Trump Doesn’t Have Enough Cash to Pay $454 Million Lawsuit
Trump may be forced to sell his assets to pay massive lawsuit damages after the suit did not go in his favor.
Donald Trump cannot pay the $454 million ordered by a lawsuit verdict, according to him, because the payment must be made in cash.
Trump says he does not have enough cash on hand, and he was unable to put up his real estate for collateral. He contacted several major insurance companies to secure an appeal bond so that the verdict amount could be covered, but they turned him down.
His next move is to hold a fire sale, getting rid of many of his properties so that he can pay the required amount. That will only be necessary, though, if he cannot get the bond waived when attempting to challenge the verdict. Trump made these statements on Monday after the verdict, and he must pay by March 25th, unless he can secure a postponement.
The verdict came down weeks ago, and Trump’s lawyers have been working furiously trying to secure a bond, but to no avail. The filing indicates that Trump is not as loaded with cash as many would suspect, especially since he will need to pay more than $540 million in penalties as a result of two civil trial losses for the year already.
Trump’s Busy Year
At the same time, Trump is trying to gain back the presidential office in an election year that already has seen the deck stacked against him. Numerous states have worked to get Trump’s name taken off their ballots, but Trump has made some headway there and enjoyed the help for the Supreme Court, which says his name cannot be stricken from the ballots.
In all of the criminal prosecutions Trump has dealt with recently, he denies any wrongdoing. He says his successful business is under attack.
An appeal could come at any time, if the appeals court decides to honor his request to challenge the lawsuit. One attorney alleged that Trump inflated asset values for years. If her account is believed, Trump may have an uphill battle proving that he could secure the necessary funds for the lawsuit payments by selling his properties.
Trump recently made statements about cryptocurrency, saying he had accepted payment in Bitcoin in the past and has no intention of regulating cryptocurrency markets any further than they have already been.
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