Former President Donald Trump expressed his frustration with Judge Arthur Engoron on Tuesday morning, criticizing his decision to impose a $454 million judgement after being rejected by 30 lenders.
In a recent statement, Trump expressed his dismay at the need to sell off portions of his valuable real estate holdings at significantly reduced prices. According to his legal team, this effort is expected to generate nearly half a billion dollars after taking in financing and fees.
Trump Fails to Secure Bonds in New York Fraud Case
According to MSNBC, there is a possibility that state AG Letitia James may take action to seize Trump assets in the near future, as she had previously warned if Trump failed to pay the fine imposed by the judge following his New York fraud trial.
In response to accusations from prosecutors, Trump expressed strong disapproval towards any business considering relocating to the state, deeming it as "CRAZY!" This comes after he recently changed the addresses of multiple Trump business entities to Florida while facing judgement.
Trump called James 'Racist and Politically Corrupt' and said Engoron is a 'Crazed, Trump-Hating Rogue Judge' who "has ZERO respect for the Appellate Judges."
Trump also criticized the judge and the case in a statement from his presidential campaign, which has used a series of criminal and civil prosecutions to boost his poll numbers.
The looming March 25 deadline is causing concern for Trump as he faces the challenge of paying a substantial $454 million judgement.
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Companies Decline Trump's Application
Trump's lawyers have stated that securing a bond has proven to be a difficult task, putting some of his valuable real estate assets at risk.
The recent filing by Trump has set the stage for a tense confrontation with New York AG Letitia James. According to his lawyers, insurance companies have refused to accept portions of his real estate empire as collateral.
Additionally, the fees associated with obtaining a bond, even if he were able to obtain one, are described as excessively burdensome and punitive.
According to him, the companies provided collateral in the form of undisclosed amounts of cash or cash equivalents, as well as real estate holdings without any financial obligations. Several major insurance companies, including Allianz, Berkshire Hathaway, CAP Speciality, and Chubb, declined the deal.
These companies had previously underwritten a $91 million bond for the $83 million judgement against Trump in the E. Jean Carroll defamation case.
That indicates a potential liquidity issue for Trump, as he stated during the New York fraud case that he possessed $400 million in cash.
The lawyers' statement regarding the fees was made in relation to the significantl up front premiums of $19 million that may need to be paid again in two years, as part of a lengthy appeal process for Trump. Forbes estimated Trump's net worth to be $2.6 billion.
In a recent development, Trump's legal team as informed a New York appellate court that posting a bond to cover the entire $454 million civil fraud judgment is an insurmountable task for him during the ongoing appeals process.
Court filing stated that the lawyers representing the former president argued that given the circumstances, it is impossible to obtain an appeal bond in the full amount of the judgement.
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