Challenges for Trump in Securing $464 Million Bond in Civil Fraud Case Revealed by His Lawyers
Legal hurdles mount for former President Trump as his legal team discloses the struggle to secure a bond to cover the substantial judgment in the civil fraud case brought by the New York attorney general.
Former President Donald Trump is having trouble finding an insurance company willing to provide coverage for the large judgment against him in the New York attorney general's civil fraud case. His lawyers informed a New York appeals court about this issue.
According to Trump's attorneys, he has reached out to 30 different underwriters in an attempt to secure the bond required for the case, which is expected to be due by the end of this month.
Trump's lawyers stated that the judgment amount, with interest, is over $464 million, making it difficult to find a bonding company willing to provide a bond for such a large sum. (Trump's own fine was $454 million, with the additional amount covering disgorgement for his sons Don Jr. and Eric.)
During the civil fraud trial, insurance broker Gary Giuletti testified on Trump's behalf and confirmed in an affidavit that obtaining a bond for the full amount is nearly impossible.
Potential underwriters are looking for cash to support the bond, not properties, as per Trump's legal team. Trump's lawyers are requesting the appeals court to postpone the bond requirement until his case appeal is completed. They argue that the value of Trump's properties is much higher than the judgment.
This story is breaking and will be updated.
Editor's P/S:
The news that Donald Trump is facing difficulties securing insurance for the substantial judgment against him in the New York attorney general's civil fraud case raises concerns about the financial implications of his actions. The inability to obtain coverage from 30 different underwriters suggests the magnitude of the judgment, which may have a severe impact on Trump's personal finances and business interests. The fact that potential underwriters are seeking cash rather than assets to back the bond further complicates Trump's situation, as it limits his ability to rely on his extensive real estate holdings.
This development adds another layer of uncertainty to the ongoing legal saga surrounding Trump. As he appeals the judgment, the lack of insurance coverage will likely weigh heavily on his ability to mount a robust defense. The ongoing legal battles and financial pressures may also affect his political aspirations and future business ventures. It remains to be seen how Trump will navigate these challenges and what the ultimate outcome will be for both his personal and professional life.
