AntiTrumpAlliance

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An alliance among all who oppose Donald Trump's actions, positions, cabinet, supporters, policies, or motives. This alliance includes anyone from the left or the right; anyone from any religion or lack thereof; anyone from any country or state; any man, woman or child.

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117

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

submitted 1 year ago by Lanky_Pomegranate530@midwest.social to c/antitrumpalliance@lemmy.world

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cross-posted from: https://lemmy.world/post/13297800

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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[–] zeppo@lemmy.world 29 points 1 year ago (2 children)

I’d love for him to explain why 30 different companies won’t put up the bond for him. “Corrupt democrats”? “Very unfair”? I assume soon a big, strong man with tears in his eyes will come up and tell him how unfairly those companies treated him.

[–] ApathyTree@lemmy.dbzer0.com 11 points 1 year ago

Alternate option - he was able to secure it and is making out like he can’t until the last minute to take in as much from his base as possible.

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