Albany, New York – Former President Donald Trump is facing challenges securing a bond to cover the $464 million fraud judgment against him. His legal team disclosed in a court filing that they have been unsuccessful in obtaining the necessary bond by the upcoming deadline. The judgment stems from a civil fraud case brought by New York Attorney General Letitia James, and Trump is required to post the full bond amount by next week to prevent collection efforts while he appeals the ruling.
According to the filing, efforts to secure the bond have proven difficult, with approximately 30 surety companies contacted through brokers, including negotiations with a major insurance company. The filing emphasized the impracticality of obtaining an appeal bond for the full judgment amount, citing the specific requirements of bond companies that do not accept real estate assets as collateral and demand hefty premiums upfront.
Despite Trump’s assertion that he cannot afford to post the bond, his legal team argued that the attorney general should not be concerned about collecting the judgment. They pointed to Trump’s substantial real estate holdings, such as 40 Wall Street, Doral Miami, and Mar-a-Lago, which surpass the judgment amount and provide sufficient security during the appeal process.
In addition to questioning the proportionality of the $464 million penalty, Trump’s lawyers previously petitioned for a reduction in the bond amount to $100 million. However, the latest filing contends that Trump should not be required to post any bond at all. James’ office maintains the position that the full amount must be secured.
Notably, in a separate legal matter in New York federal court, Trump recently posted a $91 million bond to secure an $83 million defamation judgment against him while appealing that verdict. The ongoing legal battles add to the legal and financial pressures facing the former president as he navigates multiple legal challenges.
As the deadline for posting the bond approaches, the outcome of Trump’s efforts to secure the necessary funds remains uncertain, raising questions about the potential impact on his financial resources and legal strategy moving forward. The legal saga continues to unfold, as Trump’s legal team grapples with mounting legal liabilities and the complexities of navigating the appeals process.