Donald Trump Can’t Post Full $454 Million Fraud Judgment Bond, Lawyers Say
Donald Trump's lawyers argue that it's impossible for the former president to post a bond covering the full amount of his $454-million civil fraud judgment while he appeals.
Well, well, well... Look who's in a bit of a pickle! Donald Trump, the former POTUS, seems to be drowning in legal troubles yet again. His lawyers are scrambling, trying to convince a New York appellate court that it's simply not doable for Trump to cough up a bond worth a whopping $454 million to cover his civil fraud judgment while he appeals. But hey, when you play with fire, you're bound to get burned, right?
Trump's Bond Dilemma
Now, what exactly is the fuss all about, you ask? Let me break it down for you. A state appeals court judge dropped the hammer last month, ruling that Trump must pony up a bond to the tune of $454 million to put a pause on enforcing the judgment that's set to kick off on March 25. With interest stacked on top, Trump's debt skyrockets to a staggering $456.8 million. Talk about digging yourself into a financial sinkhole!
- Trump and his co-defendants, including his company and top executives, are on the hook for a jaw-dropping total of $467.3 million.
- To secure that bond, they would need to present collateral valued at an eye-watering $557 million. Yikes!
A Desperate Plea
Amidst all this chaos, Trump's legal team is pulling out all the stops to wriggle out of this mess. In a court filing, they flat out stated that there's no way in heck they can muster up a bond covering the full judgment amount. It's like trying to fit a square peg into a round hole - impossible!
Judge Arthur Engoron isn't playing games either. He dropped the bombshell in February, accusing Trump and his cronies of cooking up a scheme over the years to pull the wool over banks' and insurers' eyes by inflating Trump's wealth on financial statements. Now, that's one expensive bluff that's come back to bite them!
The Bond Battle
Trump ain't going down without a fight though. He's gone ahead and petitioned a full panel of the state's intermediate appellate court to halt the judgment while he takes his case to appeals. Initially, Trump's legal eagles proposed posting a measly $100-million bond, but judge Anil Singh swiftly shut that down. Looks like Trump underestimated the gravity of his predicament.
Adding fuel to the fire, a real estate broker tasked by Trump to help secure the bond expressed in an affidavit just how slim their chances are. Few bonding companies are willing to touch a bond of this magnitude with a ten-foot pole. It's like trying to find a needle in a haystack!
Trump's High-Stakes Gamble
As the legal saga unfolds, it's becoming crystal clear that Trump is treading on thin ice. Filing an appeal doesn't mean he gets a free pass - he still has to face the music. New York Attorney General Letitia James isn't cutting him any slack either; she's already sharpening her claws, ready to pounce on Trump's assets if he can't foot the bill.
But hey, Trump remains unfazed (or so he wants us to believe). He claims to be rolling in dough, boasting about his billions in net worth and flaunting his cash reserves like some kind of financial wizard. Well, actions speak louder than words, Mr. Trump!
With mounting legal battles and hefty judgments piling up against him, it seems like Trump's empire is starting to crumble. Will he manage to wiggle out of this one unscathed? Only time will tell, but one thing's for sure - this legal drama is far from over!
Hey there, I'm Mohamed Rahat, your go-to writer for all things business and economy. Originally from Mumbai, now rocking it in Navi Mumbai. With a past life at Tata Power Co. Ltd., I'm here to unravel the mysteries of the economic world, one article at a time. Stick around for some mind-bending insights! Connect With Me