New York’s Democrat Attorney General Letitia James thought she was going to deliver Trump the most humiliating defeat of his life.
But Donald Trump may end up with the last laugh.
And Letitia James found out about some bad news that stopped her dead in her tracks.
Donald Trump’s lawyers informed a New York court that it was a “practical impossibility” for Trump to post the $464 million bond necessary to stave off James beginning to collect on the sham civil fraud judgment Democrat Judge Arthur Engoron imposed on Trump while Trump appeals the case.
Lenders don’t take real estate – the source of Trump’s wealth – as collateral for a bond because if Trump loses his appeal the assets get sold at a fire-sale price.
And should Trump win, he wouldn’t get the properties back as the buildings would have new owners meaning New York State taxpayers would have to be on the hook for paying Trump back.
Even though James never argued Trump committed a crime or actually defrauded anyone, Judge Engoron and James conspired a scheme to bankrupt Trump and seize his assets by weaponizing New York’s civil fraud statute.
The left-wing Associated Press said a 70-year analysis found not a single example of the law being used to target someone who didn’t face criminal charges and where no one lost any money.
But just as James looked like she was all set to rip the “Trump” signs off buildings like Trump Tower and chain the doors, Trump scored a game-changing win.
Digital World Acquisition Corporation approved a merger with Trump’s Truth Social platform bringing the value of Trump’s shares in the company to $3 billion.
“Based on Digital World’s stock price of $44 a share just before the vote announcement, Trump Media will debut with a market value of more than $5 billion. That means Mr. Trump’s personal stake will be worth more than $3 billion,” the New York Times exclusively reported.
“Shares of Trump Media could begin trading under the new stock symbol as soon as next week,” the New York Times report added.
“The deal’s approval comes as Mr. Trump is facing a Monday deadline to cover a $454 million penalty in a civil fraud case in New York. He is restricted for six months from selling any his shares or using them as collateral for a loan, although he could ask the board of the merged company to waive that rule for him,” the Times report concluded.
Trump can’t sell or access the shares for six months without a waiver, but a judge could take this into account and give Trump more time to post the bond – Trump is no flight risk as he’s the leading candidate for president – or Trump could ask Truth shareholders for an emergency waiver to use his shares as collateral for posting the bond.
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