It is not possible for Trump to post a bond in the N

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Former President Donald Trump has been unable to secure a bond while he appeals the $464 million judgment against him for business fraud claims brought by New York Attorney General Letitia James, his lawyers said Monday.
A bond is typically a higher percentage than the judgment amount, around 120%.
“A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion is unprecedented for a private company,” Mr. Trump‘s attorneys wrote.
Mr. Trump‘s online critics said paying up should be easy for a self-professed billionaire and presumptive GOP nominee for president.
However, experts say the sheer amount involved would likely wipe out Mr. Trump‘s cash stores, forcing him to sell off the key source of his wealth — properties.
Mr. Trump‘s lawyers said a “fire sale” of his properties would cause irreparable harm while he appeals.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Mr. Trump‘s lawyers wrote.
He also barred Mr. Trump from running any business in the state for three years, and his two elder sons Donald Trump Jr. and Eric Trump each for two years.
Scrounging together a bond for the much higher judgment in the fraud case is a taller order.
Mr. Trump’s lawyers said the terms of the judgment made it harder to cobble together money for the bond.

As he appeals the $464 million judgment against him for business fraud allegations brought by New York Attorney General Letitia James, former President Donald Trump has not been able to obtain a bond, his attorneys announced on Monday.

Mr. Trump’s attorneys claimed in a court document that they contacted thirty surety companies via four different brokers and discovered that the terms and magnitude of the judgment rendered posting a bond “practically impossible.”. “.

In order to prevent Ms. James from attempting to collect the full amount of the judgment—which found that Mr. Trump and his real estate company submitted false documents in order to obtain favorable terms on loans and insurance—the former president needs the bond by next week. Generally speaking, a bond is worth approximately 120 percent more than the judgment amount.

Attorneys for Mr. Trump wrote, “A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion is unprecedented for a private company.”. Courts frequently waive or lower the bond amount, even in cases involving publicly traded corporations. “.

The attorneys claimed that while Mr. Trump challenges Judge Arthur Engoron’s ruling in higher courts, the courts ought to stay the verdict.

Dear Mr. Online critics of Trump claimed that as the presumed GOP presidential nominee and self-described billionaire, making amends should be simple.

But according to experts, the sheer magnitude of the transaction would probably empty Mr. Trump’s bank account and force him to liquidate his properties, which are the main source of his wealth.

Alright, Mr. Trump’s attorneys claimed that while he is appealing, a “fire sale” of his properties would result in irreversible damage.

Mr. Trump’s attorneys stated in a letter that “very few bonding companies will consider a bond of anything approaching that magnitude” because the judgment amount, including interest, exceeds $464 million. The right of defendants to appeal is impeded and the appellate jurisdiction of this court is jeopardized by the practical impossibility of obtaining a bond. “.

Dear Mr. During his presidential campaign, Trump is dealing with four criminal cases. Despite the former president suffering a great deal in the civil courts, none of them have gone to trial due to prosecutorial errors and pre-trial motions that cause delays.

Earlier this month, Mr. Trump posted a nearly $92 million bond to appease the courts while he was appealing a significant jury verdict that found him accountable for the defamation of former magazine columnist E. Jean Carroll.

After concluding that the former president and his oldest sons had lied about the value of their properties, Judge Engoron ordered Mr. Trump to pay $355 million plus interest in February. As of today, the amount has risen to over $450 million and is still growing.

Along with Mr. Trump, he also banned his two older sons, Donald Trump Jr., from operating any kind of business in the state for three years. and Eric Trump for two years apiece.

A more difficult order is to scrape together a bond for the significantly higher judgment in the fraud case. The terms of the judgment, according to Mr. Trump’s attorneys, made it more difficult to come up with the money for the bond.

“Defendants’ ability to continue conducting profit-making activities during the pendency of appeal is radically interfered with by provisions prohibiting the individual defendants from serving as officers and directors of businesses that they have successfully helmed for decades, and from seeking loans from any bank registered in New York, which encompasses most nationwide lending institutions,” the lawyers wrote.

• Howell Jr. Tom. thowell@washingtontimes . com is how to contact them.

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