Former United States President Donald Trump is in a pretty horrible situation that could cost him his golf courses.
Earlier this year, Donald Trump was hit with a $464 million judgment and must obtain a $175 million bond to cover the sum while he appeals the decision. But it doesn’t sound like that’s going too well for the former president.
Trump received a bond from Knight Speciality Insurance, but as former federal prosecutor Eric Lisann explains on social media, it’s extremely unlikely that this bond will be approved because Knight Speciality Insurance does not actually have enough liquid cash or collateral from Trump to provide assurance that they can actually cover the $175 million sum.
“Looks like there is a real possibility that this Don Hankey-owned Knight Specialty Insurance does not itself have liquidity, and did not get from Trump collateral, sufficient to provide legally cognizable assurance that it can pay $175 million on demand in the event of a judgement-affirming appeal. Thus NY AG James looks to be soon greenlit to executing on her $450 million judgement against Trump as if Trump posted no bond,” Lisann said in a post on X, the social media website that was formerly known as Twitter.
This would obviously be a problem because if Trump’s $175 million bond is not approved, New York Attorney General Letitia James can begin seizing Trump’s assets that were found to have had “fraudulent” and “misleading” values, which includes several of his prestigious golf courses. James has already taken the initial steps toward seizing Trump National Golf Course in Briarcliff Manor.
This is obviously horrible news for Trump, and it led to a lot of reactions on social media.
We’ll have to see what happens in this situation.
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