United States – Is Donald Trump on the Verge of Bankruptcy? The real estate mogul and candidate for the 2024 presidential election is unable to provide justice to New York with a guarantee that he will pay the $454 million fine for which he was sentenced in February at his trial in a fraud case, his lawyers recognized this Monday 18 March.
In a 5,000-page legal document posted online by the Appellate Division of the New York State Supreme Court for Manhattan (trial court, editor’s note), the defense of the former United States Unis president argues that guaranteeing such amounts “almost impossible”.
“The judgment amount, with interest, is $464 million (Editor’s note: 355 million plus 100 million interest for Donald Trump and 8 million plus interest for his sons Donald Jr. and Eric) and very few companies are considering a surety bond. (a legal bond, editor’s note) is close to this magnitude”Contrast the lawyers who say they have contacted about thirty insurance companies.
Towards confiscation of real estate and banking assets
Although Trump has appealed the ruling, he must prove he can pay his fine before the March 25 deadline set by the American justice system. There are two ways to do this: either sign the check with the amount or convince a third party to pay for it (in exchange for interest, guarantees and future reimbursements).
As American Public Radio NPR recalls, the former president estimated his wealth at $400 million that could be converted into cash. The amount is quite small compared to the amount requested by the courts, especially since the amount increases by about $112,000 per day of delay.
Another solution to the impasse, announced by his lawyers, is that Justice could collect the requested amount to turn to his real estate or banking assets. And especially towards the famous Trump Tower.
The Republican presidential candidate condemned in a press release Monday evening “Witch Hunt” and condemned the penalty “Unconstitutional, un-American, unprecedented and virtually impossible for any business, including a successful one like mine”.
Amount “Extraordinary and Exciting”
However, Donald Trump’s team tried to lower the amount requested by the court, setting it at $100 million. Former President E. A more reasonable amount that Jean Carroll managed to get from the insurance company in connection with the affair, the journalist who accused her of rape. The Appellate Division of the New York Supreme Court denied his request.
Faced with this impasse, Trump’s lawyers urged the new court to suspend the ruling or reduce the fine during the appeals trial against New York prosecutor Letitia James. If this court refuses to intervene, Letitia James will have all the latitude to help herself to the billionaire’s pocket, which she absolutely wants to do.
In early February, the Trump family’s lawyers ruled on the fine amount “Extraordinary and Exciting” And “General Prohibition” To conduct business in New York “illegal and unconstitutional” Estimate already “It is impossible to insure and submit a full warranty certificate”.
The former president and his two adult sons also appealed bans from operating businesses in New York state for three and two years, respectively.
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