Sun. Jul 14th, 2024

Trump received a discount and time to prevent asset seizure.

By b0oua Mar 26, 2024
News

Over the next ten days, he will have the opportunity to appeal the conviction that he obtained in a civil lawsuit and present a bail reduction to 175 million dollars. On April 15th, the first of the four criminal cases in which he is charged will begin.

On Monday, two courts in the state of New York made significant decisions relating two trials that involved former President of the United States Donald Trump. In the first, the judge ruled in favor of Trump, while in the second, the judge denied his attorneys’ request to postpone the case.

It was necessary for the Manhattan prosecutor’s office to determine the date of the hearings for the criminal trial in which Donald Trump is suspected of making illegal payments to a pornographic film actress. The agency decided to keep the original date of April 15, despite the pleas of Trump’s attorneys to have additional time to investigate the issue.

In addition, today was the date by which President Trump would have been required to locate nearly half a billion dollars in order to escape the confiscation of some of his properties in connection with a civil suit in which he has already been found guilty. In this particular instance, the judgment was rather unexpected and advantageous to Trump: the New York State Court of Appeals agreed to grant him an additional ten days to find the money and to significantly reduce the bond that was required to appeal, which was now set at 175 million dollars.

The case pertains to a civil trial in which Trump was found guilty of altering the worth of the properties owned by the Trump Organization by boosting it by several billion dollars in order to fool lenders, insurance brokers, and financial authorities and, as a result, secure higher loan rates. banking and insurance plans are examples! The illegal acts were carried out between the years 2011 and 2021, which is a time span that encompasses his presidency (which lasted from 2017 to 2021).

During the month of February, a judge concluded that Trump was responsible for the crime and ordered him to pay a fine exceeding $454 million. The judicial system of the state of New York stipulates that in order to appeal and prevent the seizure of assets, it is necessary to pay a kind of deposit that is equivalent to 110 percent of the total amount that is owed (in this case, approximately 500 million dollars), and this deposit must be allowed to remain blocked throughout the entirety of the process. In that case, the state has the authority to start seizing the assets of the guilty individual while the appeal procedure is still ongoing.

A so-called “bond” was required for Trump to find a company that would be prepared to vouch for him and pay the fine in the event that the appeal was unsuccessful. This was done in order to prevent the confiscation of his assets. For the time being, however, none of the more than thirty businesses that his attorneys had contacted had indicated that they were available to act as guarantors. This is also due to the fact that the amount that was demanded is actually rather significant.

In its place, the five justices of the Court of Appeals came to the conclusion that in order for Trump to appeal and halt the process of confiscation, he will be required to post a far lesser bond, which is valued at 175 million dollars, within 10 days. This is a victory for the former president from a legal standpoint, and he ought to be able to acquire it from one of the businesses that will be contacted.

The New York State Attorney, Letitia James, could have theoretically begun the process of freezing the funds in Trump’s bank accounts or initiated the forfeiture process for any of his properties, including those real estate properties such as the famous Trump Tower, which is located in downtown Manhattan, or his residence in Mar-a-Lago, which is located in Florida, if the court had not accepted the extension and reduction of bail. The process of blocking current accounts can be completed in a reasonably short amount of time, whereas the process of confiscating objects and, in particular, property would take significantly more time and be more complicated.

The other decision that was made today pertains to the case of an alleged payment of thirteen hundred thousand dollars to the pornographic film actress Stormy Daniels. This payment is said to have been made by Trump in 2016 through his company and his attorney Michael Cohen – without correctly reporting it, the crime is that – in order to persuade the actress to refrain from discussing a sexual relationship that she had with him approximately ten years earlier.

The indictment against Trump was handed down around one year ago, and the trial was scheduled to start today, March 25. However, on March 15, a judge in additional York made the decision to postpone the trial in order to give the defense (and consequently Trump’s attorneys) the opportunity to review over one hundred thousand pages of additional documents that contained material on the case that had surfaced in the preceding days. Despite the fact that the judge had suggested that the trial might begin on April 15, he had scheduled a hearing for today in order to determine when the trial would begin. Despite the fact that he has confirmed that date today, there is still the possibility of a further petition to delay it.

This ruling, on the other hand, is a setback for Trump, who, at the conclusion of the hearing, referred to the matter as “election interference” and “voter intimidation.”

The one that pertains to the illegal payments is one of the four criminal trials in which Trump is involved, and at the moment, it is the only one that has a specific beginning date. In other courts, he is accused of attempting to influence the outcome of the presidential election that will take place in 2020; of having attempted to alter the official results of the presidential elections that took place in the state of Georgia, always with the intention of overturning the overall result; and of keeping some confidential government documents in his villa in Mar-a-Lago, Florida. The stage of hearing has not yet been achieved by anyone.

For some time now, President Trump and his legal team have been making efforts to postpone the trials as much as possible. This is done with the intention of ensuring that the hearings, as well as any convictions or acquittals, do not interfere with the electoral campaign for the presidential elections that will take place on November 5th. It is almost certain that Trump will be nominated for the Republican Party nomination.

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By b0oua

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