Trump unable to secure bond for $464 million penalty! Seizure is imminent...

Alan Garten, General Counsel for the Trump Organization, noted in a written statement submitted to the New York Appeals Court that it is not possible to secure the full amount of the $454 million judgment.

The statement included the phrase, "Defendants have encountered insurmountable difficulties in obtaining a $464 million appellate bond."

The statement, which reported that Trump's financial situation is "stable" and that he continues to hold "significant assets," conveyed that no insurance company could be found to act as a guarantor due to the size of the judgment, and that Trump's assets might need to be used as collateral.

The request for the appeals court to accept a smaller amount than the total $454 million penalty as collateral was reiterated.

Trump's lawyers had applied to the New York Appeals Court on February 29 to stay the collection of the total penalty, arguing that the provisions of the judgment were excessive and stating that they were prepared to pay a $100 million bond to stay the collection of the total $454 million penalty.

The New York Attorney General's Office, however, opposed the posting of a bond smaller than the total penalty on the grounds that "Trump would attempt to evade or complicate enforcement."

Judge Arthur Engoron, who presided over the case known as "real estate fraud," had imposed fines on Trump, his children, and the company on February 16.

Trump had taken the decision to the New York Appeals Court. However, while the case is being heard on appeal, Trump must provide the total amount as collateral by March 25 to prevent the New York Attorney General's Office from seizing his assets under its enforcement authority.

In addition to the $364 million fine, Trump has legal debts of around $454 million including court costs and interest as part of the real estate fraud case.

THE FRAUD CASE AGAINST TRUMP

New York Attorney General Letitia James had requested in the indictment, where she alleged that Trump, his three children, and his company inflated their wealth by $3.6 billion, that the judge ban Trump and his children from forming companies in New York and purchasing commercial real estate for 5 years, and impose a $370 million fine.

Judge Arthur Engoron had ruled that the allegations that former President Trump and his company, the "Trump Organization," defrauded banks, insurers, and business figures by overvaluing assets and exaggerating net worth in the case opened on charges of "committing fraud in the real estate sector for years" would be evaluated in court.

In his 35-page decision, Engoron stated that Trump, his company, and his executives consistently lied about their annual financial conditions to obtain loans and low insurance premiums under favorable terms.

The hearings, which began on October 2, 2023, concluded with closing arguments on January 11, and on February 16, Judge Engoron imposed a $354.9 million fine on Trump for "committing fraudulent acts in the real estate sector," $4 million each on his children Donald Trump Jr. and Eric Trump, and a $1 million fine on the company's former chief financial officer.

In addition to the total $364 million in fines in the case, Trump was banned from serving as a senior official in his companies in New York for 3 years, and his children for two years each, and they were prohibited from obtaining loans from banks.

News Source: AA