Oh, say it ain’t so. Donald Trump owes a $454 million Trump bond to the State of New York by next week. The only problem is: he can’t afford it.
Politics :
New York Attorney General Letitia James successfully won a $454 million court judgment against Donald Trump for years of fraudulent business practices in the state. The Trump bond is due on March 25th — and, he doesn’t have it.
According to The New York Times, Trump went to 30 different companies seeking assistance in paying the nearly half-a-billion-dollar Trump bond. Too bad for him, but he was turned down by all of them.
“Mr. Trump does not have enough liquidity to obtain the bond. To offer a bond of this size, the companies would require Mr. Trump to pledge more than $550 million in cash, stocks, and bonds as collateral — a sum he simply does not have,” The Times said.
Although Trump regularly boasts that he’s a billionaire, the reality is that he only has about $350 million in available cash. His actual net worth is derived mostly from the value of his real estate, which bond companies rarely accept as collateral.
Unless an appeals court steps in within the next 6 days to pause the judgment, Attorney General James will be empowered to seize Trump’s bank account, his jet, his multiple properties, and even his beloved Trump Tower on Manhattan’s luxurious 5th Avenue to satisfy the debt.
“If he does not post [the Trump bond] by Monday, he can still appeal, of course,” Bloomberg News legal reporter Erik Larson said during a recent appearance on CNN. “It’s just that this verdict will be enforced immediately on Monday.”
So, what happens if Trump can’t sell one of his buildings in time for the Monday deadline?
“Then Letitia James seizes his property, puts liens on all of his assets, bank accounts. And as Eric said, that is not restricted to New York. So, she probably at this point understands where he has different assets in Florida, Mar-a-Lago, and elsewhere,” CNN legal analyst Ryan Goodman said.
“It does mean that he would not be able to (enter any seized Trump properties). For that period of time, it really becomes unusable. And how does he get any additional business going when these are under foreclosure or are being seized by the courts?” Goodman added.
As expected, Donald Trump and his attorneys are crying foul and claiming that despite “diligent efforts” to come up with the cash, he faces “insurmountable difficulties” in meeting the civil fraud penalty in New York. His attorneys said the best they can come up with is $100 million.
However, Ms. Letitia James is apparently unmoved by his dilemma.
“We are prepared to make sure that the judgment is paid to New Yorkers,” James said. She then referenced one of Trump’s buildings in Manhattan. “And yes, I look at 40 Wall Street each and every day.”
OK WASSUP! discusses Politics:
The Donald Trump bond is due; he can’t afford it.
Can’t say I was surprised at all when I saw this (that he doesn’t have the money himself) on the news last evening.
But I was/am surprised that no one in his inner circle of family and donors has stepped forward to help him out so that this news could’ve been avoided!?! 😳
Will be interesting to see if he gets the money and from whom?