Major Asset Seizure Likely as Trump Can't Afford Bond for NY Fraud Case
Major Asset Seizure Likely as Trump Can't Afford Bond for NY Fraud Case
"Trump owes this money because he fraudulently misrepresented the value of his assets—and now (oops) apparently no one will accept those assets as collateral."
Less than a month after New York Attorney General Letitia James said she would be willing to seize former Republican President Donald Trump's assets if he is unable to pay the $464 million required by last month's judgment in his civil fraud case, Trump's lawyers disclosed in court filings Monday that he had failed to secure a bond for the amount.
In the nearly 5,000-page filing, lawyers for Trump said it has proven a "practical impossibility" for Trump to secure a bond from any financial institutions in the state, as "about 30 surety companies" have refused to accept assets including real estate as collateral and have demanded cash and other liquid assets instead.
To get the institutions to agree to cover that $464 million judgment if Trump loses his appeal and fails to pay the state, he would have to pledge more than $550 million as collateral—"a sum he simply does not have," reportedThe New York Times, despite his frequent boasting of his wealth and business prowess.
If you owe the bank half a billion dollars, it’s the bank’s problem right?
Sounds like the banks don’t want this problem.
I wouldn’t normally put this much stock in his assets actually getting flipped, but…
Someone or some company signed me up for Trump fundraising emails recently. The subject line of one from 2(?) days ago read: HANDS OFF TRUMP TOWER, so it sounds like they’re preparing some kind of mobilization/campaign to play the victim now that their options are quickly drying up.
“about 30 surety companies” have refused to accept assets
well yeah they're lending him money to pay off a court judgment against him for lying about what those assets are worth. I wouldn't lend someone money if their collateral was worth anywhere from 10%-1000% of what I lent them and there was no way for me to verify either. Besides, you know if he owes you money it's gonna be years and millions before you can recoup anything at all.
You love to see it.
If Trump hadn't riled up his supporters into storming Congress on Jan 6th and hadn't spurred the authorities into forensically investigating him, I wonder how far ahead he'd be of Biden.
All those people who told me they voted for him because he was rich and therefore couldn't be bought seem to have gone very quiet.
I'm not sure I understand how this happens. He has to post the value in order to appeal, right?
I would have thought the situation was either Trump mortgages a property or gets a bond...or he doesn't get to appeal. I could see the properties getting seized if he doesn't have the funds and the appeal is thus forfeit so the money has to go to the state against his will, I'm not following how the properties get seized and also he still gets to appeal.
<Grabs popcorn>
I'm sure his lawyers have him delaying as much as possible because he's hoping he won't have to pay it. They're claiming he "doesn't have it" but they probably mean liquid assets, which should be obvious and irrelevant.
Im sure he'll weasel out of it somehow.. I mean hes a rich white guy in Amerikkka, the legal system literally has no way of dealing with people like him and he is proving that every day.
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