CNS News–According to his lawyers, former President Donald Trump has been unable to secure a bond to cover the $464 million civil fraud judgment against him and his co-defendants. A New York court handed down the judgment, and Trump needs to post the full amount by next week to prevent the New York Attorney General from collecting while he appeals.
Despite approaching about 30 surety companies through four separate brokers and negotiating with one of the largest insurance companies in the world, Trump’s lawyers have not been successful in obtaining a bond in the judgment’s full amount.
The bond companies require cash or cash equivalents as collateral, which would total about $557 million, including bond premiums of approximately 2 percent per year upfront. Trump’s real estate holdings, including properties like 40 Wall Street, Doral Miami, and Mar-a-Lago, greatly exceed the amount of the judgment, making it impossible for him to secrete or dispose of assets surreptitiously.
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While Trump argued that the $464 million penalty is “grossly disproportional,” the attorney general’s office has argued that Trump should pay the full amount. A 30-day automatic stay of the judgment is set to expire on March 25, at which point the attorney general would be clear to start seizing Trump’s assets unless the appeals court intervenes.