Former President Trump said on Tuesday that he would have to take drastic steps to pay off a $464 million bond due next week in his New York civil fraud case. This might involve selling some of his properties for bargain prices in a 'fire sale'.
Trump criticized New York Judge Arthur Engoron, who ruled against him in the fraud case, in a post on Truth Social objecting to the bond requirement.
In a post on his Truth Social platform on Tuesday morning, Trump wrote that Judge Engoron is asking him to put up hundreds of millions of dollars just to be able to appeal the decision, which he finds absurd. He feels it's an unprecedented move to take away his right to appeal.
Trump also added that he would have to mortgage or sell valuable assets, possibly at discounted 'fire sale' prices. He expressed concern that if he were to win the appeal later, the assets would already be gone.
Trump issued the warning a day after his legal team informed the court. informed the court that the former president was unable to secure the full $464 million bond due next week.
His legal team mentioned the challenges they faced in finding a Treasury Department-approved surety company willing to underwrite such a high-level bond. They also noted the internal policies of approved companies against issuing bonds of more than $100 million.
Trump’s legal team also noted that he cannot offer property as collateral for the bond.
The lawyers wrote that the Trump Organization, as they understand it, has strong liquidity but does not have $1 billion in cash or cash equivalents. They stated that obtaining a $464 million bond is practically impossible for a company like The Trump Organization, which mainly invests in real estate.
Trump is appealing the decision but needs to post the bond to move forward with the appeal process.
Last month, Engoron ordered Trump to pay nearly $355 million in penalties in the civil fraud case that hit his family’s business empire in New York hard. Trump is currently appealing the judgment, but the total amount will continue to accumulate interest during the appeal. a series of posts
Trump, in Monday and Tuesday, criticized the judgment, calling it unconstitutional and un-American. Trump
wrote in a post earlier Monday, blasting the size of the bond and the companies' ability to post it. Former President Trump complained on Tuesday that he would need to take drastic steps to pay off a $464 million bond due next week in his New York civil fraud case, such as selling some of his properties for cheap “fire sale” prices. He also criticized New York Judge Arthur Engoron who ruled against him…
“The Bonding Companies have never heard of such a bond, of this size, before, nor do they have the ability to post such a bond,” he added.
