Donald Trump must mortgage or sell assets at a discount to pay bail imposed by a judge

Former President of the United States Donald Trump He insisted again this Tuesday that he did not have the liquidity to pay the bail 464 million dollars What the judge imposed Arthur Angoron From New York, except resort to foreclosing or selling “large assets, perhaps at bargain prices”.

As his lawyers argued in a letter to Angoron on Monday that it was “impossible” for their client to raise that amount, Trump again on Tuesday turned to his network, Truth Social, to indict the judge and his “ridiculous decision.” With regard to the bail imposed on February 16 and which gives the industrialist till then 25th March To complete the payment.

“No one has ever heard anything like it. I would be forced to mortgage or sell a large asset, even at a bargain price, and if I won the appeal, it would disappear – he complained – the witch hunt. “Election interference!” He wrote with his usual capital letters.

Attorneys for Trump and his co-defendants in the case Fraud They argued Monday about the impossibility of raising that money: “Defendants’ persistent and diligent efforts have demonstrated that a bond for the full amount of the sentence is a ‘practical impossibility,'” the lawyers briefed the judge.

Further, the legal team noted that they approached approx 30 insurance companies through four different brokers and who have spent “countless hours negotiating” but have not found an insurer.

In New York, defendants in civil cases must post bail worth at least 110% of the judgment amount to delay payment of fines while appealing.

Earlier this month, Trump nearly posted bail 92 million dollars to appeal the $83.3 million in damages that the jury ordered the author to pay E. Jean Carroll for a separate defamation case denying her sexual assault allegations.

Trump is approaching a critical deadline in his costliest legal battle to date. If the former president does not present a financial guarantee by Monday, the The New York Attorney General can initiate the collection process.

Trump’s lawyers are trying to prevent that from happening. They have asked the court to suspend recovery efforts while they appeal the verdict.

The likely Republican presidential candidate tried to bail for the full amount, which would have stopped the collection clock during his appeal and ensured the state would receive its money if he lost.

But the insurance companies said no, Trump’s lawyers told the court. They noted that obtaining bail for such a large sum was a “practical impossibility”.

This has led to the possibility that the Attorney General of New York, Letitia JamesAttempts to enforce the sentence could begin as soon as Monday.

If Trump can’t pay, the state “can Seize and sell your assets, lien on your real estate, and foreclose on anyone who owes you money.” said Syracuse University law professor Gregory Germain.

Potential targets may include properties similar to yours Penthouses in Trump Tower, Wall Street office buildings and golf courses. James’ office may also seek permission from the court Empty Trump’s bank accounts and investment portfoliosOr sell other assets like their planes, helicopters or even their golf carts.

Asset forfeiture is a common legal tactic when someone cannot come up with enough cash to pay a civil penalty.

(with information from EFE and AP)