Connect with us

Hi, what are you looking for?

News

Trump’s Attempt to Post $464 Million Bond Hits Major Roadblocks, Lawyers Say

Former President Trump has not been able to secure a $464 million appeal bond he needs following a New York civil fraud judgment against him, his attorneys say.

In a court filing Monday, his lawyers said obtaining one is a “practical impossibility under the circumstances presented.”

In late February, a New York Appeals Court judge denied Trump’s request to delay payment of the $464 million owed as a result of Attorney General Letitia James’ lawsuit, but said he will temporarily allow the 2024 front-runner and his sons to continue running their business during the appeals process.

Trump and his sons Donald Trump Jr. and Eric Trump were barred earlier that month from operating their business in New York for a range of two to three years. Trump was also found liable for hundreds of millions of dollars in damages in the civil fraud case brought against him, his family and the Trump Organization by James.

The filing Monday says “ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’”

“These diligent efforts have included approaching about 30 surety companies through 4 separate brokers,” the filing says. “A bond requirement of this enormous magnitude – effectively requiring cash reserves approaching $1 billion … is unprecedented for a private company.”

It also says that “waiving the bond requirement will impose no cognizable harm on the Attorney General. The case involves no actual victims and no award of restitution, and she is fully protected by Defendants’ real-estate holdings. This factor alone warrants a stay.”

“The Court should stay the judgment pending appeal, and put the brakes on the Attorney General’s overzealous litigation crusade,” Trump’s lawyers also argued. “If oral argument would assist the Court in coming to that conclusion, we respectfully request an opportunity for such a hearing.”

His attorneys also said, “The practical impossibility of obtaining a bond interferes with Defendants’ right to appeal and threatens this Court’s appellate jurisdiction.”

“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” they added. “The remaining handful will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities).”

A New York Appeals Court judge previously ruled that the former president must post a bond for the full amount of the judgment and that an independent director of compliance will be appointed.

That ruling comes after New York Judge Arthur Engoron handed down his decision earlier in February after a months-long trial beginning in October in which the former president was accused of inflating his assets and committing fraud in financial documents.

Engoron ruled that Trump and other defendants were liable for “persistent and repeated fraud,” “falsifying business records,” “issuing false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud” and “conspiracy to commit insurance fraud.”

“In a massive victory, we won our case against Donald Trump for engaging in years of incredible financial fraud to enrich himself. Trump, Donald Trump, Jr., Eric Trump, and his former executives must pay over $450 million in disgorgement and interest,” James wrote on X, celebrating on the same day of the judgment.

On Feb. 23, James, who has denied having a “personal vendetta” against Trump despite remarks suggesting otherwise, posted flatly, “$464,576,230.62.”

READ 21 COMMENTS
  • southersgolfer says:

    Gee, could it be possible the judge and prosecutor knew this when they handed down judgement? I would not be surprised.

  • Randie says:

    She has a personal vendetta. She Wants to Take him down, the Most powerful man in America. This is horrific and no Court, no marxist judge wants to to what is right. This is an abuse of power.

  • rcp5 says:

    This courts action/non action tells me all I have to know. This is all a political takeover of the country. There has never been, ever, a situation where 1 individual has been ATTACKED by so many political hacks. I’m saying AG’s, judges, politicians, both demons/RINOs. Trust me when I say they are NOT doing it for the betterment of the country, but rather for themselves. THEY ARE SO AFRAID OF WHAT THEY WILL LOSE WHEN TRUMP GETS ELECTED. Please open your eyes this November. If the demons win, all Americans WILL lose.

  • John sweet says:

    And why does this not fall under the Eighth Amendment? “Imposing excessive bail or fines” would seem to cover Trumps defense from paying this obviously excessive amount!

  • TOP STORIES

    News

    A judge in New York granted porn star Stormy Daniels‘s request that a subpoena she received from former President Donald Trump’s attorneys be quashed,...

    News

    Rep. Donald Payne Jr. (D-N.J.) died on Wednesday after what his office described as a “cardiac episode” that left him hospitalized and absent from...

    News

    Russian hackers claiming to be backed by the Kremlin are believed to have remotely accessed a Texas town’s water tower. The suspected hack in...

    News

    A Mind-Blowing flying car has made history after conducting the world’s first flight with a passenger. Music legend Jean-Michel Jarre, 75, took off in...

    >