I thought the story was some secret third party put up the collateral for that bond? Presumably, Chubb will collect from that party just fine.
A third party that either doesn’t have enough money to back another bond or is unwilling to back another bond? Perhaps the size is just larger than any bond issuer is willing to take on even with backing. The third party would need to put up all the cash directly which would both consume the money and name them, and they are unwilling.
PS: Chubb should totally leak who the third party is. There’s probably dozens that know or could know. A group large enough to make leaking possible.
“We have a lot of cash,” Trump said in April 2023. “I believe we have substantially in excess of $400 million in cash, which is a lot for a developer,” he added. “Developers usually don’t have cash. They have assets, not cash. We have, I believe, 400 plus and going up very substantially every month. My biggest expense is probably legal fees, unfortunately.”
In New York, the plaintiffs call the State Marshal’s Office to enforce the judgment. Which means they come over to the defendant’s property and start seizing assets.
Is there any confirmation for the “someone else put up the collateral” part or is that just speculation? Last I heard Chubb was staying quiet on exactly how the bond was collateralized.
Along with signs saying “Sold as is” and “No Refunds”.
I imagine any of those properties, even at pennies on the dollar, would sink like dead weight in any portfolio.
Though I look forward to them selling his private jet and his condo in Trump Tower- I worry that the deference given rich people in this country and NY may interfere with these wholly justified actions.
I built a Magnificent Business, which helped rebuild New York City and State, with Amazing, Unparalleled, Historic Properties and tons of CASH, which Crooked Joe Biden and his Maniac Persecutors are trying to wrongfully and illegally take from me. A bond of the size set by the Democrat Club-controlled Judge, in Corrupt, Racist Letitia James’ unlawful Witch Hunt, is unConstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine. The Bonding Companies have never heard of such a bond, of this size, before, nor do they have the ability to post such a bond, even if they wanted to
It’s unclear, but based on past loans, estimates are about 450~500 million in debt for his own properties, the bulk(~375) of which are Trump Tower(Axos Bank), 40 Wall Street(Ladder Capital), and the Doral club(Axos again). He also “owns” another half billion in mortgage liabilities via his stake in Vornado, but AGNY is likely to go after the Trump branded properties first.
At least eight of his properties were mortgaged per his April 2023 financial disclosures [PDF, 51pg], but the amounts owed are not specified. He has five loans listed as between 5-25 million, and another four for over $50 mil, though at least one of those(the Chicago springing loan) seems to be owed to another Trump company rather than a third party lender. While we don’t know the actual amounts of the current loans, prior loans give us some ballpark numbers to work with: 100m for the Tower, ~140m for 40 Wall Street, 125 for Doral, and 45m for his Chicago hotel.
I was just reading some stuff about Roku which led to some information about a lawsuit involving TCL and Ericsson very recently.
TCL put up a 132 million bond while they appealed. They actually won the appeal.
Here’s a huge example.
The most famous example of the difficulties created by an appeal-bond requirement in a “blockbuster” case is Pennzoil v. Texaco , in which Pennzoil won a $10.5 billion verdict against Texaco.1 The Texas appeal-bond rule required that Texaco post the entire amount of the judgment, plus interest, to stay execution of the judgment. After numerous unsuccessful efforts to avoid the appeal-bond requirement, Texaco filed for bankruptcy protection, which, by virtue of the automatic stay provisions of the Bankruptcy Code, effectively stayed execution of the judgment and led to a settlement. A more recent example is the Price v. Philip Morris class-action case in Illinois, where Philip Morris was hit with a $10 billion judgment. 2 Philip Morris would have been required to post $12 billion to stay execution of the judgment pending appeal, but the court reduced that amount by half following severe public scrutiny of the case. For a time, however, it appeared that Philip Morris would not even have an opportunity to contest the judgment—which would have been a sad result, given that the Illinois Supreme Court later reversed the judgment and ordered the case dismissed.
