Attorneys for former President Donald Trump admitted in a court docket submitting on Monday that he can not safe a bond to pay his large $464 million fraud judgment.
″Defendants’ ongoing diligent efforts have confirmed {that a} bond within the judgment’s full quantity is ‘a sensible impossibility,’” Trump’s attorneys wrote, including that they approached 30 totally different surety firms by way of 4 brokers and have spent “numerous hours negotiating with one of many largest insurance coverage firms on the earth.”
“The quantity of the judgment, with curiosity, exceeds $464 million, and only a few bonding firms will take into account a bond of something approaching that magnitude,” the submitting stated.
The attorneys wrote that if the appellate division of the Manhattan Supreme Courtroom considers denying their requested keep, it ought to enable for oral arguments on the difficulty.
Trump and his co-defendants beforehand provided to submit a $100 million bond, a proposal rejected by appeals court docket Decide Anil Singh. Trump earlier this month obtained a $91.6 million bond from the Chubb insurance coverage firm to cowl the civil defamation judgment in favor of author E. Jean Carroll as he appeals the ruling.
“I’ve represented and prosecuted massive actual property builders, and it’s not unusual for them to be extremely illiquid,” tweeted former federal prosecutor Renato Mariotti. “That stated, Trump needed to know that this judgment was coming, and his lack of ability to acquire a bond suggests he’s a lot much less rich than he portrays himself to be.”