The former president Trump could potentially have to liquidate his possessions in order to pay off a $454 million verdict for fraud.
On Tuesday, Donald Trump stated on social media that he might have to either mortgage or sell portions of his real estate company at reduced prices in order to obtain a bond to pay for a $454 million civil fraud verdict in New York.
The Republican opponent of Democratic President Joe Biden shared posts one day after his lawyers informed the court that 30 insurance companies had declined to provide a bond for him.
Former US President stated on his platform, Truth Social, that this is an unprecedented situation. He also mentioned that he may need to sell his valuable assets at a discounted price.
Trump, who was found liable in February for inflating his property values to dupe lenders and insurers, must post a bond or pay out of his own pocket by Monday. If not, the state’s attorney general could begin seeking to seize his properties.
Biden is currently outperforming Trump in terms of campaign fundraising, which has been declining in recent times. As a result, Trump is faced with the task of raising funds for both his campaign and his legal fees, which are anticipated to increase as he prepares for four upcoming criminal trials.
Trump has adamantly denied any illegal actions in the criminal and civil lawsuits brought against him. On numerous occasions, he has portrayed the New York civil case as a political attack orchestrated by Letitia James, the Democratic Attorney General of New York.
Requests for comment were not immediately responded to by the lawyers of Trump and the James’ office.
In a legal document submitted on Monday, attorneys for Trump requested that a state appeals court put a hold on implementing the judgment, stating that the requested amount was too high. It is currently unknown when the Appellate Division will make a decision.
The attorneys requested for Trump to be able to put up a $100m bond as an alternative while he challenges the ruling made by Justice Arthur Engoron in Manhattan.
In October, before the start of a trial without a jury that lasted three months, Engoron concluded that Trump had committed fraud by inflating the values of his properties such as Mar-a-Lago in Florida, his penthouse in Trump Tower in Manhattan, and his office buildings and golf courses.
The main issue in the trial revolved around the appropriate amount of penalties that Trump should be required to pay. Along with the financial sanctions, Engoron also prohibited Trump from conducting business in New York and obtaining loans from state-chartered banks for a period of three years.
Donald Trump recently paid a $91.6 million bond in order to appeal a $83.3 million defamation verdict against writer E Jean Carroll. The case originated from Trump’s accusation that Carroll was lying after she claimed he raped her many years ago. He maintains his innocence.
He has entered a plea of not guilty in four criminal cases related to his attempts to contest his defeat in the 2020 presidential election to Biden, his handling of classified information after his presidency ended in 2021, and the payment of hush money prior to his 2016 election victory to a porn star who claimed to have had a sexual encounter with him.