His bank account and part of his property may be seized if he fails to submit a bond of around $450 million to the court by next Monday. As a result, Trump is desperately trying to collect that huge sum of money. A New York court has ruled that Donald Trump, his children and his organization have been found guilty of perjury. They have defrauded multiple banks and insurance companies by concealing the true value of assets over the years. Trump is fighting against the
Trump's lawyers contacted about 30 insurance and bond companies but were unable to collect the required bond amount. They are not prepared to take that risk by mortgaging Trump's property. Former federal counsel Andrew Weissman claimed to the news agency AFP that it is not possible because Trump has already mortgaged some properties to get a loan. Several US experts believe Trump could face humiliation and severe financial losses if he fails to raise the required bonds by Monday. Only if another court or the New York attorney general intervenes can he get some extra time to post the bond.
Trump himself has accused the court of political conspiracy. He feared that he would eventually be forced to mortgage or sell the property at a low price. Even if the judgment is appealed and won, the property will be forfeited by then.
Last month, Trump filed a $100 million bond and unsuccessfully appealed to get bail. Even though there are 91 other cases against Donald Trump, he is not ready to give up. He continues to try to garner sympathy from his supporters to make political gains out of his crisis.
Trump claimed that so many cases are being filed to obstruct his victory in the upcoming elections. He is also criticizing US President Joe Biden.
Trump is unable to take advantage of the control of the Republican Party. Trump is trying to negotiate a fundraising agreement with the party's national committee to fund the campaign and raise the costs of the lawsuit through a political committee.
But there are doubts about how Republican donors will take the initiative to break with tradition and fund a candidate's legal expenses. Trump lags behind Biden in campaign contributions.
