In a recent court filing, it was revealed that Trump is facing a significant challenge related to a $464 million bond. Trump’s legal team has come forward with a statement that’s catching a lot of attention. They’ve indicated that securing the full amount for this bond is, in their words, “a practical impossibility.”
“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” the lawyers wrote.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” they added.
Attorneys cited an affidavit from an insurance broker who had previously testified for Trump. This broker described the efforts to secure such a massive bond as impossible, highlighting the gravity of the situation.
Earlier this year, Judge Arthur Engoron ordered Trump to pay a staggering $454 million. And as Trump appeals this judgment, the amount continues to accrue interest, pushing the total required for the bond even higher.
Trump’s legal team has been hard at work trying to meet this requirement. They’ve spent countless hours in negotiations with one of the largest insurance companies in the world. They didn’t stop there; they approached a total of 30 companies to back the bond. However, all of them appear to have said no.
The fact that Trump can’t pay the bond may lead to Trump assets being seized.
they will begin to seize trumps properties https://t.co/Mwh5KXu2rj
— Tim Pool (@Timcast) March 18, 2024
Trump’s attorneys have asked the appeals court to delay posting the money until after the appeals process is complete.
Four days after Trump’s civil judgement New York’s AG Letitia James fantasized about seizing the former President’s properties.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James said in an interview with ABC News’ Aaron Katersky.
“We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,” James added.
