Angela Weiss/AFP
Story – Businessman can’t guarantee payment of $454 million, so court can seize his property.
Correspondent in Washington
Trump’s real estate empire is under threat. Donald Trump, sentenced to astronomical fines, is reaching the end of his financial resources. His lawyers told a New York appeals court on Monday that it is impossible for him to deposit $454 million to guarantee payment of a fine imposed by a Manhattan court for fraud. They asked the court to reverse an earlier court order that required him to deposit the full amount of the penalty while appealing the verdict.
In a document submitted to the court, Trump’s lawyers explained that their client unsuccessfully contacted more than thirty loan companies to guarantee the amount, which must be paid at the end of the month. “For a company like the Trump Organization, most of whose assets are invested in real estate, obtaining collateral for $454 million under current circumstances is virtually impossible.his lawyers wrote
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