Last month New York Attorney General Letticia James threatened to seize Trump Organization real estate assets, if Donald Trump did not satisfy the $350 million judgment for his fraud conviction [click here if you missed that].
Now Trump's legal team has informed the court that he cannot come up with the $450 million bond required to launch his appeal...
From The Daily Mail
Donald Trump's lawyers told a New York appellate court Monday that it's impossible for him to post a bond covering the full amount of his $454 million civil fraud judgment while he appeals.
The former president's lawyers wrote in a court filing that 'obtaining an appeal bond in the full amount' of the judgment 'is not possible under the circumstances presented.'
They revealed they had spoken to 30 underwriters to back the bond, which is due next week. Their efforts included 'countless hours of negotiating with one of the biggest insurance companies in the world'.
With interest, Trump owes $456.8 million. In all, he and co-defendants including his company and top executives owe $467.3 million. To obtain a bond, they would be required to post collateral worth $557 million, Trump's lawyers said.
'Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is 'a practical impossibility,'' the filing said. 'These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.'
The development comes days after Trump was able to post a $91.6 million bond in the E. Jean Carroll defamation following a jury award he is also appealing.
The filing suggests that Trump's empire of real estate and golf properties leaves him insufficiently liquid to meet the massive judgements against him.
Multiple bond companies decline to 'accept hard assets such as real estate as collateral,' they noted, and will 'will only accept cash or cash equivalents (such as marketable securities).'
The firms would likely charge 18 per cent up front, another staggering sum and one Trump would not be able to get back even if he prevailed on appeal.
Trump testified during the fraud case that he had $400 million in cash.
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