Which tells me he doesn’t have that much collateral value.Looks like Chubb won’t secure the $464M NYAG bond. Bummer. https://t.co/UgPdxNB3JP
— Mueller, She Wrote (@MuellerSheWrote) March 18, 2024
He’s supposed to be a billionaire, right? This is half a billion dollars. By definition, he should be able to front that much, right? Or is “billionaire” just an empty term that only means “don’t look behind the facades.” Like a Hollywood set, it’s all just propped up?
Sounds to me like he’s not going to have any money by November.
Next stop: bankruptcy court.
In a new filing with the appellate court, Trump's team said that it has become a "practical impossibility" for Trump to post the bond needed to appeal the decision. In addition, Trump's team is asserting that there are no bond companies that are willing to take real estate as collateral for a judgment of this magnitude.Not surprising. A) how much real estate does Trump have that isn’t already encumbered by liens/mortgages? B) real estate foreclosures go at fire sale prices. Mortgage holders look to cut their losses. Lienholders for bonds want their money back. Foreclosing on real property is a sure way to get just some of it back. With half a billion on the line, close enough is not good enough. This isn’t a loan where some of the value is in the interest payments.
Bankruptcy is the only way to stop this now.
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