NewsTrump's Lawyers Admit Failure to Secure $454 Million Appeal Bond in New...

Trump’s Lawyers Admit Failure to Secure $454 Million Appeal Bond in New York Fraud Case

Former President Donald Trump’s financial woes‌ continue as he faces challenges in securing an appeal bond to prevent the seizure of⁣ his real‌ estate properties in New York. Despite his ‍claims of having substantial cash ⁢reserves, Trump’s lawyers ⁣recently revealed the impossibility of obtaining ‍a bond that would cover the $454 million civil fraud judgment against him.

In a court filing on Monday, Trump’s legal team emphasized the lack of available funds to secure the required bond, which​ has hampered his efforts to appeal the verdict ordering him ⁢to pay the hefty sum. This development raises concerns about the potential seizure of ​Trump’s properties by New York Attorney⁤ General Letitia James to satisfy the judgment if he fails to meet the requirements by March ‍25.

The filing highlights the challenges faced by Trump⁢ in securing a bond of such magnitude, with his lawyers noting the unavailability of willing ​surety companies to underwrite the‍ amount. According ⁢to New York court ​rules, Trump must post an appeal bond‍ to avoid legal actions from James to collect on the fraud judgment.

Manhattan ⁢Supreme Court Judge Arthur Engoron’s ruling in February imposed ‍a total of $464 million in damages and interest on Trump and⁢ his co-defendants for violating state anti-fraud laws. Engoron found that Trump ⁤and his associates had misrepresented the value of their real estate assets to enhance their financial standing, leading to the substantial judgment against them.

Despite Trump’s claims of having adequate cash reserves, the recent court filing revealed his inability to secure the necessary bond ​to contest​ the verdict. This development underscores the legal challenges⁣ faced by the former president in addressing the civil fraud allegations ⁣against him.

In response to ⁢the situation, Trump’s ⁣campaign spokesman criticized‌ the requirement for a massive bond, arguing that it goes against the principles of justice⁣ and could undermine the rule of law in New York.‌ With the looming deadline⁢ for action,‍ Trump’s legal team faces a race against time to address the‌ financial hurdles impeding his appeal process.

For more details on the latest‌ developments in Donald Trump’s legal battles, visit the source link.

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