"Donald Trump’s attorneys declared in court documents Monday that 30 companies all refused to secure a $464 million bond for Trump, which he owes the State of New York after losing his civil business fraud trial."
#Trump & #TrumpOrganization must post a bond for the full amt by next wk in order to stop #NYAG#LetitiaJames from being able to collect while he appeals. They asked an appeals court to step in & said Mon they haven’t been able to get a #bond.
"Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is 'a practical impossibility. These diligent efforts have included approaching about 30 surety companies through 4 separate brokers” the filing said.
Their efforts, including “countless hours negotiating w/one of the largest insurance companies in the world,” have proven that “obtaining an appeal #bond in the full amount” of the Judgment “is not possible under the circumstances presented,” the filing said.
The other bond companies will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities),” the filing said.
In all, the filing said, the "actual amount of cash or cash equivalents required 'to collateralize the bond & have sufficient capital to run the business & satisfy its other obligations' approach[es] $1 billion,” the filing said.
While the filing says #Trump can't afford the #bond, it also argues that the #NYAG doesn't have to worry about being able to collect her judgment.
#Trump's team also argued the $464M penalty is “grossly disproportional” & cited the argument they made throughout the months-long trial that "there are no victims, as there were no damages & no financial losses."
re the latter: a. untrue; b. argument adjudicated & found meritless; c. NY state [#civil#fraud#law does not require]
In a filing last month, Trump's lawyers asked that the #bond amount be reduced to $100M, but Monday's filing argues he shouldn't have to put up any bond at all.
Donald Trump has not been able to get a #bond to secure the $464 million #fraud judgment against him, his lawyers said in a court filing Monday.
Trump and his company need to post a bond for the full amount by next week in order to stop New York Attorney General Letitia James from being able to collect while he appeals.
They've asked an appeals court to step in in the meantime and said Monday that they have not had any success getting a bond.
"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."
Their efforts, including “countless hours negotiating with one of the largest insurance companies in the world,” have proven that “obtaining an appeal bond in the full amount” of the Judgment “is not possible under the circumstances presented,” the filing said
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