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Key Questions As Trump Approaches Monday’s Deadline To Pay $454 Million Fraud Penalty

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NEW YORK — Donald Trump is approaching a significant deadline in his most expensive court battle. Suppose the former president does not provide a financial guarantee by Monday. In that case, New York’s attorney general can begin collecting on the more than $454 million Trump owes the state in a civil fraud action.

Trump’s lawyers are attempting to prevent that from happening. They have urged a judge to halt collection attempts while he appeals the verdict.

The likely Republican presidential nominee attempted to obtain a bond for the full amount, which would have halted the clock on collection during his appeal and ensured the state received its money if he lost.

However, Trump’s lawyers told the court that more than 30 underwriters declined. They stated that getting a bond for such a vast sum is “a practical impossibility.”

This raises the potential that New York Attorney General Letitia James will try to implement the ruling as soon as Monday.

Here’s a look at what that could look like and what it means for Trump’s corporate empire.

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Could New York seize Trump’s assets?

Yes. If Trump cannot pay, the state “could levy and sell his assets, lien his real property, and garnish anyone who owes him money,” Syracuse University Law Professor Gregory Germain stated.

Potential targets include his Trump Tower penthouse, the Wall Street office building, and golf clubs. James’ agency could potentially seek court authorization to drain Trump’s bank accounts and investment portfolios and sell off other assets such as his planes, helicopters, and golf carts.

When someone cannot pay a civil penalty, a typical legal technique is to seize assets.

In a well-known case, O.J. Simpson’s Heisman Trophy was seized and auctioned to cover a portion of a $33.5 million wrongful death verdict. More recently, a Miami, Florida, municipal commissioner fought to save his home after a federal judge ordered it seized and auctioned off to help pay a $63.5 million verdict in a political retribution lawsuit.

In 1999, New York state seized three moving trucks to help pay off a $250,000 judgment against a corporation that defrauded its clients. In 2006, the authorities seized a $342,000 investment account to pay a portion of a $2 million judgment against illegal tire dump operators.

Could it happen soon?

It’s not likely. State officials can’t simply padlock Trump Tower. Any attempt to collect would be made through legal means, such as liens and foreclosures. However, the state might establish the stage by subpoenaing Trump to provide details on his assets.

James, a Democrat, recently told ABC that if Trump cannot pay, her agency “will ask the judge to seize his assets.”

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WHY DOES TRUMP OWE THIS MONEY?

In 2022, the state sued Trump through James’ office, alleging that he had been defrauding banks and insurance companies for years by exaggerating his wealth on financial statements concerning different business transactions.

In February, following a 2½-month trial, Judge Arthur Engoron ordered Trump to pay $355 million plus interest, saying, “The frauds found here leap off the page and shock the conscience.”.

Trump rejects any attempt to deceive banks or others about his wealth. He has claimed that the judge’s judgment and the lawsuit were politically motivated attempts to prevent him from retaking the White House in 2024.

He has also argued that it is unreasonable to force him to sell assets or spend large sums of money on a bond while the case is still being reviewed, even though courts in New York and other jurisdictions frequently require an appeal bond.

When asked Tuesday if he is certain he can pay, Trump slammed what he called “a rigged trial by a crooked judge and a crooked attorney general.”

“We have a lot of cash and a terrific company, but they want to take it all away, or at least the cash. Billions of dollars in value and billions of dollars in property. But they want to take the money away so I can’t use it for the campaign,” Trump remarked after voting in Florida’s Republican primary.

“We’ll see how the courts rule on it,” he told reporters.

COULD TRUMP PAY IF HE WANTED?
Although much comes from his real estate assets, Trump claims to be worth several billion dollars.

On his most recent publicly available financial statement, he reported possessing approximately $294 million in cash or cash equivalents such as stocks. However, the document is out of date, covering the fiscal year ending June 30, 2021. It’s also one of the documents Engoron judged fake because it exaggerated Trump’s wealth.

Since then, Trump has made roughly $187 million by selling the lease to his Washington, D.C. hotel and the rights to manage a New York City golf club. His current cash situation needs to be clarified. He claimed over $400 million in cash during his civil fraud trial. However, this is unsubstantiated.

Trump has additional legal obligations. In January, a jury ordered him to pay $83.3 million for defaming writer E. Jean Carroll, who accused him of sexual assault. This month, Trump obtained a $91.6 million bond to guarantee the decision while he appealed.

