Donald Trump Unable to Secure Guarantee for $464 Million Fine – Last Minute World News
The legal battle continues for former US President Donald Trump and the Trump Organization as they face the consequences of a civil fraud case. It has been revealed that Trump is struggling to come up with the $464 million needed to pay the total penalty in order to prevent the seizure of his properties.
In a recent petition submitted to the New York Court of Appeals by Trump’s lawyers, it was stated that finding the financial guarantee required to pay the hefty penalty has proven to be nearly impossible. Despite Trump’s significant assets and stable financial situation, no insurance company has been willing to vouch for him due to the substantial amount of the penalty.
As the pressure mounts, Trump may have to resort to using his assets as collateral to cover the penalty. His lawyers have requested a reduction in the penalty amount to ease the burden, but it remains to be seen if the court will grant this request.
This latest development comes after Trump and some of his executives were found guilty of declaring excessive assets in order to secure better terms for bank loans and insurance transactions. The resulting fine of $364 million, which has now ballooned to $464 million with court costs and penalty interest, has put Trump in a difficult financial situation.
Despite the legal troubles, Trump continues to assert that the case is a “witch hunt” and a “political conspiracy.” However, the court’s ruling stands, with Trump facing a ban on serving as a senior official in his companies in New York for three years, along with similar restrictions for his sons.
As the legal battle rages on, all eyes are on Trump as he navigates the challenges of paying the substantial penalty and protecting his assets from seizure.
