Lawyers for Donald Trump contacted Warren Buffett's Berkshire Hathaway, Chubb and many others seeking an appeal bond for Trump's $454 million fraud judgment.

KEY POINTS

  • Donald Trump and his co-defendants were in talks with insurance giant Chubb for a $464 million appeal bond, but the company backed out, a Trump Organization lawyer said.
  • Chubb previously provided Trump’s $91.6 million appeal bond in writer E. Jean Carroll’s civil defamation case.
  • In his New York civil business fraud case, Trump’s lawyers said they reached out unsuccessfully to more than 30 companies to secure a bond.
  • Those companies include Warren Buffett’s Berkshire Hathaway, Liberty Mutual, Allianz, Chubb and Travelers, among others.
  • FuglyDuck@lemmy.worldEnglish
    71·
    9 months ago

    I’m going to assume they had somebody go out to the properties he tried to put up as collateral for the bonds and they assessed a much lower value than what trump is insisting it’s worth. In short his properties aren’t worth enough to cover it.

    • Riccosuave@lemmy.world
      49·
      9 months ago

      I’m assuming they also required financials for these properties that show any mortgages or liens that are already attached to them. There is no way they would accept collateral that already has liabilities against them because they would not be able to seize them outright, and if a sale was forced that caused the property to sell for way below market value they might not recoup their funds. I see no way that any major financial institution is going to risk a half a billion dollars on Trump’s behalf without a 100% guaranteed return on investment.

      • FuglyDuck@lemmy.worldEnglish
        30·
        9 months ago

        That too.

        Also, “it’s just business”… seems kind of reasonable now.

        Though I wouldn’t want trumps left over properties. You’ll never get the greasy shit stains out. Or the smell.

        Edit: it occurs to me that one strategy rich fucks use for “earning” a living and avoiding cap gains taxes is taking loans using their assets as collateral- with real estate, taking extra mortgages out and using their rent income to pay interest.

        So chances are solid most of, if not all of his properties are leveraged.

    • barnaclebutt@lemmy.world
      15·
      9 months ago

      I think it is also very unusual to provide a bond over 100 million, and I assume that they want liquid assets beyond that amount.