Donald Trump's company has been convicted of tax fraud for a scheme by top executives to avoid paying personal income taxes on perks such as apartments and luxury cars.
Trump Can’t Obtain Appeal Bond , in New York Fraud Case.
According to a New York court filing
on March 18, Trump isn't able to secure a
$454 million bond as he appeals a civil business
fraud judgement against him, CNBC reports. .
Trump's attorneys said that getting the bond is "impossible" since it would "effectively" require "cash reserves approaching $1 billion.".
Defendants’ ongoing diligent
efforts have proven that a bond
in the judgment’s full amount
is ‘a practical impossibility.’, Donald Trump's lawyers, via CNBC.
Gary Giulietti, president of the
Northeast division of the Lockton Companies, was hired to help Trump obtain a bond.
Despite scouring the market, we have
been unsuccessful in our effort ... for the
simple reason that obtaining an appeal bond
for $464 million is a practical impossibility
under the circumstances presented, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Simply put, a bond of this
size is rarely, if ever, seen, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
In the unusual circumstance that a bond of
this size is issued, it is provided to the largest
public companies in the world, not to
individuals or privately held businesses, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Giulietti went on to say that a private company would need about $1 billion to put up as collateral to receive a bond of that size. .
While it is my understanding that
the Trump Organization is in a strong
liquidity position, it does not have
$1 billion in cash or cash equivalents, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll. .
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll.
Credit: Wibbitz Top Stories Duration: 01:31Published
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