"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.

    • jonne@infosec.pub
      2·
      9 months ago

      It’s probably going to be one of those things where he keeps insisting that whatever property comes with the Trump brand, despite this adding negative value.

    • Schadrach@lemmy.sdf.org
      2·
      9 months ago

      No, no, you’d want to name it for a black civil rights activist from the 60s who never rose to national prominence but is from NYC, that way his tower is named after someone who’s both black and he wouldn’t think was important enough even if he were white.