30 Companies Head-Shaking, Trump Faces Asset Seizure Risk
The legal team of former President Trump has revealed that 30 companies may potentially have their assets seized. This development signifies an increased risk for Trump in losing his assets.
According to the ruling by Judge Arthur Engoron on February 16, Trump is required to pay the specified amount from his own pocket or by using bonds. Failure to do so could result in the government seizing his assets during the appeal process.
Judge Engoron stated that Trump had inflated the value of his assets to deceive lenders and insurance companies.
Trump, along with his two adult children and other executives of the Trump Organization, has approached 30 companies through four separate brokers, but to no avail.
If Trump loses the lawsuit and is unable to make payments, Reuters reports that the company bonds will be difficult to repay.
This legal case, initiated by New York Attorney General Letitia James in September 2022, is one of the legal challenges that Trump must face as he prepares for a “rematch” with current President Joe Biden in the upcoming November election.
Cựu Tổng thống Donald Trump trong một chiến dịch vận động tranh cử ở bang Virginia hôm 2-3. Ảnh: Reuters
Trump has denied any wrongdoing and has stated that he will appeal the verdict that threatens his family’s real estate empire.
Trump is required to make the payment in cash or bonds within 30 days from the date Judge Engoron officially issued the order on February 23. Failure to do so may result in the government seizing a portion of the Trump Organization’s shares. The 30-day deadline ends on March 25.
In a court filing on March 18, Trump’s legal team requested a stay of execution of the ruling from the New York intermediate appellate court, arguing that $454 million is currently an “impossible” amount.
Instead, they are requesting permission for Trump to submit $100 million in bonds during the appeal process.
It is currently unclear when the intermediate appellate court, known as the Appellate Division, will render its decision.
Cựu Tổng thống Donald Trump đang đối diện nguy cơ bị tịch thu tài sản gia tăng. Ảnh: Reuters
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