New York:
Lawyers for former President Donald Trump said in new appeals court filings on Monday that he faced “insurmountable difficulties” in obtaining bail to cover a $464 million civil fraud case, ABC News reported .
Because of the size of the judgment, he had to use real estate as security.
In February, Judge Arthur Engoron found that Trump used false financial statements to conduct business for a decade, inflated his real estate holdings and inflated his wealth, and sentenced him to pay $464 million. illegal gains and interest.
Trump is also banned from operating any New York-based company for three years.
In addition, his sons Eric Trump and Donald Trump Jr. were each slapped with a $4 million fine and a two-year ban.
According to ABC News, Trump Organization general counsel Alan Garten said in a statement that “the defendants have proven to have faced insurmountable difficulties in obtaining a $464 million appeal bond. “.
Garten’s confirmation statement said that so far, none of the surety companies Trump has contacted are prepared to use real estate as collateral. That includes insurance giant Chubb, which is financing Trump’s $91.6 million bond to pay an $83 million judgment and interest in the E. Jean Carroll defamation case.
“This presents a significant obstacle for the defendant,” Garten wrote.
Trump’s lawyers called the ruling “excessive and unconstitutional” and asked the appeals court again on Monday to allow Trump to receive a smaller bond.
According to ABC News, defense attorneys Alina Haba and Clifford Robert wrote: “A ‘fire sale’ of real estate to obtain such cash will inevitably result in substantial and irreparable losses – Textbook irreparable harm.”
According to CNN, if Trump posts a bond that can be backed by property or other assets, it could prevent the attorney general from seizing his property.
Trump could also ask an appeals court to stay the verdict or ask them to demand the money from him later.
Some attorneys say it’s more common for companies to have to hand down judgments of that magnitude, but for individuals, the scale is somewhat uncharted territory.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
