The West facing entrance to Trump Tower on 5th Avenue in New York City, U.S., is seen April 26, 2017. Picture Taken April 26, 2017. REUTERS/Mike Segar
Trump’s lawyers admitted in court that he can’t post the $454 million fraud judgment bond because he lacks the cash to back it.
CNN reported on a filing by Trump’s lawyers”
The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote. (Trump himself was ordered to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)
An insurance broker, Gary Giulietti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount “is a practical impossibility.”
Potential underwriters are seeking cash to back the bond, not properties, according to Trump’s lawyers.
No bond company is crazy enough to give Trump a $454 million bond without the cash to secure it. Bonding companies don’t want buildings or assets. They want cold, hard cash. If Trump had the money to post the bond. he wouldn’t need a bonding company to post it for him.
Donald Trump’s problem is that he doesn’t actually own much real estate in New York. His biggest holding appears to be Trump Tower, but it is unclear if he owns the building outright. Other buildings that either carry Trump’s name in New York or are listed among his holdings are licensing deals, ground leases, or places he might own a portion of.
It is very difficult for Trump to sell a building or two in New York to cover the bond when he does not own much in New York that he could sell.
James could seize Trump Tower and 40 Wall Street, but unless Donald Trump wants to sell his Florida properties, it is clear why he is struggling to come up with the cash.
Donald Trump’s illusion of vast wealth was just another con.
e their move or pack up and end this investigation.
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