Former President Trump on Tuesday said he would take extreme measures, including selling some of his properties at cheap “fire sale” prices, in order to pay his $464 million bail next week in a New York civil fraud case. I insisted that I have to take it.
President Trump objected to having to post bail on Truth Social posts and slammed New York Judge Arthur Engoron, who ruled against him in the fraud case.
“Judge Engoron is actually asking me to pay him hundreds of millions of dollars for the right to appeal his ridiculous ruling. In other words, he’s trying to strip me of that right to appeal,” Trump said. he wrote in a post on his Truth Social platform Tuesday morning. “No one has ever heard of anything like this before.”
“I would be forced to foreclose on great assets or perhaps sell them at a fire sale price, and if I win the appeal, they would be let go. Does that make sense? Witch hunt. Election interference!” Trump added.
President Trump’s warning came a day after his lawyers informed the court that the former president was unable to secure the full amount of his $464 million bond due next week.
They cited the difficulty of finding Treasury-approved surety companies willing to underwrite such high-quality bonds. He pointed out that many of the approved companies have internal policies prohibiting them from issuing bonds exceeding $100 million.
Trump’s lawyers also said part of the problem is that the former president cannot pledge real estate as part of the bond.
“While I understand that the Trump Organization is in a strong liquidity position, it does not hold $1 billion in cash or cash equivalents,” the lawyers wrote, adding, “As a result, Trump For a company like The Organization, it is virtually impossible to obtain a $464 million bond because the company invests most of its assets in real estate.
Trump is appealing the decision, but will have to post bond in order for his appeal to proceed.
Mr. Engoron last month ordered Mr. Trump to pay about $355 million in fines in a civil fraud case that devastated Mr. Trump’s family’s New York business empire. President Trump is currently appealing the ruling, but his interest in the total amount will continue to grow until that process progresses.
President Trump slammed the ruling in a series of posts on Monday and Tuesday, calling it unconstitutional and un-American.
“The scale of bond set by Democratic club-controlled judges in the illegal witch hunt of corrupt racist Letitia James is unconstitutional, un-American, and unprecedented. and is virtually impossible for any company, including a successful company like mine.” Trump I wrote it in the post early Monday morning.
“Bonding companies have never heard of bonds of this size and do not have the capacity to issue such bonds,” he added.
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