Trump’s lawyers said freeing up cash by selling some of his properties in a “fire sale” would result in large, irrecoverable losses.

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ARE THERE OTHER WAYS TRUMP CAN RAISE MONEY?

Trump might benefit financially from a planned deal to list his social media company, Trump Media & Technology Group, on the stock exchange under the symbol DJT.

If the purchase is approved at a shareholder meeting on Friday, Trump would own at least 58% of the shares in the firm that runs his Truth Social platform. Depending on the share price, that could be worth several billion dollars, but he may need more time to convert the stock into cash.

Meanwhile, the amount Trump owes grows by approximately $112,000 daily due to interest. As of Tuesday, he owes the state around $457 million.

To secure a bond, Trump’s lawyers stated they would have to deposit collateral equaling 120% of the verdict.

Last month, Trump’s lawyers proposed posting a $100 million bond, but a judge in the state’s mid-level appeals court ruled that he must pay the entire sum. Trump has appealed the judgment.

COULD TRUMP DECLARATE BANKRUPTCY?

If he entered bankruptcy, the judgment would be stayed under federal bankruptcy law. However, he would still be personally accountable if only his company, the Trump Organization, or other organizations went bankrupt.

Trump has consistently claimed that he has never personally declared bankruptcy, even though several of his past firms have.

“If he can’t post a bond or meet the appellate division’s bonding requirements, then I would expect him to file bankruptcy to take advantage of the automatic stay on collection,” the law professor said.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Pope Francis Says Clergy is Overflowing with “Faggottness”

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Pope Francis Says Clergy is Overflowing with "Faggottness"
Pope Francis: Getty Images

According to La Repubblica and Corriere della Sera, Italy’s major circulation dailies, Pope Francis stated that seminaries, or priestly institutions, are already overflowing with “frociaggine,” a vulgar Italian phrase loosely translating as “faggottness.”

The Vatican did not return a request for comment.

La Repubblica cited many nameless sources, while Corriere cited a few unnamed bishops who argued that the pope, as an Argentine, may not have realized the Italian term he used was derogatory.

Political gossip website. Dagospia was the first to report on the alleged incident, which occurred on May 20, when the Italian Bishops Conference began a four-day conference with a private meeting with the Pope.

Francis, who is 87, has been credited with moving the Roman Catholic Church toward a more tolerant stance to the LGBT population.

Pope’s message to gay seminarians

In 2013, at the start of his papacy, he famously declared, “If a person is gay and seeks God and has good will, who am I to judge?” Last year, he permitted priests to bless members of same-sex couples, eliciting strong conservative criticism.

Nonetheless, when he met with Italian bishops in 2018, he issued a similar message to gay seminarians, minus the reported swear word, instructing them to thoroughly scrutinize priesthood hopefuls and reject any suspected homosexuals.

In a 2005 declaration issued by Francis’ late predecessor, Benedict XVI, the Vatican stated that anyone who had decisively overcome homosexual impulses for at least three years might be admitted to the priesthood.

The statement stated that practicing homosexuals, people with “deep-seated” gay tendencies, and those who “support the so-called gay culture” should be excluded.

Gay men in the Catholic priesthood

The acceptance of gay men in the Catholic priesthood has long been controversial. While the Church officially forbids same-sex partnerships, many priests are considered to be gay, sparking issues about celibacy, secrecy, and hypocrisy among the clergy.

Critics claim that gay priests frequently conceal their sexuality, living secretive lifestyles that breach their vows of honesty and integrity. This secrecy can foster toxic cultures and encourage aggressive conduct. Supporters argue that a person’s sexual orientation does not determine their ability to serve God or live a faithful life.

The problem presents difficult considerations about the Church’s position on homosexuality, the function of celibacy in the priesthood, and how societal perceptions affect religious institutions. Finally, whether gay men should be allowed to become priests remains a divisive issue in the Catholic world and elsewhere.

 

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Trans Activist Jared Ravizza Arrested for Stabbing Four Girls in Movie Theatre

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Trans Activist Jared Ravizza Arrested
Jared Ravizza: Shore News Image

Jared Ravizza, a trans activist who identifies as a woman, has been detained in connection with a stabbing at an AMC theater in Massachusetts, which injured four people. Ravizza has also been named as a suspect in a second murder investigation in Connecticut.

