"Trump owes this money because he fraudulently misrepresented the value of his assets—and now (oops) apparently no one will accept those assets as collateral."

Less than a month after New York Attorney General Letitia James said she would be willing to seize former Republican President Donald Trump’s assets if he is unable to pay the $464 million required by last month’s judgment in his civil fraud case, Trump’s lawyers disclosed in court filings Monday that he had failed to secure a bond for the amount.

In the nearly 5,000-page filing, lawyers for Trump said it has proven a “practical impossibility” for Trump to secure a bond from any financial institutions in the state, as “about 30 surety companies” have refused to accept assets including real estate as collateral and have demanded cash and other liquid assets instead.

To get the institutions to agree to cover that $464 million judgment if Trump loses his appeal and fails to pay the state, he would have to pledge more than $550 million as collateral—“a sum he simply does not have,” reportedThe New York Times, despite his frequent boasting of his wealth and business prowess.

    • the_third@feddit.de
      42·
      8 months ago

      Not really. The only interesting thing to come out of this is who will buy him out. Because someone will, that’s a president on the table for 500 million bucks.

      • Schadrach@lemmy.sdf.org
        7·
        8 months ago

        A FORMER President, or what we also call a private citizen. If you’re thinking that you’re buying a President with a 500 mil bond, then you’re betting on him winning against the guy he lost against last time, which feels like as good a bet as taking Trump’s claims of what his properties are worth at face value.

        • the_third@feddit.de
          12·
          8 months ago

          A FORMER President

          For now, yes. Just don’t be stingy where it matters, slap another 100 mil of advertisement budget on top of the 500 mil and you’ve got a nice PR stew going.

        • S_204@lemm.ee
          24·
          8 months ago

          I don’t have a half of a billion dollars but I’m watching the Vegas line and I might put a couple grand down on Trump winning. I’m not American. I don’t get a vote…but I’ll make some money off it if I can.

          I think he’s going to win. Americans have shown themselves to be not very smart and you’ve got places like Michigan claiming they’re not going to vote for Biden because they think Trump is going to… Well They are stupid but they represent America.