Donald Trump’s lawyers say that he has been unable to find $464m to pay in New York fraud case
Donald Trump has been unable to find a private company that will guarantee the $464 million he had to pay for New York public fraud, his lawyers say.
For the former president to continue his objection, he must pay the entire amount in cash or obtain a guarantee.
Mr Trump said it was “impossible” to get a contract of this size.
He faces the possibility of some of his goods being stolen if he does not pay back.
After paying a fee, the warranty company will file the entire warranty with the New York Court. Dear Sir, they will have to pay the price for this. Trump lost the appeal and failed himself.
Mr Trump said in a statement that the deposit he was asked to pay was “unaffordable for any company, even one as successful as mine.”
“The company has never heard of a contract of this size before,” he said. Lawyers said they applied to 30 unsuccessful companies.
Mr. Trump’s two oldest sons must also pay millions of dollars in this case.
In addition to ordering Trump to pay the fine, New York judge Arthur Engoron also banned Trump from doing business in the state after finding that the former president defrauded his assets to get a better loan.
The judge suspended Bay from duty last month. Trump lifted the trade ban but rejected a request to declare a small amount ($100 million) in the deal. , pay the fine.
In the latest document, the president’s lawyer included an affidavit from the president of a private insurance company that said “Contracts of just this size are rare.” The lawyers also said: “It is unfortunate that a contract of this size was announced, which was awarded not to individuals or private businesses, but to the largest public company in the world.”
Mr. Trump’s situation was not seen as a legal departure from his predecessor. Federal Prosecutor Diana Florence said it was difficult to predict the next step, adding that fines of this size are usually reserved for large companies. When she appealed the decision, her legal team tried to bridge the gap, but now she would “lose the rope,” she said. “He faces the real possibility that the lawyer will start recovering [his assets], and that depends on whether the court gives him more time,” Ms Florence said. Florence said.
The New York Attorney General promised to seize Trump’s assets if he does not pay for the fraud. He will be fined at least $112,000 a day until he pays the fine. Mr. Trump’s lawyers said lenders would not accept “hard assets such as real estate as collateral” and would only accept “equal funds” such as cash or investments that can be made quickly. According to Forbes, Mr. Trump’s fortune is $2.6 billion. Last year it proved to have $400 million in liquid assets.
The $464 million deal is not its only value. He was ordered to pay $83 million after losing a defamation lawsuit against E Jean Carroll, who allegedly assaulted him in January. He was released on bail in the case. On Monday, Mr. Trump was convicted for the second time in one of the four criminal cases he faced. A New York judge rejected the former president’s bid to block the testimony of two key witnesses in the case in which he is accused of falsifying business documents to conceal inadequate funds.
Judge Juan Merchan said that Trump’s former lawyer Michael Cohen and elderly movie star Stormy Daniels could testify at the trial, which could start in early April.
Trump’s lawyers wrote in a court filing that Trump’s team “engaged in hours of discussions with one of the world’s largest insurance companies.”
But they decided that “our company will consider the contract somewhere close to the amount.”
