Former U.S. President Donald Trump's legal team has informed a New York appellate court that it is not feasible for him to post a bond covering the entirety of his $454 million US civil fraud judgment while he pursues an appeal.
In a court filing, Trump's lawyers stated that obtaining a bond equal to the judgment amount is impossible given the circumstances. Despite approaching thirty surety companies through four different brokers, they were unsuccessful in securing a bond.
The judgment against Trump, which amounts to $456.8 million with interest, stems from accusations that he and his co-defendants, including his company and top executives, engaged in a scheme to deceive banks and insurers by inflating his wealth on financial statements. This resulted in a civil fraud ruling that mandates Trump to post a bond to halt enforcement of the judgment, set to commence on March 25.
A real estate broker enlisted by Trump noted in an affidavit that issuing a bond of this magnitude is highly unusual and typically reserved for large public companies rather than individuals or private businesses. Trump's legal team has requested the appellate court to stay the judgment during the appeal process, but an appeals court judge rejected their initial proposal of a $100 million bond.
New York Attorney General Letitia James has indicated that if Trump fails to pay the judgment, she will seek to seize some of his assets. Trump maintains that he is worth billions of dollars and has testified to having substantial cash reserves along with various investments.
The ongoing legal battles faced by Trump, including multiple criminal charges and defamation lawsuits, underscore the complexities of his legal challenges. The outcomes of these cases remain uncertain, with various court dates pending and legal questions that may soon be addressed by the U.S. Supreme Court.