Recently, the attorneys for the ex-US president Donald Trump told the court that he did not have enough money to pay the $400 million penalty for a civil fraud that the New York court had imposed on him. Yet, this caused underwriters to insist on cash instead of assets to guarantee a bond, a tough decision for the ex-president himself.
It’s reported that according to NBC News, Trump’s lawyers have written to 30 sureties, and when they finally do pay (before the 31st of March), it will become official. Irrespective, the entire bond amount has, in his owner’s words, “a practical impossibility,” as stated in an affidavit by Gary Giuletti, who was insuring Trump during the civil fraud trial.
Besides, the court filing caused attention to the systematic work of the defendants, including the presentations of different surety representatives to the court through different brokers. Nevertheless, it has been the underwriters who have applied the restrictions, including asking for cash as a guarantee instead of taking his assets.
The financial pressure on Trump is now much graver as the insurer, one of the largest in the world has rejected the appeal bond’s payment due to its current status. The filing of the court papers pointed out that the value of Trump’s real estate holdings, which include his prominent properties (Doral Miami), 40 Wall Street, and Mar-a-Lago, is more than the judgment amount, which means that there is no hiding or disposing of such assets without attention.
The judge set the bar high for Trump and found him guilty of alleged fraud. The judge made Trump pay three hundred and fifty-five million dollars plus interest, which equals four hundred and sixty-four million dollars. The civil fraud lawsuit, brought by New York Attorney General Letitia James in 2022, claimed that Trump and his sons, Donald Trump Junior and Eric, together with other Trump Organization officials, had been implementing a scheme, spanning over the years, to illegally increase his property valuations and net worth to secure better loan terms.
The legal defense team argues that the $464 million penalty bill is quite exceeding the allowances, and they usually ask the lawyers to reduce the amount to $100 million. Yet, the latest court filing suggests that Trump deserves to be exempted from any bond so that he could be out of jail easily.
With the story unfolding, keep your eyes peeled for the latest news about Trump’s cash problems in relation to the $400 million New York civil liability criminal matter every time now.
