Carefully built image Donald Trump as a "self-made" tycoon suffered a humiliating blow when his lawyers admitted that the former president did not have enough cash to appeal a $464 million fine for financial fraud, reports “Voice of America”.
Trump, who is the Republican candidate in the November presidential elections in the United States, intends to appeal the ruling of the civil court in New York, which would automatically stop the implementation of the court decision.
But he must first deposit the money into an appeals court account or post a bond for the full amount, and 30 insurance companies have refused his requests to help him, lawyers said in a new court filing.
Possible seizure of property
Trump's problems raising cash open the possibility that the state of New York will begin seizing the former president's assets as early as next Monday if the court does not agree to delay the execution of the judgment.
"The defendants faced insurmountable difficulties in obtaining a bank guarantee for the full amount of $464 million in order to file their complaint," Trump Organization attorney Alan Garten said in a court filing.
Judge Arthur Engoron ruled last month that Trump and his company illegally exaggerated the value of their wealth and manipulated property values to obtain favorable loans from banks and favorable terms from insurance companies.
Exaggeration of wealth
The only option for Trump is to pay the bond for the requested amount in cash, or cash equivalent. In April 2023, when testifying in the same case, Trump said he had "well over $400 million in cash," but by then he had already developed a reputation for exaggerating his wealth.
Trump asked the appeals court to delay the deadline for posting the bond until his appeal is heard, stating that the value of his real estate empire is far greater than the amount he owes.
He also asked for a lower bond, but New York Attorney General Lettisha James objected, saying Trump would "try to avoid enforcement of the court's order, or make it more difficult."
Even with the bond provided, Trump would have to pay hefty interest payments during the appeals process, which could take years, unless he deposits the full amount of the fine into a court account.
