If the politician doesn’t post the $464 bail by the end of the week, prosecutors could begin seizing his property in a fraud case.
Former US President Donald Trump failed to find bail to secure a $464 million fraud judgment against him. NBC News reported this on Monday, March 18, citing Trump’s lawyers.
It is understood that the former president and his company must post bail for the full amount next week to prevent New York Attorney General Letitia James from collecting the funds while she files an appeal. Trump’s defense lawyers are asking the appeals court to intervene in the situation and say they have had no success getting bail.
“The continued efforts of the defendants have proven that securing bail in the full amount of the judgment is nearly impossible,” the motion said.
The lawyers added that Trump approached about 30 insurance companies through four separate brokers.
Their efforts, including “countless hours of negotiations with one of the world’s largest insurance companies,” were unsuccessful.
Other bond companies don’t accept hard assets like real estate as collateral, but only cash or cash equivalents like marketable securities, they said.
Lawyers also noted that these companies typically require a bond of about 120% of the judgment, which is worth about $557 million.
“In addition, the guarantors will likely charge interest on the bonds at approximately 2% per annum with a two-year down payment – a down payment of more than $18 million,” the statement said.
That $18 million cannot be returned even if Trump wins his appeal.
While the statement said Trump could not afford the bonds, it also argued that the attorney general should not worry about whether he can carry out his decision.
“The value of the defendants’ real estate, including landmark properties such as 40 Wall Street, Doral Miami and Mar-a-Lago, far exceeds the value of the judgment. Such assets cannot be kept or disposed of surreptitiously, leaving the plaintiff protected on appeal,” the statement said. in the presentation.
Trump’s team also argues that the $464 million fine is “grossly disproportionate.” Lawyers emphasized that there were no victims in this case, as no harm was caused and no financial losses were incurred.
Trump’s lawyers last month asked for his bail to be reduced to $100 million, but in a motion filed Monday they said he should not post any bail.
Letitia James’ office insists Trump must pay the full amount.
Judge Arthur Engoron’s 30-day automatic stay expires March 25, after which James can begin seizing Trump’s assets unless an appeals court will intervene.
It was previously reported that a court in New York (USA) found Donald Trump guilty of civil fraud and must now pay $354.9 million plus interest.
Earlier, a court ordered Trump to pay author Carroll more than $80 million for libel after the rape.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.