Trump Fumes Over NY Civil Fraud Decision: Warns He Might Have to Mortgage or Liquidate Valuable Assets
Trump Battles with Dire Financial Stakes in NY Fraud Case
In a tension-fraught announcement, former President Donald Trump signaled a potential financial crisis, divulging that he might be cornered into selling off prestigious properties to meet the colossal $464 million bond mandated for the civil business fraud ruling leveled at him and his enterprise.
The Trump saga took to social media, where in his virtual den on Truth Social, he unleashed a tirade on New York Supreme Court Judge Arthur Engoron. Trump critiqued the towering $464 million judgment as an act of political warfare and “election interference”.
“Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision. In other words, he is trying to take my Appellate Rights away from me … I would be forced to mortgage or sell Great Assets … WITCH HUNT. ELECTION INTERFERENCE!” Trump lamented.
The tumult follows Judge Engoron’s accord with New York Attorney General Letitia James on disallowing Trump and his sons from directing their New York businesses for two to three years, alongside a financial penalty which swelled to over $454 million with interest.
Persistently, Trump has claimed a politically-charged motive behind the allegations, arguing a gross undervaluation of his assets. Conversely, AG James maintains that Trump grossly exaggerated his wealth.
Taking the stance of a beleaguered contender in the 2024 presidential race, Trump confided in further posts about the “massive amounts of money” he’s being compelled to deposit prematurely for the privilege to appeal what he deems an unprecedented and outrageous decision.
The Legal and Financial Quagmire
Trump’s fiery rebukes reflect more than personal outrage; they echo a deeper legal and financial predicament. A stay for his appeal, contingent on paying the full bond sum – a whopping 120% of the judgment or approximately $557 million – was reported by the Associated Press.
His legal team, vocal about the improbability of sourcing such a bond, underscored in their filing:
“Despite Defendants’ ongoing diligent efforts … a bond in the judgment’s full amount is ‘a practical impossibility.’”
Through the pursuit of nearly 30 surety companies and a battalion of brokers, Trump’s attorneys outlined the staggering challenge of summoning near-billion dollar cash reserves, a predicament they deem unprecedented for a privately-held company.
In the grand scheme of legal showdowns, Trump’s confrontation with the New York courts presents a curious study in the dynamics of power, money, and justice. As the legal gears churn, the former president stands at a perilous juncture that could irrevocably alter his empire’s landscape.
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