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September 30, 2014

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Tarkanian: If I have to post a bond against $17 million judgment, I’ll probably go bankrupt

In a court filing Monday, congressional hopeful Danny Tarkanian argued that he and his family are "incapable" of obtaining a bond against a $17 million judgment and that it would "lead to financial insolvency."

A federal judge in California will now have to decide whether to impose the bond requirement -- some experts say it could be as much as $3 million -- on Tarkanian and his family as he appeals the judgment, which came down in May.

"Should the FDIC be allowed to execute on its improper judgment, the Defendants will endure wrongful and significant harm," Tarkanian's lawyers wrote in the filing, which I have posted at right. "They will not only be deprived of their assets but also possibly forced into bankruptcy."

That sounds pretty serious -- and it surely is a political liability when a congressional candidate acknowledges in a court document that he is in a financially precarious position, especially after he leant himself $40,000 for the campaign and forgave a $250,000 loan. If the judge does not grant the stay, do we say "game over" in this race?

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