'She needs to take Mar-a-Lago': Internet divided as AG Letitia James’ Office doubts that Donald Trump is incapable of posting $454M bond

MANHATTAN, NEW YORK: The New York Attorney General’s Office has expressed skepticism regarding Donald Trump's alleged inability to furnish a $454 million bond in his civil fraud case.

Attorney General Letitia James’s Office argued on Wednesday that the former President could have pledged his real estate properties to the courts, according to the New York Post.

This filing follows Trump's legal team's assertion on Monday that the 77-year-old presumptive Republican nominee was encountering "insurmountable difficulties" in securing a lender to support the full amount he owes.

Trump is attempting to appeal the significant judgment against him. However, the deadline for his payment looms, scheduled for next week on Monday, March 25th.

What did officials from either side of the New York civil fraud trial make of this?

Dennis Fan, a lawyer with the Attorney General’s Office, contended that if Donald Trump and the other defendants "were genuinely unable" to obtain the bond, "they should have, at the very least, consented to have their real estate interests held by the courts to satisfy the judgment."

Fan further asserted that Trump "should have otherwise pledged security in real estate holdings with sufficient value to ensure payment of the entire judgment."

Former President Donald Trump is attempting to challenge Manhattan Supreme Court Judge Arthur Engoron's ruling, which penalized him with a massive judgment for a decade-long fraudulent scheme.

The scheme involved inflating Trump’s net worth by billions every year to gain an advantage in loan and insurance terms. However, to proceed with the appeal, Trump must either pay the entire amount or obtain a bond for it.

Trump's legal team announced on Monday that they had approached about 30 insurance companies to secure the hefty bond.

Unfortunately, none of the firms accepted his properties as collateral, and he was unwilling to sell his valuable real estate holdings at “fire sale” prices.

According to Fan, there was a possibility for Trump to split the amount he owes into several bonds, each backed by multiple parties “limiting any individual surety’s risk to a smaller sum.”

Fan also emphasized the fact that Trump used real estate as collateral to secure a bond for the $83 million he owes to writer E Jean Carroll in her defamation case.

“The use of real estate as collateral for an appeal bond is hardly impossible as a general matter,” Fan noted.

Fan criticized the former President of the United States for not providing evidence of his unsuccessful efforts to secure backing from someone.

According to Fan, surety firms might have been reluctant to accept Mr Trump's properties as collateral because utilizing his real estate would typically require a property appraisal, and his holdings are not as valuable as the defendants assert.

Throughout the trial proceedings, there were ongoing debates regarding the valuation of several of the former president's notable assets, such as Mar-a-Lago and his Trump Tower triplex.

The value of the Florida golf course was a particular point of contention, with Trump claiming it was worth $517 million, while a local appraiser estimated its value to be much lower at $27 million.

In a statement on Wednesday, Trump's lawyer Chris Kise remarked, "The Attorney General’s latest filing demonstrates her continued willingness to misrepresent the facts and misconstrue applicable law in her political crusade against President Trump."

Internet divided as Donald Trump admits he's unable to post the $464M bond before deadline day

People on X shared their immediate reactions upon learning that the former President was spurned by 30 insurance companies in his bid to post the massive $464M bond ahead of the due date.

One X user remarked, "He’s trying to scam his followers into donating money to his go fund me." [sic]

Another user said, "Oh, now she thinks he has the cash... Maybe she should listen to the mob #TrumpIsBrokeAF. Remember." 

Another user wrote, "She needs to take Mar a largo, that will really hurt him." [sic]

One user claimed, "The problem is if you sign off on the bond you’re liable for the judgement when trump defaults which you know he will." [sic]

Another X user explained, "People think millionaires and billionaires have all that money in their bank account ready to spend. Nope. It's mainly based on their assets."

One more user tweeted, "the reversal and counter suit will be in the billions if they seize property." [sic]

 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.