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Criminal Trump can't come up with $456 million Judgement Properties to be Seized
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Criminal Trump can't come up with $456 million Judgement Properties to be Seized
Donald J. Trump’s lawyers said in a court filing that he faces “insurmountable difficulties” as he tries to raise cash for the civil fraud penalty he faces in New York.
Donald J. Trump’s lawyers disclosed on Monday that he had failed to secure a roughly half-billion dollar bond in his civil fraud case in New York, raising the prospect that the state could seek to freeze some of his bank accounts and seize some of his marquee properties.
The court filing, coming one week before the bond is due, suggested that the Twice Impeached 4 times Indicted, Florida Criminal might soon face a financial crisis unless an appeals court comes to his rescue.
The Low Life Criminal Scum Donald J. Trump has asked the appeals court to pause the $454 million judgment that a New York judge imposed on Mr. Trump in the fraud case last month, or accept a bond of only $100 million.
Otherwise, the New York attorney general’s office, which brought the case, might soon move to collect from Mr. Trump.
The The Low Life Criminal Scum has been unable to secure the full bond, his lawyers said in the court filing on Monday, calling it a “practical impossibility” despite “diligent efforts.” Those efforts included approaching about 30 companies that provide appeal bonds, and yet, the lawyers said, he has encountered “insurmountable difficulties.”
The companies would essentially promise to cover Mr. Trump’s judgment when he loses his appeal and fails to pay. In exchange, he would pledge collateral and pay the company a fee as high as 3 percent of the bond.
They appear to be balking over a significant problem: Mr. Trump does not have enough liquidity to obtain the bond. To offer a bond of this size, the companies would require Mr. Trump to pledge more than $550 million in cash, stocks and bonds as collateral — a sum he simply does not have.
If Trump fails to pay up, the state “could levy and sell his assets, lien his real property, and garnish anyone who owes him money,” according to Syracuse University law professor Gregory Germain.
Asset seizure is a usual legal strategy when a defendant lacks sufficient cash for a civil penalty. Notably, OJ Simpson’s Heisman Trophy was seized and auctioned off in 1999 to meet part of a $33.5 million wrongful death judgment against him.
https://www.the-express.com/news/politics/131494/donald-trump-property-seized-new-york-civil-fraud
the-express.com
Donald Trump could have his properties seized as he owes $454m in fraud case
Donald Trump has been ordered to pay $454 million in a civil fraud case brought by the state of New York, and the state's attorney general has warned she will seize his assets if he doesn't pay up.
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