Reducing the Bond was not "Rich Man's Privilege"

[babylonsister]

https://www.dailykos.com/stories/2024/3/25/2231510/-Reducing-the-Bond-was-not-Rich-Man-s-Privilege

Reducing the Bond was not "Rich Man's Privilege"
Monday, March 25, 2024 at 4:25:00p EDT
Andrew F. Cockburn



I am bummed out that the trump organization isn’t heading into bankruptcy today. That doesn’t mean the decision was a bad one.

Putting up a bond during appeal is to make sure the losing party (or their money) doesn’t disappear during the delay between the initial judgement and losing the appeal. For example, suppose you win a judgement against me for $10,000 (that cocaine was really powdered sugar). If I appeal and skip town you are out of luck without a bond. Instead, I have to come up with enough money that if I lose the appeal you automatically get your award. If I win the appeal I get the bond money back and you get nothing. The point isn’t to screw me; it is to make sure you are protected because the assumption is you have won the case.

Does the State of New York need to have the full amount of the bond to make sure the trumps pay up if they lose their appeal? Could the trumps sell all their property and move the money to a secret Swiss bank account? Absolutely not.

During the trial Judge Engoron appointed a special master, former judge Barbara Jones, to oversee all of the trump businesses. After the judgement he increased her powers. Nothing can be done in the companies without her approval. They can’t sell properties, transfer assets out of state, or buy a spare roll of toilet paper without going through her. She has complete control of the vast bulk of their assets. There is no need for a bond to protect the state.

In addition the Attorney General’s office has also placed liens on several of their properties. That is going to effectively stop them from being sold or mortgaged.

The appellate court did treat the trumps differently than the average person. They wouldn’t have reduced my hypothetical $10,000 bond. But that is because the trumps had already been treated differently by Engoron. He knew he was dealing with a cabal of crooked scumbags and had put the protection in place in advance. If the full judgement holds up on appeal the money will be there for the state to collect.