Donald Trump takes on defunding

Trump's woes are swelling all the time.

In addition to legal concerns, Donald Trump has also been plagued by money problems. AOP

In the US, Donald Trump has faced “insurmountable difficulties” in trying to find an insurance company to guarantee the $454 million fine he owes.

Trump, who has been battling multiple legal issues, has a week to find ways to pay the fine or face forfeiture of his assets. This means he will lose his Trump Tower skyscraper, among other things.

A court found Trump guilty of fraud last fall, and in February ordered him to pay a $355 million fine with interest, bringing the fine to nearly half a billion dollars. At the same time, the judge also ordered that Trump not work officially in any company in New York for three years.

According to Trump's lawyers, their client has contacted a total of 30 insurance companies to guarantee payment of the fine pending the appeals court's decision.

However, all insurance companies have rejected Trump.

– The amount of the judgment with interest reaches 464 million dollars (ed. Note. This amount includes the fines received by Trump's sons) and Trump's lawyers say that very few insurance companies even consider guarantees of this amount.

According to the New York Times, if Trump loses in an appeals court and is unable to pay himself, insurance companies will effectively agree to pay Trump's fines.

Trump's problem is that the companies are demanding more than $550 million worth of collateral, including cash and stock, and Trump doesn't have those amounts.

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Because of this, according to Trump's lawyers, getting bail for the full fine is “practically impossible.”

Trump could pay the fine out of his own pocket, but according to many estimates, his own money is not enough for this. While Trump touts his “billions,” the NYT notes that the value of his real estate makes up the majority of his net worth.

On the other hand, insurance companies generally do not accept real estate as collateral.

Attorney General of New York Letitia James Trump has announced that he will begin seizing Trump's assets if he cannot pay the fine in full or get an insurance company to guarantee the fine by March 25.

Trump introduced golden sneakers. CNN

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