Donald Trump and his son, Eric, are facing a significant legal battle as New York’s attorney general attempts to collect a $454 million civil business fraud judgment. Eric Trump has accused Attorney General Letitia James of trying to bankrupt his father with this judgment. The former president’s lawyers have stated that he is unable to pay for an appeal bond that would prevent the AG from collecting the judgment, as he seeks to overturn the fraud verdict. It is clear that the Trump family is feeling the pressure of this legal battle.
Trump, along with his two sons, was found liable for fraud at the Trump Organization by a trial in Manhattan Supreme Court. Attorney General Letitia James’s office was the plaintiff in this case. The court found that the defendants had fraudulently inflated the value of Trump’s assets to obtain more favorable loan terms. With Judge Arthur Engoron ordering $464 million in disgorgement and interest as damages, it is evident that the financial implications are significant for the Trump family.
Challenges Faced by Trump
Donald Trump is facing difficulties in obtaining an appeal bond to prevent the AG from collecting the judgment. His lawyers have mentioned that it has been “impossible” to secure such a bond due to the requirements set by surety companies. With companies demanding upwards of $1 billion in cash or equivalents as collateral, Trump’s options are limited. The refusal of companies to accept real estate as collateral further complicates the situation for the former president.
Potential Seizure of Properties
If the appeals court does not grant Trump a temporary waiver of the judgment, Attorney General Letitia James can begin the process of seizing Trump properties to satisfy the judgment on Monday. Without a court order blocking her from doing so, the AG has the authority to take action. It is essential for Trump to explore all legal avenues available to him, including seeking assistance from the state’s highest court, the Court of Appeals.
The legal battle facing Donald Trump is putting immense pressure on him and his family. With a substantial judgment to pay and challenges in obtaining an appeal bond, the former president’s financial situation is precarious. The outcome of this legal battle will have far-reaching implications for the Trump Organization and the family as a whole. It remains to be seen how Trump will navigate these challenging circumstances and whether he will be successful in overturning the fraud verdict.
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