Last month, former United States President Donald Trump was hit with a $464 million judgment after he was found to have fraudulently overvalued his assets and properties – including several of his prestigious golf courses – in order to receive more favorable loan and insurance rates. He’s having a difficult time coming up with the money, and his lawyers are furious that he has to pay anything in the first place.
Donald Trump and his legal team have been unable to acquire a bond that would cover the $464 million judgment while he appeals. If Trump is unable to acquire a bond or cover the sum himself, New York Attorney General Letitia James could begin seizing Trumps assets and has already taken the first steps toward seizing Trump National Golf Course in Briarcliff Manor.
Trumps options seem to be to either sell his assets to cover the judgment, receive a series of smaller bonds to help cover the sum, or have them seized by the state. And Trump attorney Clifford Robert is furious at this situation, calling it “illogical,” “unconstitutional,” “impractical,” and “unjust.”
“As explained in Defendants’ Affirmations, those separate bonds would still require a total collateralization of cash or cash equivalents in excess of $557 million, regardless of how many sureties were involved,” Robert said in a letter according to ABC News.
“It would be completely illogical — and the definition of an unconstitutional Excessive Fine and a Taking — to require Defendants to sell properties at all, and especially in a ‘fire sale,’ in order to be able to appeal the lawless Supreme Court judgment, as that would cause harm that cannot be repaired once the Defendants do win, as is overwhelmingly likely, on appeal.”
Trump has until Monday to come up with the money before James could begin seizing his assets, including his golf courses.
[ABC News]
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