The MAGA ringleader reportedly faces difficulty securing appeal bond to settle fraud case after he was found guilty by a judge following a trial in New York.
- Mar 19, 2024
AceShowbiz - Former President Donald Trump is struggling to secure an appeal bond to settle a multi-million-dollar judgment against him in a New York fraud case.
According to reports, Trump must pay a $464 million bond to satisfy a $454 million judgment against him for inflating his asset values to gain financial benefits. However, Trump's legal team claims he lacks sufficient liquid cash to cover the bond.
Insurance companies are unwilling to back the bond, as it exceeds their normal limits and they require cash or cash equivalents as collateral. Gary Giulietti, an insurance broker hired by Trump, stated that it's highly unusual for an appeal bond of this size to be issued.
Trump and his team have requested an exemption from the bond requirement during the appeal, arguing that the value of his real estate assets far exceeds the judgment. However, surety companies have refused to accept real estate as collateral.
Trump is seeking relief from an appeals court to prevent the state from seizing his assets. The court is yet to rule on his petition.
If Trump fails to post the bond, New York Attorney General Letitia James will seize his property. To secure a full appeal bond, Trump would need approximately $1 billion in cash or cash equivalents, which he and his company reportedly do not have.
