Trump, 77, denies wrongdoing and vows to appeal the verdict
Former US President Donald Trump faces a precarious situation as he struggles to post $454 million bail in a civil fraud case. Trump’s lawyers have told a New York appeals court that the former US president has been unable to find an insurance company to cover his bond to pay a huge judgment against him in the New York Attorney General’s civil fraud case.
Trump’s lawyers said he has approached 30 underwriters to support the bond, which is due to mature at the end of this month. CNN the report said.
“The judgment plus interest exceeds $464 million, and few surety companies would consider bonds approaching that amount,” Trump’s lawyers wrote. (Mr. Trump himself was ordered to pay $454 million; the $464 million The dollars include ill-gotten gains from his adult sons, Don Jr. and Eric.)
Insurance broker Gary Giulietti, who testified on Trump’s behalf during the civil fraud trial, signed an affidavit claiming that obtaining the full bond was “practically impossible.”
Potential underwriters are asking for cash rather than property to back the bonds, according to Trump’s legal team.
Trump’s lawyers asked the appeals court to delay the bond until his appeal of the case is completed, arguing that the value of Trump’s properties far exceeds the judgment, CNN reported. If the appeals court rules against him, Trump will ask the court to delay the bond until his appeal to the New York Supreme Court is heard.
Trump must post bond as part of his appeal process against the civil court ruling. The bond ensures he will have the necessary funds to pay the fine if his appeal fails. This is standard legal procedure to prevent an appellant from evading financial penalties.
What happens if Trump is unable to post the $454 million bond?
If Donald Trump fails to post the required $454 million bail by the deadline, New York Attorney General Letitia James will have the power to begin seizing Mr. Trump’s property and other assets to secure the bond. Judgment amount.
According to Reuters, if Trump loses his appeal and is proven unable to pay, the surety company will face difficulty in making any payments.
Trump said on Monday he didn’t think it was “practically possible” for him to post the bond.
In a post on Truth Social, he claimed the size of the bond was “unconstitutional, un-American, unprecedented, and virtually impossible for any company, including one as successful as mine.” The bond company has since Never heard of a bond like this before, of this size, and they wouldn’t have been able to provide such a margin even if they wanted to.”
Trump, 77, has denied wrongdoing and vowed to appeal the verdict, which threatens his family’s real estate empire.
He must post the cash or bond within 30 days of Ngoren’s formal order on February 23, or risk the state seizing some of the Trump Organization’s assets to ensure James can recover the funds. Thirty days ends on March 25th.
Trump posted $91.6 million in bail this month to pay off an $83.3 million defamation verdict against author E. Jean Carroll as she appeals an allegation she filed decades ago. Trump called her a liar after he raped her. He denies wrongdoing.
He has also pleaded not guilty in four criminal cases related to his efforts to overturn his 2020 loss to Biden, his handling of government documents after leaving office in 2021, and paying a pornographer before his 2016 election victory. Hush money paid by celebrities. Have sexual contact with him.
