"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.

  • Synthuir@lemmy.ml
    73Ā·
    8 months ago

    I wouldnā€™t normally put this much stock in his assets actually getting flipped, butā€¦

    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 theyā€™re preparing some kind of mobilization/campaign to play the victim now that their options are quickly drying up.

    • makyo@lemmy.worldEnglish
      31Ā·
      8 months ago

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

    • jballs@sh.itjust.worksEnglish
      29Ā·
      8 months ago

      it sounds like theyā€™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 thatā€™s kind of their thing already.

    • dirthawker0@lemmy.world
      9Ā·
      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.