Donald Trump fears he could lose his most prized assets "forever" if he has to come up with the money for a bond as he tries to appeal a $454 million civil fraud judgment against him.
Trump said on Thursday that he could lose his real estate empire for good if he's forced to mortgage or sell it because of a judge's order. On Truth Social, Trump called the judge, Arthur Engoron, "a true Trump Hater" who was forcing him to obtain a bond that "is not possible" given that underwriters are seeking cash and not property, where most of his wealth is.
"If I sold assets, and then won the Appeal, the assets would be forever gone," Trump wrote. "Also, putting up money before an Appeal is VERY EXPENSIVE. When I win the Appeal, all of that money is gone, and I would have done nothing wrong. The Crooked Judge, who has already been overturned 4 times on this case (a record!), fully understands this. He gave us a demand which he knows is impossible to do. "
A Monday court filing revealed that despite approaching 30 underwriters to back the bond, Trump could not find an insurance company to do so. Although he does not need to put up the $454 million to appeal Engoron's order from last month, failure to do so means New York Attorney General Letitia James could begin seizing Trump assets even as the appeals process plays out. Her civil fraud case accused him of deceiving banks and insurers by inflating his wealth on financial statements when trying to get loans and make deals.
On Monday, attorneys for the former president estimated that his properties are worth more than the $454 million that he is being asked to come up with for the bond. They argued that instead of having to sell off those properties so he can find an underwriter, the New York appeals court should delay the posting of the bond until Trump's appeal of Engoron's judgment order is settled.
Trump blasted Engoron on Thursday, accusing him of picking "a number out of THIN AIR" and calling it "CRAZY" that he was being asked to put up the money before he could even fight the judgment.
"This Witch Hunt, between a bad Judge and a Corrupt & Racist Attorney General, is horrible for New York," he said.
Richard Epstein, a New York University law professor who specializes in property rights, previously told Newsweek that he agreed with Trump that the judgment is an "excessive" fine that didn't follow any specific guidelines.
"It is a horrific situation where an utterly bogus judgment can insulate itself from appeal by imposing excessive damages," Epstein said. "[Engoron] had no methodology and could have said a billion dollars."
There have been reports that Trump, with little option for recourse, may ultimately allow James to begin seizing his properties in New York as he fights Engoron's judgment. If the state takes over his properties, Trump could likely recover his assets on appeal, should he win.
"If he doesn't post the bond, and she collects the money, and he eventually wins the appeal, he gets the money back plus 9% interest," Mitchell Epner, a longtime New York litigator who focuses on commercial and white-collar matters, told USA Today.
Trump has until Monday to come up with the $454 million or get a bond.
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