar after she accused him of raping her decades ago.

The bond from Federal Insurance Co, part of the insurer Chubb , would cover Carroll’s $83.3 million judgment if Trump were to lose his appeal of the Jan. 26 verdict and refuse to pay.

The posting of a bond also means Carroll, 80, wouldn’t collect on the judgment during the appeals process, which could take years.

  • givesomefucks@lemmy.worldEnglish
    321·
    9 months ago

    Most people are most familiar with bail bonds, that are normally a 10% deposit. But this:

    It wasn’t clear what assets Trump was forced to pledge to secure the bond.

    Makes it sound like he put up property/assets to the bond company.

    Still risky considering trump inflates his prices. But that means it’s got to be substantial property.

    • girlfreddy@lemmy.caOP
      251·
      9 months ago

      From the article …

      Neil Pedersen, who owns Pedersen & Sons Surety Bond Agency in New York and is not involved in the case, said Trump almost certainly put up liquid assets as collateral.

      “The uncertainty of whether Trump will be elected in 2024 is reason enough to require liquid collateral to secure the bond, because no surety has had to enforce an indemnification agreement against a president,” he said.

      • givesomefucks@lemmy.worldEnglish
        102·
        9 months ago

        It’s not a one or the other.

        But if Trump had the money, he’d post it himself.

        And no bondsman would take less than the price from trump.

        So like maybe 50/50 or some ratio

        • girlfreddy@lemmy.caOP
          71·
          9 months ago

          Trump had a choice and chose the bond instead.

          New York-based attorney, Colleen Kerwick, told Newsweek that Trump could pay the full $83.3 million to the court, which would hold it in reserve while Trump asks Kaplan to lower the amount he must pay Carroll.

          Alternatively, Trump could secure a bond and only have to post a small percentage of the award upfront.

          Source

          • givesomefucks@lemmy.worldEnglish
            52·
            9 months ago

            I don’t know why you keep thinking I’m disagreeing with you…

            Cash is an asset. To get the bond he had to put assets up for the bond company. When it’s time to pay. If he doesn’t, they take the assets he agreed to put up.

            Due to him over valuing property, it’s likely if property was involved, the bonds company required more than what they would have to pay is, along with cash, stocks and other types of assets.

    • FuglyDuck@lemmy.worldEnglish
      111·
      9 months ago

      Considering a lot of the more-recent inflated value comes from him being president and “people pay for that shit”…. Yeah, “risky” is an understatement

      • givesomefucks@lemmy.worldEnglish
        81·
        9 months ago

        There’s bigger percents than 100%…

        He might have to put up $200 mil in assets, and they keep selling till they hit an amount, likely higher than the judgement.

        It’s a risky move for everyone. trump likely didn’t have any other options.

        • Crashumbc@lemmy.worldEnglish
          5·
          9 months ago

          Not really for Trump, he’ll just move what’s left of his assets and declare bankruptcy for the fourth time.

          He’ll keep scamming people till he dies

    • ShepherdPie@midwest.social
      3·
      9 months ago

      It wasn’t clear what assets Trump was forced to pledge to secure the bond.

      Probably his vault filled with 40 million McChickens/McDoubles