Jason Ravizza, 26, of Martha’s Vineyard, is thought to have been involved in another violent crime in Deep River, Connecticut. According to WCVB, police discovered a body at the address associated with this investigation approximately 3:30 p.m. Saturday.

Police said he also drove thirty miles and stabbed two McDonald’s employees.

On Saturday at 3:36 p.m., Connecticut State Police responded to a report of a suspicious occurrence in Westbrook. The name of the victim is unknown, but Ravizza is a suspect in the murder.

Ravizza, whose father, Jared, is an acclaimed sports psychiatrist, identifies as a woman and has been reported to be a trans activist.

Jared Ravizza: Image Shore News

Jared Ravizza Laughed Entire Time

According to Fox News, a Massachusetts mother claims her girls were among the victims of a stabbing spree that left six people injured in two towns over the weekend, and that the suspect was “laughing the whole time” during the assault.

“I received a call from my sister informing me that my oldest daughter had contacted her and that I needed to hurry to the AMC movie theater right immediately because they had been stabbed.

Honestly, I just hopped in my car and drove right there,” Lisa Dembowski told reporters about the first incident, in which Braintree Police said four young females aged 9 to 17 had “non-life-threatening injuries.”

“They were the only four individuals in the movie theater. They’d just sat down. They had just received their concessions. And I believe he walked up behind them in the row – they were in the second row – and he approached them,” Dembowski explained.

“My oldest was leaning forward to grab something. He hit her in the back, then my other daughter in the top of the chest. Then, my last daughter crossed her arm, giggling the entire while, grabbed their friend, and went off.”

Jared Ravizza: Image Shore News

Jared Ravizza: Image Shore News

Second attack on McDonald’s employees

Dembowski stated that her girls are now “physically fine” but “shaken up” and “terrified that they could just go to a movie on a Saturday night and this could happen, someone could just walk into a movie theater and do this.”

Officials said the movie theater stabbing occurred at 6 p.m., before Ravizza reportedly carried out a second attack on McDonald’s employees at a rest stop on Route 3 in Plymouth about an hour later.

The current investigations in Massachusetts and Connecticut are closely linked as police strive to determine the links between these terrible crimes. Further information is expected as the investigations progress.

According to a statement published by the Braintree Police Department, a man snuck into the movie without paying, and then suddenly attacked and stabbed the four young females. “The attack appeared unprovoked.”

Paramedics responded quickly to the site, while police initiated a manhunt for the perpetrator and shared a description of his car with other law enforcement agencies.

All of the girls were sent to the hospital, but none had life-threatening injuries. Dembowski described the two older girls as heroes who cared for her two smaller children before the authorities arrived.

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North Korea Appears To Have Fired A Missile Into The Sea, Japan And South Korea Say

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TOKYO — North Korea launched a missile into the sea on Monday, according to Japan and South Korea, just hours after announcing preparations to launch a rocket into space, reportedly carrying its second military reconnaissance satellite.

North Korea had previously informed Japan’s coast guard of its plans to launch “a satellite rocket” during a launch window from Monday to June 3.

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Korea | News Arab Image

North Korea Appears To Have Fired A Missile Into The Sea, Japan And South Korea Say

Following North Korea’s launch, the Japanese Prime Minister’s Office canceled a missile alert for the island of Okinawa, stating that the missile was not considered to be headed for the region.

North Korea launched its first military reconnaissance satellite into orbit in November of last year as part of attempts to establish a space-based monitoring network to counter what it considers growing US-led military threats. North Korean leader Kim Jong Un later said at a governing party conference that the country would launch three more military spy satellites in 2024.

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Korea | NDTV Image

North Korea Appears To Have Fired A Missile Into The Sea, Japan And South Korea Say

The United Nations prohibits North Korea from carrying out any satellite launches, perceiving them as cover for testing long-range missile technologies. North Korea has consistently claimed that it has the right to launch satellites and test missiles. Kim has stated that spy satellites will help his military to better observe US and South Korean military activity while also increasing the threat posed by its nuclear-capable missiles.

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Korea | Japan Times Image

North Korea Appears To Have Fired A Missile Into The Sea, Japan And South Korea Say

North Korea provides Japan with launch information because the Japanese Coast Guard coordinates and disseminates maritime safety information throughout East Asia.

SOURCE – (AP)

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