Former President Donald Trump is facing some financial difficulties in his ongoing civil fraud case. His lawyers have informed the court that Trump is unable to make a $464 million bond to cover the massive judgment against him.
The New York attorney general has filed a civil fraud case against Trump, and he has been ordered to pay a substantial amount in damages. However, Trump is struggling to find an insurance company that is willing to underwrite his bond. His lawyers have reached out to 30 underwriters, but very few are willing to consider a bond of this magnitude.
To give you some context, the $464 million includes a fine of $454 million for Trump himself, as well as disgorgement fees for his adult sons, Don Jr. and Eric. It is a significant sum, and bonding companies are hesitant to take on such a high-risk venture.
During the civil fraud trial, an insurance broker named Gary Giuletti, who testified on Trump’s behalf, stated in an affidavit that securing a bond in the full amount is virtually impossible. The potential underwriters are requesting cash rather than properties as collateral, making it even more challenging for Trump to meet this requirement.
In response, Trump’s lawyers have requested the appeals court to delay the posting of the bond until the appeal process is complete. They argue that the value of Trump’s properties far exceeds the judgment, making it unnecessary to post the bond at this time.
We will keep you updated on any new developments, on Fan Reviews News.
