Trump’s legal representatives confessed in court that he is unable to pay the $454 million fraud judgment bond because he lacks the cash to support it.
CNN reported on a submission by Trump’s legal representatives”
The total of the judgment, along with interest, surpasses $464 million, and very few bonding companies will consider a bond of that size,” Trump’s legal representatives wrote. (Trump himself was instructed to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)
An insurance broker, Gary Giulietti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount “is a practical impossibility.”
Potential underwriters are requesting cash to support the bond, not properties, according to Trump’s legal representatives.
No bonding company is willing to provide Trump with a $454 million bond without the cash to secure it. Bonding companies do not desire buildings or assets. They seek actual cash. If Trump had the money to pay the bond, he would not require a bonding company to post it for him.
Donald Trump’s issue is that he doesn’t actually own much real estate in New York. His largest possession seems to be Trump Tower, but it is uncertain if he owns the building outright. Other buildings that either bear Trump’s name in New York or are included in his holdings are licensing deals, ground leases, or properties he might possess a portion of.
It is very challenging for Trump to sell a building or two in New York to cover the bond when he does not own much in New York that he could sell.
James could seize Trump Tower and 40 Wall Street, but unless Donald Trump wants to sell his Florida properties, it is evident why he is struggling to come up with the cash.
Donald Trump’s perception of extensive wealth was just another deceit.
e their move or pack up and end this investigation.
