Donald Trump’s lawyers indicated in a court filing that he lacks the funds to secure an appeal bond to prevent the seizure of his real estate assets by New York’s attorney general to satisfy a $454 million civil fraud judgment.
They stated that it has been impossible for Trump to obtain a bond covering the full judgment amount while appealing the verdict.
“Despite scouring the market, we have been unsuccessful in our effort … for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented,” Lockton Companies Northeast division president Gary Giulietti wrote.
If a panel of judges does not approve Trump’s request to avoid posting a bond, the attorney general could start seizing his properties on March 25.
Trump’s legal team contacted around 30 surety companies but none were willing to underwrite the bond, which would require cash reserves close to $1 billion.
“Simply put, a bond of this size is rarely, if ever, seen,” Giulietti wrote. “In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses.”
“While it is my understanding that the Trump Organization is in a strong liquidity position, it does not have $1 billion in cash or cash equivalents,” he wrote. (Trending: Boeing Whistleblower Found Dead, Left Behind Chilling Message)
Failure to post an appeal bond could result in the attorney general moving to collect on the fraud judgment as per New York court rules.
Manhattan Supreme Court Judge ordered Trump and his co-defendants to pay $464 million for fraudulently inflating real estate assets.
Trump is struggling to secure a bond for the judgment due to its size and collateral requirements, as Bond issuers demand around $1 billion in cash or cash equivalents as collateral, which Trump Organization lacks.
Trump obtained a $91.6 million bond for another case.
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