The Fake News is claiming that Donald Trump is “broke,” “failed to secure a bond,” “going to have assets seized,” “struggling to come up with cash,” and “spurned by 30 companies.”
The Truth: His legal team argued in a New York appellate court on Monday, emphasizing the impracticality of posting a bond to cover the entire $454 million civil fraud judgment while he pursues his appeal. Trump’s attorneys pointed to the rejection by over 30 bond underwriters, illustrating the difficulty in securing such a bond under the current circumstances.
New York is seeking $456.8 million with interest, and in total, he and co-defendants, including his company and top executives, owe $467.3 million. To obtain a bond, they would be required to post collateral worth $557 million, as Trump’s lawyers said.
A real estate broker enlisted by Trump to assist in obtaining a bond stated in an affidavit filed with the court that few bonding companies will consider issuing a bond of the required size. The remaining bonding companies will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents such as marketable securities.
A bond of this size is rarely, if ever, seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses, wrote the broker, Gary Giulietti.
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