The lawyers of former president Donald Trump have sparked major reactions on social media after sharing some information about his financial standing earlier this week.
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Here’s What Donald Trump’s Lawyers Revealed
According to ABC News, a new appellate court filing made by Trump’s attorneys on Monday, March 18, alleges the former president is facing “insurmountable difficulties” in finding an insurance company to underwrite his bond in a judgment for a civil fraud case.
The outlet reports that Trump needs at least $464 million underwritten by an insurance company. CNN adds that with “fees and interest… Trump would need to come up with more than $550 million.”
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Trump’s attorneys allege that the 77-year-old is “financially stable” and holds “substantial assets.” However, “the magnitude of the judgment” may require him to “use his real estate as collateral for the bond.”
But so far, insurance companies seem disinterested in accepting real estate as collateral from Trump.
“For Defendants, this presents a major obstacle,” Trump Organization general counsel Alan Garten alleges, per ABC News.
According to CNN, Trump has approached 30 underwriters. However, so far, he’s had no luck.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s attorneys allege, per CNN.
ABC News reports that Trump’s attorneys are asking the appellate court to allow him “to secure a bond in a lesser amount.”
“Obtaining such cash through a ‘fire sale’ of real estate holdings would inevitably result in massive, irrecoverable losses — textbook irreparable injury,” the former president’s attorneys reportedly asserted.
CNN adds that Trump’s bond is due by the end of the month. However, his appeal is asking for the court to “delay” his posting of the bond “until his appeal of the case is over.”
ABC News adds that Trump will continue to accrue interest in the judgment as the decision on his appeal looms. Therefore, it has been recommended that he deposit the full judgment amount into an escrow account as he awaits the decision.
#TrumpIsBroke Trends As Social Media Reacts
The statements from Trump’s lawyers prompted widespread reaction from social media users. Some were quick to pull receipts of Trump seemingly flaunting his wealth.
Keep scrolling to see humorous reactions from users on X, formerly known as Twitter.
"I have a lot of cash a lot of everything".#TrumpIsBroke
pic.twitter.com/4Q9vVQf1gq— Scott 🇺🇸🌊💙 (@smaloney924) March 19, 2024
If insurance companies thought Trump actually has the assets to pay off the bond, they would have underwritten the bond. These facts speak for themselves.#TrumpIsBroke https://t.co/9PQndEDXFe
— Ted Lieu (@tedlieu) March 18, 2024
OK, who did this?#TrumpIsBroke pic.twitter.com/ZcHgzfphGk
— Bob Geiger (@GeigerNews) March 18, 2024
I love this town. #NYC #TrumpIsBroke pic.twitter.com/dQBId3sUYV
— Dan Kim, new cat dad (@danielmkim) March 18, 2024
Welp, now we know, #TrumpIsBroke 😌😂😂😂😂 pic.twitter.com/VJ4marXiHG
— Eugene (@Democracy1stE) March 18, 2024
Swipe below to see more of Trump’s statements and additional social media reactions chronicled by The Shade Room.
More Details Regarding The Civil Fraud Cause
According to ABC News, in February, the $464 million judgment was made against Trump by New York City Judge Arthur Engoron. At the time, it was discovered that Trump had done “a decade’s worth of business with fraudulent financial statements.”
The statements reportedly “overvalued his real estate holdings and hyped his wealth.”
As a result, the 77-year-old was barred from “leading any New York company” for three years. Meanwhile, his sons, Donald Trump Jr. and Eric Trump, were fined $4 million.
Additionally, the pair were barred from leading a New York company for two years.
“The scale and scope of Donald Trump’s fraud is staggering — and so, too, is his ego and his belief that the rules don’t apply to him,” New York Attorney General Letitia James stated after the ruling, per ABC News.
According to the outlet, Trump has denied any wrongdoing.
