trump can't get anyone to post his bond

[Dagosa]

Trump is going to be just fine! He is a STAR!

He’s just the wizard that munchkins worship.

 

[JoeB131]

This is what his lawyers actually told the appeals court:

1. Posting a Full Undertaking Is a Practical Impossibility.

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."

The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.

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 equivalents of approximately" $557 million.

In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advance-an upfront cost over $18 million.

In short, "a bond of this size is rarely, if ever, seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses."

The actual amount of cash or cash equivalents required "to collateralize the bond and have sufficient capital to run the business and satisfy its other obligations" "approach[es] $1 billion.

But, but , but, Trump is a billionaire. Or that's what he keeps telling you rubes.

 

[Dagosa]

But, but , but, Trump is a billionaire. Or that's what he keeps telling you rubes.

Ha ha,
Trump is a billionaire only in the sense he has a bunch of brain dead minions willing to fork over their social security benefits that he would gladly cut if he ever gets elected against.

 

[Dagosa]

Here are the facts. The property was left to the federal government as a "Summer White House", but the property is too expensive to maintain, and needs a LOT of work to maintain it. It sat on the market for years until Trump bought it for $7 million. And while he did repair the property after he bought it and then tried to re-sell it with no takers at all.
That "historical property" designation is a real deal killer for the super wealthy. Would you spend millions of dollars on a property you can't tear down, renovate, or update? I've seen property owners who were refused permission to paint the walls a colour which was "inappropriate" to the style or time. It all depends on how batshit crazy the local "Hysterical Society" is, and who's in charge. While you can fight them, billionaires don't want to go hat in hand to a committee of old farts, every time he wants to paint the kitchen. Who wants the aggravation?

Trump tried using Mar-a-lago for a summer place, but the house is old and needs a LOT of expensive upkeep, so he tried to develop it, into a golf resort and met with all kinds of resistance from the locals. Trump's record of failure and bankruptcy being secondary to their fear Trump wouold build a lot of cheap-ass condos on the property and wreck their quiet, peaceful, wealthy neighbourhood.

So they allowed him to rezone the property to accommodate his desire for a golf/beach club, but there is a zoning restriction on any further construction or re-development of the land, and it's use cannot be changed from a golf/beach resort.

The building restrictions and historical designation trump any value the property might have had in comparison to other neighbouring properties which are free of any such restrictions. The Trump name is of no value, and if anything, are now a drag on the value of the property. As with all Trump businesses, Mar-a-lago the resort, is losing money - bigly.

Trump has basically traded away everything that gave the property any large monetary value in order to get permission to convert the property from a private residence to a money losing commercial property. Such a smart businessman is Trump.

This is why Trump's businesses have gone bankrupt 7 times. Donnie just keeps making one dumb decision after another.

So I guess what you’re saying is, Trump should have been a member of the New York Historical Society instead of running for president. You found something he could finally do as well as scamming.