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Major Asset Seizure Likely as Trump Can't Afford Bond for NY Fraud Case (www.commondreams.org)

submitted 8 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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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.

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[-] nutsack@lemmy.world 3 points 8 months ago* (last edited 8 months ago)

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.

this post was submitted on 19 Mar 2024

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