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Donald Trump asks court to accept $100mn bond as he appeals New York fraud verdict

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Donald Trump asks court to accept 0mn bond as he appeals New York fraud verdict

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Donald Trump and the New York attorney-general are squaring off over how big of a bond the former US president must put up as he appeals a massive judgment of more than $450mn in a civil fraud trial earlier this month.

In a filing with an appeals court earlier on Wednesday, lawyers for Trump said the financial penalty levied against him and his businesses after they were found liable for widespread fraud was “absurd” and “grossly disproportionate”.

They said their client was unable to post the full sum necessary to delay enforcement of the judgment, which includes prejudgment interest, and offered instead to put up a bond worth $100mn.

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“The exorbitant and punitive amount of the judgment . . . would make it
impossible to secure and post a complete bond,” Trump’s lawyers wrote.

The New York attorney-general’s office, which brought the claim, in
turn asked the appellate division to force Trump to post the full
amount, arguing that the former president had all but admitted that he
has “insufficient liquid assets to satisfy the judgment”.

They pointed out that Trump had other “significant liabilities”,
including an outstanding judgment of $83mn in a case brought by E
Jean Carroll, the writer whom a New York jury found last month had been defamed by him. A different jury in a related case had previously ordered Trump to pay Carroll $5mn.

A decision from the appeals court could come as soon as Wednesday.

The battle has underlined the financial burden that the legal judgments have imposed on Trump, a billionaire who made his fortune in real estate and is mounting a costly campaign for a second term as president even while he battles other court cases around the country.

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Even if a defendant appeals, which Trump has done, state courts in New York typically require the posting of cash or a surety bond to avoid having his assets seized. The bond is akin to a bank guarantee or line of credit. It carries an upfront premium of 0.5 per cent to 3 per cent, and whoever provides it would demand collateral in exchange — perhaps as much as 100 per cent.

Trump’s legal team said in the filings on Wednesday that such a bond would cost the former president more than $550mn in total.

Given the sums at stake, Trump would have to turn to one of a handful of large insurers. Before underwriting it, they would have to weigh the risks of lending money to a developer with a long record of bankruptcies and unpaid bills — not to mention the attendant publicity.

“This obligation is going to be a tough one,” said one surety bond broker. “You don’t just walk in and ask for a bond.”

As with the fraud trial, a crucial question will be just how much money Trump actually has on hand. In a deposition for that trial, he said last year he had “substantially in excess” of $400mn in cash.

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But the Trump Organization is a private company, and it is almost impossible to verify his claims.

While the appellate division could grant Trump’s request to halt enforcement of the judgment without demanding the full amount, “my guess is given the magnitude of this case, that an appellate court is not going to playing games”, a former appellate judge said.

If Trump cannot pay, Letitia James, the New York attorney-general who filed the fraud suit, has already warned that she would seek to seize his properties, telling ABC News in a recent interview: “I look at 40 Wall Street [a Trump building] every day.”

But as a source of collateral, the Trump property empire may be less valuable than it seems. Beginning in the 1990s, Trump switched from building and owning properties, as his father Fred had done, to licensing the Trump name for a fee, instead.

Those properties the family still control are suffering the same plagues of rising interest rates and remote working that are afflicting the rest of the commercial real estate industry.

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One of the Trump Organization’s top properties, for example, is the office tower at 40 Wall Street. Trump also owns a minority share of another Manhattan office tower, 1290 Avenue of the Americas. The majority owner is Vornado. 

Adam Leitman Bailey, a New York real estate lawyer, noted that many Trump properties carried mortgages. Among them is the iconic Trump Tower, where Trump famously announced his presidential campaign in 2015. It has a $100mn mortgage. “I’m not sure how much equity he will have left to get the collateral,” Leitman Bailey said.

There is also Mar-a-Lago, Trump’s club in Palm Beach, Florida. During the trial, a witness testifying for him pegged its value at more than $1bn — although others dispute this, citing deed restrictions. Parting with it would carry a psychic cost. “That’s his Rosebud,” Leitman Bailey said, referencing the film Citizen Kane.

Another option would be to have a wealthy friend, a pro-Trump political action committee or even the Republican National Committee step in to defray the bond. So far, however, neither a Trump Pac nor the Republican party has nearly enough cash to pay it off.

Additional reporting by Alex Rogers

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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