"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.

  • leaky_shower_thought@feddit.nl
    2Ā·
    4 months ago

    Could it be that he was being untruthful in his statement to the court? I think there is a word for that.

    cnn: (from yesterday news) ā€œtold fictional storiesā€

      • Tyfud@lemmy.world
        2Ā·
        4 months ago

        Yeah, everyoneā€™s scared of using the L-word because of the legal liabilities involved. And if I was the editor, I would 100% assume trump would attempt to fucking sue my paper for libel if I say anything that gives him an inch.

        So thatā€™s probably why everyoneā€™s scared of saying ā€œLiedā€, because trump can, will, and has sued people for things like that.