"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.

  • givesomefucks@lemmy.worldEnglish
    1297·
    8 months ago

    I’ll believe it when it happens.

    Last time he had one lined up but up until the last second said it was impossible. Likely to maximize donations from his rubes.

    • bean@lemmy.world
      29·
      8 months ago

      Re: Donations, I saw this today. So it may not be that easy (ha!!).

      Behind Trump’s campaign cash crunch: Small-dollar donor fatigue, major donor hesitation

      KEY POINTS

      • Former President Donald Trump is facing two major fundraising problems: a shortage of big money interest and a drop in small-dollar donor support.
      • The decline in small-dollar contributors could be a significant obstacle, as the former president seeks to cobble together a 2024 war chest.
      • Small-dollar donors are critical to Trump’s ability to raise enough money to fund his presidential campaign.