President Trump’s legal team stated in a court filing on Monday that he has been unable to obtain a bond to appeal Letitia James’ $454 million judgment.
Last month, President Trump proposed posting a $100 million bond and requested the suspension of the $464 million judgment in Letitia James’ trial related to alleged fraud in New York City.
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s defense lawyers wrote in the filing. “Appellants nonetheless plan to secure and post a bond in the amount of $100 million.”
Trump’s “ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” Trump’s lawyers said, accordin to NBC News. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
Reuters reported:
Donald Trump has so far been unable to obtain a bond that would allow him to appeal a $454 million judgment against him in a New York civil fraud case without posting the full amount himself, his lawyers said on Monday.
Trump must either find the cash or post a bond to prevent the state’s authorities from seizing his properties while he appeals Justice Arthur Engoron’s Feb. 16 decision ordering him and co-defendants to pay $464 million in penalties and interest for misstating property values to dupe lenders and insurers.
In a court filing on Monday, his lawyers urged a mid-level state appeals court to delay enforcement of the judgment, arguing the amount was excessive.
Letitia James, the New York Attorney General with radical Marxist views, pursued $370 million in damages in a fraud case without a clear victim.
She also aimed to prevent Trump and his sons from running businesses in New York, accusing Trump of inflating assets and deceiving lenders and insurers.
Recently, Judge Engoron ruled that Trump must pay over $355 million in fines and is banned from holding officer or director positions in any New York entity for three years.
Engoron stated that Trump and his associates were complicit in an insurance fraud scheme by falsifying records and submitting fraudulent statements to insurers.
Additionally, Eric Trump and Donald Trump Jr. must each pay fines of $4,013,024 as part of the ruling.
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