Trump unable to get $464M appeal bond to stop collection, attorneys say: 'Practical impossibility'
Posted 39 days ago
From WWW.FOXNEWS.COM
Former President Trump has not been able to secure a $464 million appeal bond he needs following a New York civil fraud judgment against him, his attorneys say.
In a court filing Monday, his lawyers said obtaining one is a "practical impossibility under the circumstances presented."
In late February, a New York Appeals Court judge denied Trump’s request to delay payment of the $464 million owed as a result of Attorney General Letitia James’ lawsuit, but said he will temporarily allow the 2024 front-runner and his sons to continue running their business during the appeals process.
Trump and his sons Donald Trump Jr. and Eric Trump were barred earlier that month from operating their business in New York for a range of two to three years. Trump was also found liable for hundreds of millions of dollars in damages in the civil fraud case brought against him, his family and the Trump Organization by James.
The filing Monday says "ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’"
"These diligent efforts have included approaching about 30 surety companies through 4 separate brokers," the filing says. "A bond requirement of this enormous magnitude – effectively requiring cash reserves approaching $1 billion … is unprecedented for a private company."
It also says that "waiving the bond requirement will impose no cognizable harm on the Attorney General. The case involves no actual victims and no award of restitution, and she is fully protected by Defendants’ real-estate holdings. This factor alone warrants a stay."
"The Court should stay the judgment pending appeal, and put the brakes on the Attorney General’s overzealous litigation crusade," Trump's lawyers also argued. "If oral argument would assist the Court in coming to that conclusion, we respectfully request an opportunity for such a hearing."... (Read more)
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