Trump lawyers: Securing full $454 million bond ‘practical impossibility’ in NY fraud case
Former President Trump’s lawyers indicated in a court filing Monday that he is unable to secure the full $464 million bond due in his New York fraud case, a matter that one insurance broker called “a practical impossibility.”
Attorneys for Trump and his co-defendants in the case said it was “impossible” for them to secure the full amount for an appeal bond in a filing with the state’s intermediate appeals court.
“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” the lawyers wrote, citing an affidavit signed by an insurance broker who testified for Trump during the trial last year.
Trump’s attorneys claim they have spent “countless hours negotiating with one of the largest insurance companies in the world” and have approached 30 companies to back the bond, efforts they said they were pursuing before the judgment was made.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote.
Trump was ordered to pay a staggering total of $454 million earlier this year in a verdict issued by Judge Arthur Engoron. Trump is currently appealing the judgment, but the total amount will continue to gain interest while that process plays out.
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