Former US president Donald J. Trump’s lawyers on Monday revealed that they had been unsuccessful to secure a roughly half-billion dollar bond in his civil fraud case in the New York. They argued that doing so was “a practical impossibility.”
The filing comes at a time when bond I due in just one week, raising the prospect that the former president Trump might face a financial duress unless an appeals court comes to his rescue. Trump also asked the appeals court to pause $454 million judgment that a New York judge imposed on him last month, or to accept a bond of only $100 million in return.
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While in the court filing on Monday, former president’s lawyer stated that Trump has unable to secure the full bond, despite making ‘diligent efforts.’
Giving the details, Trump’s lawyer said that the he approached nearly 30 companies and yet he has encountered ‘insurmountable difficulties.
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The former president has been unable to secure the full bond, his lawyers said in the court filing on Monday, despite “diligent efforts.” Those efforts included approaching about 30 companies, and yet, they said, he has encountered “insurmountable difficulties.”
In the civil fraud case overseen by Judge Arthur F. Engoron, Mr. Trump faced penalties and other consequences. The judge determined that Mr. Trump had dishonestly exaggerated his net worth to secure advantageous loans and other privileges. Initiated by New York Attorney General Letitia James, the case has presented a significant financial risk to Mr. Trump.
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To prevent Ms. James from seizing his assets on March 25, he is required to post an appeal bond exceeding the specified amount — potentially exceeding $500 million, inclusive of accruing interest.
