NY Attorney General Urges Appeals Court to Reject Trump's Bond Claim

New York Attorney General Letitia James’ office responded to Donald Trump’s statement about struggling to find an insurance company to back his $464 million bond in the civil fraud case. They advised the state appeals court to dismiss this claim.

The state attorneys pointed out that the defendants did not need to delay their response to raise concerns about obtaining a bond. They mentioned that efforts to secure the bond began before the stay motion was filed and even before the judgment was made.

Trump's lawyers explained on Monday that it was very challenging for Trump to obtain a bond because 30 insurance companies had already rejected his application. These companies demanded cash or stock worth approximately half a billion dollars as collateral, refusing to accept real estate as an alternative.

Trump is required to post the bond by Monday, unless the appeals court approves his request to postpone payment until after the appeal process.

The attorney general’s office suggests that Trump should either persuade insurance companies to collaborate in underwriting the bond or provide a clearer explanation of the issues in their negotiations.

In their response, the attorney general’s office points out that the defendants have not provided any written proof detailing the specific real estate assets offered to sureties, the terms of the offer, or the reasons why the sureties declined to accept the assets.

The attorney general believes that sureties may have declined to accept the defendants' assets as collateral. This could be due to the fact that using Mr. Trump's real estate would require a property appraisal, and the value of his holdings may not be as high as claimed.

Furthermore, the attorney general's office has raised concerns about the credibility of the sworn statements provided by Trump's insurance broker Gary Giulietti and Alan Garten, the top lawyer at the Trump Organization.

Trump's critics believe that he should have revealed that his longtime friend Giulietti testified at the civil fraud trial and was deemed not credible by the judge. They also question the credibility of Garten, pointing out that he is personally invested in the outcome.

As a solution, they propose that Trump should consider handing over his properties to a judge for further examination.

If the defendants couldn't provide an undertaking, they should have at least agreed to let the Supreme Court hold their real-estate interests to cover the judgment. Or they could have offered real-estate holdings as security, worth enough to pay off the whole judgment.

Editor's P/S:

The legal battle between former President Donald Trump and New York Attorney General Letitia James over a $464 million civil fraud case continues to escalate. Trump's claim of difficulty in obtaining an insurance bond has been met with skepticism by the state attorneys, who argue that efforts to secure the bond were initiated before the case was filed. The attorney general's office also questions the credibility of Trump's insurance broker and a top lawyer at the Trump Organization, suggesting that Trump should provide more information about the reasons for the bond rejections.

Trump's legal team maintains that obtaining a bond has been challenging due to the high collateral requirements demanded by insurance companies. However, the attorney general's office asserts that Trump has not provided sufficient documentation to support his claims and suggests alternative solutions, such as surrendering his properties to a judge or offering real estate holdings as security. This legal dispute highlights the ongoing scrutiny of Trump's financial dealings and the potential consequences of the civil fraud allegations against him. accuracy of his financial claims and ensure that the judgment can be satisfied if necessary. Ultimately, the outcome of this case will have implications for the ability of individuals to evade financial responsibility through questionable insurance practices.