Trump's Treasury Drained by Litigation Costs
Real estate tycoon and former President Donald Trump has failed to secure the appeal bond related to the asset inflation fraud ruling. To proceed with the appeal and prevent collection, he must post a bond or guarantee of $454 million (approximately 610 billion KRW) with the court, but Trump claims that raising the funds is practically impossible at this time.
Trump's legal team stated in court documents submitted on the 18th (local time) that "it is realistically impossible to raise the minimum $454 million appeal bond."
Trump's team explained that they contacted 30 surety companies through four brokerage firms but were unable to secure the full appeal bond amount. It was also reported that surety companies avoided accepting Trump's real estate as collateral. Trump stated that $1 billion in cash is needed to secure bonds and continue business operations, which he described as an unattainable level.
This follows the Manhattan District Court's ruling last month imposing a $355 million fine on Trump for inflating asset values to easily obtain bank loans. Including $99 million in pre-judgment interest, the total amount Trump must pay reaches $454 million.
Trump must post the bond with the court by the 25th to appeal. Accordingly, he has requested the court to suspend the execution of the fine or reduce the bond amount.
Previously, Trump also lost the defamation case filed by fashion columnist E. Jean Carroll and posted a $91.6 million bond with the court to proceed with the appeal.
Facing various judicial risks, Trump is expected to incur astronomical expenses solely on lawsuits. In addition to spending most of his political donations on legal fees, he recently appointed his daughter-in-law, Lara Trump, to the position of co-chair of the Republican National Committee (RNC), which controls the Republican Party's funding.
Meanwhile, as judicial risks continue to hamper Trump, a poll showed that his conviction could significantly influence the swing voters who will decide the outcome of the November presidential election. According to a survey conducted by the U.S. political media outlet Politico from the 8th to the 10th, involving 1,024 adults, 36% of swing voters said they would not support Trump if he is found guilty of hush money allegations related to a sexual misconduct scandal. Trump is accused of paying hush money to adult film actress Stormy Daniels before the 2016 election to conceal their past sexual relationship and falsifying company records related to the payments.
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