Trump’s lawyers say impossible for him to post US$454 million bond in civil fraud case
- Donald Trump rejected by more than 30 bond underwriters after multimillion dollar civil fraud judgment
- Being unable to secure a bond inches Trump closer to the possibility of having his properties seized
Donald Trump’s lawyers told a New York appellate court on Monday that it’s impossible for him to post a bond covering the full amount of a US$454 million civil fraud judgment while he appeals, suggesting the former president’s legal losses have put him in a serious cash crunch.
Trump’s lawyers wrote in a court filing that “obtaining an appeal bond in the full amount” of the judgment “is not possible under the circumstances presented”.
Trump claimed last year that he has “fairly substantially over US$400 million in cash”, but back-to-back courtroom defeats have pushed his legal debt north of a half-billion dollars.
Citing rejections from more than 30 bond underwriters, Trump’s lawyers asked the state’s intermediate appeals court to reverse a prior ruling requiring that he post a bond covering the full amount in order to halt enforcement while he appeals the judgment in New York Attorney General Letitia James’ lawsuit.
Trump’s financial constraints are being laid bare as he appeals Judge Arthur Engoron’s February 16 ruling that he and his co-defendants schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.