donald trumpHis legal saga is hitting another hurdle… this time, the former Prez says he’s having trouble getting help paying a massive multimillion-dollar bond in his New York civil case.
DT needs to post a $464 million bond to serve the sentence against him – he needs to do it soon… by the end of the month, in fact. However, his lawyers say he is struggling to get the money.
In a legal document obtained by TMZ, Trump’s lawyers signaled on Monday that they had hit a snag in their efforts to find an insurance company willing to guarantee the substantial financial penalty… describing the task as a “practical impossibility “.
Trump’s team explains that they unsuccessfully approached 30 underwriters to back the bond… writing, “The value of the judgment, with interest, exceeds $464 million, and very few bond companies will consider a bond of any value that approaches that magnitude.”
The suit says their efforts include “countless hours of negotiation with one of the largest insurance companies in the world”…which they insist shows how obtaining an appeal bond for the full amount is not feasible.
Trump’s lawyers add that potential underwriters typically look for the title to be secured by cash or cash equivalents… which makes it virtually impossible to use real estate assets to secure the title. His team says Trump would need cash reserves approaching $1 billion for an insurance company to come on board — and it appears they’re saying DT doesn’t have that.
As a result, Trump’s lawyers asked the appeals court to stay the imposition of the massive monetary judgment without requiring bail to be posted during the appeal… which would essentially block the New York Attorney General. Letícia James attempt to charge while the appeal is in progress. A decision on your request has not yet been made.
You may remember… Manhattan Supreme Court Judge Arthur EngoronTrump’s ruling ordered Trump and his co-defendants to pay a substantial $464 million in damages after hold him responsible for conspiring to manipulate his net worth. Trump was ordered to pay $454 million of that total.