As appeals play out, former US president is facing difficulty securing a bond which is due on Monday, with his two top properties — Seven Springs estate and Trump National Golf Club in Westchester under scrutiny.
New York Attorney General Letitia James has taken the initial step toward seizing former President Donald Trump’s properties in the state following a landmark $454 million judgment.
James’ office registered the judgment with the county clerk’s office in Westchester County on March 6, according to multiple reports. Trump has two properties there, including his Seven Springs estate and Trump National Golf Club, Westchester.
Trump’s attorneys said earlier this week that the former US president is having difficulty securing a bond while appeals play out and he contacted 30 insurance companies to underwrite his nearly half-billion dollar bond but has been rejected at each turn.
“A bond requirement of this enormous magnitude—effectively requiring cash reserves approaching $1 billion,” attorneys wrote in the sprawling filling, “is unprecedented for a private company.”
Trump built a public profile as a property developer and businessman in New York before entering politics. But despite the real-estate mogul’s $2.6 billion estimated net worth, his lawyers say that it’s been impossible so far to come up with the $454 million bond, due Monday. Typically, such bonds would be underwritten by an insurer or specialised bond company.
Trump must pay $454 million in fines and interest following a judgment from Manhattan Supreme Court Judge Arthur Engoron in February.
If he cannot secure the bond he will have to pay in cash from his coffers or risk his properties being seized and sold by state authorities.
He bemoaned Engoron, saying the judge “wants me to bond it, which is not possible for bonding companies to do in such a high amount, before I can even Appeal.”
“That is CRAZY! If I sold assets, and then won the Appeal, the assets would be forever gone. Also, putting up money before an Appeal is VERY EXPENSIVE,” he wrote on Truth Social. “He gave us a demand which he knows is impossible to do.”
Trump’s legal team asked the New York Supreme Court on Monday to intervene to prevent James from collecting the judgment as early as next week, saying that doing so would cause Trump and his business empire “irreparable injury.”
“Obtaining such cash through a ‘fire sale’ of real estate holdings would inevitably result in massive, irrecoverable losses—textbook irreparable injury,” they said.
Trump has four days before the deadline to secure the bond or come up with the money.
Source AA
