Former President Donald Trump remains defiant in the face of a New York court’s ruling against him in a $454 million civil fraud judgment. He is currently fighting to protect his assets from a potential seizure by New York Attorney General Letitia James, one of several Democratic officials weaponizing the justice system against Trump to influence the outcome of the upcoming presidential election.
In a post on Truth Social, the former president railed against Judge Arthur F. Engoron, who presided over the proceedings, and the “CORRUPT A.G.” Letitia James. Trump indicated that he already has the amount for the settlement in cash, but would rather use it on his presidential campaign.
THROUGH HARD WORK, TALENT, AND LUCK, I CURRENTLY HAVE ALMOST FIVE HUNDRED MILLION DOLLARS IN CASH, A SUBSTANTIAL AMOUNT OF WHICH I INTENDED TO USE IN MY CAMPAIGN FOR PRESIDENT. THE OFTEN OVERTURNED POLITICAL HACK JUDGE ON THE RIGGED AND CORRUPT A.G. CASE, WHERE I HAVE DONE NOTHING WRONG, KNEW THIS, WANTED TO TAKE IT AWAY FROM ME, AND THAT’S WHERE AND WHY HE CAME UP WITH THE SHOCKING NUMBER WHICH, COUPLED WITH HIS CRAZY INTEREST DEMAND, IS APPROXIMATELY $454,000,000. I DID NOTHING WRONG EXCEPT WIN AN ELECTION IN 2016 THAT I WASN’T EXPECTED TO WIN, DID EVEN BETTER IN 2020, AND NOW LEAD, BY A LOT, IN 2024.THIS IS COMMUNISM IN AMERICA!
The judge found Trump guilty of inflating the value of his assets to secure favorable loan and insurance terms. He ordered him to forfeit profits from certain real estate deals and benefits of the lower interest rates he obtained through his supposed deception. However, Trump has vowed to contest the verdict even if it means going to the Supreme Court.
Trump’s comments come after a back-and-forth between his legal team and the authorities. The former president faces the daunting task of obtaining a bond to stop James’ efforts to seize his property. His lawyers indicated on Monday that he would not be able to secure the funds ahead of the deadline due to the exorbitant judgment issued by what appears to be a highly partisan judge.
Unfortunately, according to his legal team, the former president is unable to secure the requisite bond, given the amount involved and the fact that potential underwriters want cash to back the bond, rather than properties.
Former President Donald Trump can’t find an insurance company to underwrite his bond to cover the massive judgment against him in the New York attorney general’s civil fraud case, his lawyers told a New York appeals court.
Trump’s attorneys said he has approached 30 underwriters to back the bond, which is due by the end of this month.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote. (Trump himself was fined $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)
However, there could be good news for the former president as he battles against politically motivated efforts to ensure that he does not defeat President Joe Biden in November. Legal scholar Jonathan Turley suggested during an interview that NY Attorney General James’ efforts to seize Trump’s property might not be as successful as Democrats hope.
Turley told Fox Business host Larry Kudlow,
These properties are partnerships, they have leveraged debt. All of that has to be unraveled….So these aren’t just this, you know, one to one Trump versus James type of equation. So in order to seize that property, she’s going to be pulled into court, there’s going to be challenges. It’s not going to happen overnight. Everyone is celebrating this idea that she’s going to padlock Trump Tower. It’s not likely to happen, and it’s certainly not likely to remain very long.
“The other thing is that she could be harming the value of the property that she’s trying to seize with some of these actions,” Turley continued. “I don’t think that matters to her, but it might matter to a court.”
Nevertheless, Trump’s issues with New York are possibly set to have a tremendous impact on the political landscape as the former president navigates each of his legal challenges.
