Cashless Trump hits out in anger
NEW YORK: Donald Trump faces having his assets seized in a humiliating blow to his carefully cultivated image as a self-made successful tycoon, as his lawyers acknowledged that he doesn’t have the cash to appeal a massive $US464m ($707m) fine for fraudulently inflating his wealth.
Mr Trump intends to challenge the judgment imposed by a New York civil court in February that for years he and his company falsified valuations to gain favourable terms from lenders and insurers.
Although the original fine was for $US355m, it has since risen by about $US100m in interest.
But first he must put the money into an account managed by the appeals court or post a bond in the full amount, and 30 insurance underwriters have so far rejected his pleas for assistance, his lawyers have revealed in a new filing.
The leading bond providers all refused to accept real estate as collateral in the fraud case.
“We will fight and defeat this hoax,” Mr Trump said in a bitter statement, blasting the case as a “witch hunt” against him.
His cash crunch raises the possibility the state of New York could begin seizing the former president’s property as soon as next Monday unless the court agrees to a delay.
“Defendants have faced what have proven to be insurmountable difficulties in obtaining an appeal bond for the full $US464m,” Trump Organisation general counsel Alan Garten said in a legal filing.
That means Mr Trump must now post 120 per cent of the bond in cash and cash equivalents – totalling $US557.5m, including fees and interest.
A defiant Mr Trump raged against 2024 election rival Joe Biden and those prosecuting the case. “I built a Magnificent Business, which helped rebuild New York City and State, with Amazing, Unparalleled, Historic Properties and tons of CASH, which Crooked Joe Biden and his Maniac Persecutors are trying to wrongfully and illegally take from me,” the troubled businessman said.