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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)

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Trudeau Rocks to Taylor Swift While Montreal Burns

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Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.

Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”

The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”

Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.

“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”

“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.

On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”

Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.

Pro-Palestinian protests

Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.

Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.

Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.

On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.

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Calgary Zoo Admits Human Error in Death of Baby Gorilla

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The zookeeper's negligence caused the death of a 2-year-old baby gorilla

The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.

The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.

The gorilla died from significant head injuries, according to the zoo’s statement.

“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”

According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.

Calgary Zoo Questioned

It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.

An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.

Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.

“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.

The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.

“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.

“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.

While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”

Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.

The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.

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Canada’s Lotto Max jackpot Climbs to $80M

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Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.

Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.

The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.

According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.

While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.

Lotto Max History

Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.

The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.

Let’s have a look at the rules:

  1. Players choose 7 numbers out of 50
  2. Numbers cannot be repeated
  3. Numbers are automatically sorted into ascending order
  4. Each play buys 3 lines
  5. Each play costs $5

Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)

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