Donald Trump argues he has no cash to pay claims to pay lawsuits
Needing to catch up, former President Donald Trump argues he has no cash to pay claims.
New York Attorney General Letitia James’ most recent actions before a Westchester County court hint that her office is preparing to try to seize former President Donald Trump’s golf course.
But, in addition, the mansion in northern Manhattan, known as Seven Springs.
Apparently, former President Donald Trump argues he has no cash to meet his commitments.
This comes days after Trump’s lawyers told the appeals court that it is impossible for him to post bail to cover the $464 million judgment in the civil fraud trial in New York.
The former president had long said he had “well over $400 million in cash,” but back-to-back court defeats have put him close to $500 million in debt.
Trump’s financial limitations were exposed when he appealed Judge Arthur Engoron’s February 16 ruling in the trial against him led by prosecutor Letitia James.
Former President Donald Trump argues that he has no cash, but he must catch up as soon as possible, as it could be worse.
READ HERE: HARRIS: A PERSON SHOULD NOT GO TO JAIL FOR SMOKING MARIJUANA.
Donald Trump argues he has no cash
Trump and his co-defendants were found guilty of scheming for years to deceive banks and insurers by inflating and deflating their wealth as they saw fit to obtain loans, tax benefits and close deals.
But if he doesn’t have the cash, there are different possible scenarios.
One option is to borrow money from bail bond companies (something he already did but it didn’t work out).
Since former President Donald Trump argues that he does not have cash, he can file for bankruptcy.
But, in addition, the court could also exercise seizures on properties, as it was learned this Thursday.
There are surety companies that pay bonds to justice.
They would cover the sentence of the former president if he loses the appeal and does not pay.
In exchange, Trump should offer cash, stocks or bonds and pay the company a millionaire compensation.
However, the problem is that Trump does not seem to have the cash.
Lawyers have said there is an “impossibility” of raising all the money, despite the efforts they have made: they approached more than 30 companies offering appeal bonds and yet have encountered “insurmountable difficulties.”
With interest, Trump owes the state about $464 million.
That amount is increasing by nearly $112,000 every day.
In total, he and co-defendants, including his company, sons Eric and Donald Trump Jr. owe $467.3 million.
To get bail, they would be required to post collateral covering 120% of the judgment, or about $557.5 million, the former president’s lawyers said.
But how true will it be that former President Donald Trump argues he has no cash.
March 25 is the deadline set for the moment for Trump to post bail.
Otherwise, the prosecution could seize the former president’s assets to cover the amount.
Trump claims he has billions of dollars, but the truth is that much of his wealth is tied up in properties such as buildings or golf courses and other properties.
READ MORE: THE REPERCUSSIONS OF THE U.S. SUPREME COURT’S DECISION IN THE DONALD TRUMP
Social networking is an option
But, the court documents made no mention of the potential financial windfall for Trump from an impending deal to list his social networking company, Trump Media & Technology Group, on the stock market.
A shareholder meeting is expected to review the deal in the coming days, media reported.
The AP said Trump would own at least 58% of the shares of the company, which runs his Truth Social platform.
Depending on the share price, this could be worth several million dollars.
