Trump says he may have to sell assets to cover $609m fraud judgment
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Thirty surety companies have rejected Donald Trump's efforts to secure a bond.
PHOTO: REUTERS
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NEW YORK – Donald Trump said on social media on March 19 that he may be forced to mortgage or sell parts of his real estate business holdings at “fire-sale prices” to secure a bond to cover a US$454 million (S$609 million) civil fraud judgment in New York.
The posts by the Republican challenger to Democratic President Joe Biden came a day after his lawyers told the court that 30 surety companies had rejected his efforts
“Nobody has ever heard of anything like this before,” the former US president said, in a series of posts on his Truth Social platform.
“I would be forced to mortgage or sell great assets, perhaps at fire sale prices.”
Trump, who was found liable in February for inflating his property values
Trump’s campaign fund-raising has been falling behind Mr Biden’s in recent months, and he continues having to balance raising money for both his campaign and his legal expenses, which are likely to rise as he faces four upcoming criminal trials.
Trump has denied wrongdoing in all the criminal and civil cases he faces. He has repeatedly described the New York civil case as a political vendetta by Democratic New York state Attorney-General Letitia James.
Trump’s lawyers and Ms James’ office did not immediately respond to requests for comment.
In a court filing on March 18, Trump’s lawyers urged a mid-level state appeals court to delay enforcement of the judgment, arguing that the amount was excessive. It was unclear when the court, known as the Appellate Division, would rule.
The lawyers asked that Trump instead be allowed to post a US$100 million bond while he appeals the judgment, handed down by Justice Arthur Engoron in Manhattan.
Before a three-month, non-jury trial began in October 2023, Justice Engoron found Trump had engaged in fraud by overvaluing properties, including his Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses.
The trial mostly concerned how much Trump should pay in penalties. In addition to the monetary fines, Justice Engoron barred Trump from running a business in New York or seeking a loan from a bank chartered in the state for three years.
Trump earlier in March posted a US$91.6 million bond to cover an US$83.3 million defamation verdict for the writer E. Jean Carroll
He has also pleaded not guilty in four criminal cases stemming from his efforts to overturn his 2020 election loss to Mr Biden, his handling of classified documents hush money paid
