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NEW YORK, March 25 (Reuters) - Donald Trump faces a Monday deadline to post a bond to cover a $454 million civil fraud judgment or face the risk of New York state seizing some of his marquee properties.Trump, seeking to regain the presidency this year, must either pay the money out of his own pocket or post a bond while he appeals Justice Arthur Engoron's February 16 judgment against him for manipulating his net worth and his family real estate company's property values to dupe lenders and insurers.
On Monday morning, Trump wrote on social media that the number Engoron set was "fraudulent.""It should be ZERO, I DID NOTHING WRONG!," he said.The Trump campaign on Friday called for donations from "one million pro-Trump patriots," saying that the "iconic Trump Tower" was among his properties at risk of seizure.The case cuts to the core of his public image as a prosperous businessman. Trump rose to fame as a developer of flashy properties like Manhattan's Trump Tower and often boasts of his financial success - even though his companies have at times struggled.
But Trump, the Republican candidate challenging Democratic President Joe Biden in the November 5 election, now faces a web of financial worries including campaign fundraising lagging behind his rival.
The judgment in the case was entered in Manhattan, where Trump properties such as Trump Tower or 40 Wall Street may be in the sights of New York Attorney General Letitia James, a Democrat who brought the civil case in 2022.
James also has notified Westchester County, just north of New York City, of the judgment, a step toward potentially seizing assets there such as a Trump golf course and a 60-room mansion and estate called Seven Springs.
Taking control of Trump's properties would pose a host of legal and logistical challenges for the attorney general's office. Placing liens on them to ensure they are not sold or transferred and going after Trump's liquid assets would be more straightforward.
Trump has denied wrongdoing and called the case politically motivated. The first former U.S. president ever to face criminal charges, Trump has been indicted in four separate cases, pleading not guilty in each.In one of those cases, a New York judge on Monday is set to hear arguments on Trump's bid to postpone a mid-April start date over charges related to hush money paid to porn star Stormy Daniels before the 2016 U.S. election.
'Fire Sale Prices'
In the civil fraud case, Trump's lawyers have said 30 surety companies have rejected his requests to post a bond securing the judgment, and have asked that he be allowed to post $100 million instead. They have asked a mid-level state appeals court to delay enforcement of the judgment.
During a 2023 deposition by the attorney general's office, Trump said his companies had more than $400 million in cash. In a social media post on Friday, he said he had almost $500 million in cash, but intended to use much of it on his campaign.
"I will be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices," Trump wrote on social media last week.
Trump came a step closer to a windfall on Friday after investors approved a $5.7 billion deal to list the company that owns his Truth Social platform on the stock market. Trump's majority stake in the company, Trump Media & Technology Group, is worth about $3.3 billion.
But even if the deal gets completed this week, it is unclear if it would help Trump cover the judgment. That is because he previously agreed to terms preventing him from selling his shares for six months or borrowing against them.
Before the three-month, non-jury trial in Manhattan, Engoron found that Trump had engaged in fraud by overvaluing properties including his Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan's Trump Tower, and various office buildings and golf courses.
This case is not the only one to drain Trump's finances. Trump this month posted a $91.6 million bond to cover an $83.3 million defamation verdict for writer E. Jean Carroll while he appeals. She sued him after Trump called her a liar for accusing him of raping her decades ago. He has denied wrongdoing.
Reporting by Luc Cohen in New York; Additional reporting by Jack Queen in New York and Nathan Layne in Milton, Connecticut Editing by Will Dunham and Noeleen Walder
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Two days after NBC News' Friday, March 22 announcement that former Republican National Committee Chair Ronna McDaniel had been hired by the network as a political analyst, NBC's Meet the Press host Kristen Welker interviewed the ex-GOP leader Sunday, grilling McDaniel about past statements she's made disregarding the 2020 presidential election results.
After years of pushing ex-President Donald Trump's Big Lie that the election was stolen from him by President Joe Biden and the Democrats, the former RNC chair told Welker. "The reality is Joe Biden won." CNN reports McDaniel has "has repeatedly attacked the network and its journalists, assailed the news media as 'fake news' and promoted false claims around the 2020 vote, as an on-air commentator ahead of the 2024 presidential election."
Following her conversation with McDaniel, Welker sat down with former Meet the Press host and NBC News veteran Chuck Todd, asking him to share his "takeaways" from the interview.
"Look, let me deal with the elephant in the room," Todd said, telling Welker, "I think our bosses owe you an apology for putting you in this situation because I don't know what to believe. She is now a paid contributor by NBC News. I have no idea whether any answer she gave to you was because she didn't want to mess up her contract."
The former NBC host continued, "She wants us to believe she was speaking for the RNC, when the RNC was paying for her. So she has credibility issues that she still has to deal with. Is she speaking for herself or is she speaking on behalf of who is paying her? Once at the RNC she did say that, Hey I'm speaking for her party, I get that, that's part of the job. So, what about here?"
Todd added, "I will say this: I think your interview did a good job at exposing many of the contradictions. And look, there's a reason why a lot of journalists at NBC are uncomfortable with this because many of our professional dealings with the RNC over the years have been met with gaslighting, have been met with character assassination. So, that's where you begin here. And so, when NBC made the decision to give her NBC News' credibility, you gotta ask yourself what does she bring NBC News?"
"And when we make deals like this — and I've been at this company a long time — you're doing it for access. Access to audience. Sometimes it's access to an individual. And we can have a journalistic ethics debate about that. I'm willing to have that debate. If you told me we were hiring her as a technical adviser to the Republican convention, I think that would be certainly defensible. If you told me, 'we're talking to her, but let's see how she does in some interviews,' and maybe vet her with actual journalists inside the network.
Todd emphasized, "I do think, unfortunately this interview is always gonna be looked through the prism of, 'who is she speaking for?'" I think you did everything you could do," Todd told Welker. "You got put into an impossible situation. Booking this interview, and then all of a sudden the rug is pulled out from under you, and you find out she's being paid to show up?"
"It's unfortunate for this program, but I am glad that you did the best that you could," he added.
Watch the video below or at this link.
Reprinted with permission from Alternet.
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