"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.

  • Synthuir@lemmy.ml
    75·
    8 months ago

    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.

    • makyo@lemmy.worldEnglish
      32·
      8 months ago

      I think I’d actually welcome that tactic from the Trump campaign. The base aren’t going to change their mind no matter what they hear but I’d be willing to bet a good portion of swing voters will hear about Trump losing his tower and realize that hey, maybe he’s actually not a great businessman. It makes him look weak when the only tactic that really works for him is the strongman one.

    • jballsEnglish
      30·
      8 months ago

      it sounds like they’re preparing some kind of mobilization/campaign to play the victim now that their options are quickly drying up.

      Not disagreeing with you, but just wanted to point out that’s kind of their thing already.

    • dirthawker0@lemmy.world
      9·
      8 months ago

      Letitia James did say she had her eye on that building in particular, so of course they want to keep it out of her hands.