"Trump owes this money because he fraudulently misrepresented the value of his assetsā€”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 Trumpā€™s assets if he is unable to pay the $464 million required by last monthā€™sĀ judgmentĀ in his civil fraud case, Trumpā€™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 TrumpĀ saidĀ it has proven a ā€œpractical impossibilityā€ for Trump to secure a bond from any financial institutions in the state, as ā€œabout 30 surety companiesā€ 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 collateralā€”ā€œa sum he simply does not have,ā€Ā reportedThe New York Times, despite his frequent boasting of his wealth and business prowess.

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

    No, no, youā€™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 whoā€™s both black and he wouldnā€™t think was important enough even if he were white.