Trump can't pay $464 million bail

Donald Trump's lawyers have admitted the Republican lacks the cash to appeal a $464 million fine for defrauding his fortune. This leaves the former president facing asset confiscation, a humiliating blow to his carefully crafted image as a tycoon, AFP reported.
Trump intends to challenge the ruling imposed by a civil court in New York in February, which would impose an automatic stay of execution.
But first he must deposit the money into an account managed by the appeals court or post the full bond, and 30 insurers have rejected his requests for assistance, his lawyers said.
The cash crunch raises the possibility that New York state could begin seizing the former president's assets as early as March 25 unless the court, known as the First Department of the Appellate Division, agrees to a delay.
"Defendants faced difficulties that proved insurmountable to obtain an appeal bond for the full amount of $464 million," Trump Organization general counsel Alan Garton said in a court filing.
Last month, Judge Arthur Engoron ruled that Trump and his company illegally inflated their wealth and manipulated property values to obtain favorable bank loans or insurance terms.
The judge ordered Trump to pay $355 million plus interest, and his sons Eric and Don Jr. were ordered to hand over more than $4 million each.
Earlier this month, the Republican candidate was able to post a separate bond of $91.6 million as he appealed a conviction for sexual assault and defamation in a lawsuit filed by New York writer E. Jean Carroll.
But his lawyers said all major bond providers have internal rules that prevent them from accepting real estate as collateral in a fraud case, and many won't exceed limits of $100 million.
That leaves Trump with the only option to collateralize 120 percent of the bond in cash and cash equivalents totaling $557.5 million, including fees and interest.
In April 2023, Trump testified in his testimony in the same case that he had "well over $400 million in cash," but by then he had already developed a reputation for exaggerating his wealth.
He has asked the appeals court to delay the deadline for posting the bond until his appeal is heard, arguing that his property empire is worth far more than what he owes.
He also asked to be allowed to post a lower bond, but New York Attorney General Letitia James objected, arguing that he would "attempt to avoid enforcement or obstruct enforcement."
Even with bail, Trump will continue to pay huge interest during what could be a years-long appeal unless he deposits the entire fine into a court-managed account./BGNES