"You can't possibly think I should sell my stuff to pay a fine?"
Trump says he’d have to hold ‘fire sale’ of properties to meet $464M bond
Former
President Trump argued Tuesday he would have to take extreme measures in order to pay 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.
Trump blasted New York Judge
Arthur Engoron, who ruled against the former president in the fraud case, in a Truth Social post objecting to having to post the bond.
“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,” Trump wrote in a post on his Truth Social platform Tuesday morning. “Nobody has ever heard of anything like this before.”
“I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!” Trump added.
Trump’s warning comes a day after his legal team
informed the court that the former president was unable to secure the full $464 million bond due next week.
They cited difficulties finding a Treasury Department-approved surety company willing to underwrite a bond at such a high level. And they noted many of the approved companies have internal policies against issuing bonds of more than $100 million.
Trump’s legal team also said part of the issue is that the former president cannot put up property for collateral as part of the bond.
“While it is my understanding that the Trump Organization is in a strong liquidity position, it does not have $1 billion in cash or cash equivalents,” the lawyers wrote, adding, “As a result, for a company such as The Trump Organization, which has most of its assets invested in real estate, obtaining a bond for $464 million is a practical impossibility.”
Trump is appealing the decision, but must put up the bond in order to have his appeal go forward.
Last month, Engoron ordered Trump
to pay nearly $355 million in penalties in the civil fraud case that
dealt a stark blow to his family’s business empire in New York. Trump is currently appealing the judgment, but the total amount will continue to gain interest while that process plays out.
Trump, in
a series of posts Monday and Tuesday, railed against the judgment, calling it unconstitutional and un-American.
“A bond of the size set by the Democrat Club-controlled Judge, in Corrupt, Racist Letitia James’ unlawful Witch Hunt, is unConstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine,” Trump
wrote in a post earlier Monday.
“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.
Former President Trump argued Tuesday he would have to take extreme measures in order to pay a $464 million bond due next week in his New York civil fraud case, such as selling some of his properti…
thehill.com
