Lawyers say 'impossible' for Trump to pay $464mln bond in fraud case
3 Min Read
Lawyers say that Trump has not been able to find a company to cover the $464 million after having spoken to over 20 companies through four separate brokers and spent "countless hours negotiating" without having an underwriter.
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Republican presidential candidate and former President Donald Trump applauds at a campaign rally on Saturday, March 16, 2024, in Vandalia, Ohio. (AP)
In a court filing on Monday, lawyers of former US President Donald Trump and co-defendants called it "impossible" for them to pay a $464 million bond to appeal the civil fraud case against them in the state of New York.
As required by New York law, appealing the damages and interest ordered would not be an option if the bond is not paid.
The state requires defendants in civil cases to post a bond of at least 110% of the amount to be able to delay paying the penalty as they appeal and Trump's lawyers asked an appeals court to postpone the bond until the appeal has run its course.
According to the lawyers, Trump has not been able to find a company to cover the $464 million after having spoken to over 20 companies through four separate brokers and spent "countless hours negotiating" without having an underwriter.
"Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is a practical impossibility," the lawyers stated.
Read next: Prosecutors willing to postpone Trump hush money trial for new records
This follows after Trump posted a nearly $92 million bond to appeal the $83.3 million in damages ordered to be paid to writer E. Jean Carroll for defamation by denying her sexual assault allegations. The bond was underwritten by Switzerland-based insurance company Chubb.
If Trump posts the bond in the New York civil fraud case, he could owe millions to a bonding company that pays the money on his behalf, but he doesn't have much time since he's been given until next week to prevent New York Attorney General Letitia James from collecting the court-ordered damages as he appeals.
'Corporate death'
Trump, almost certain to be the Republican presidential nominee this November, was found liable for unlawfully inflating his wealth and manipulating the value of properties to obtain favorable bank loans or insurance terms.
He accused President Joe Biden of driving the case, calling it "weaponization against a political opponent who's up a lot in the polls," and vowed to appeal.
As the case was civil, not criminal, there was no threat of imprisonment. But Trump said ahead of the ruling that a ban on conducting business in New York state would be akin to a "corporate death penalty."
Trump has been the center of four criminal cases and 91 unlawful allegations, including fraud, battery, and sexual assault. However, he still finds himself among the top-runners for the presidential elections.
The twice-impeached former president is also due to go on trial in Florida in May on charges of taking troves of highly secret documents when he left the presidency and thwarting officials trying to recover them.
It is now evident that the upcoming fall election in November will see a repeat match between two widely unpopular presidents; him and his opponent Biden. At 81, Biden holds the distinction of being the oldest President in US history, while Trump, aged 77, faces potential decades in prison as a defendant in four criminal cases.
