Home PoliticsAfrica News Trump Spurned by 30 Companies as He Seeks Bond in $454 Million Judgment

Trump Spurned by 30 Companies as He Seeks Bond in $454 Million Judgment

by By Ben Protess

Donald J. Trump’s lawyers said in a court filing that he faces “insurmountable difficulties” as he tries to raise cash for the civil fraud penalty he faces in New York.

Donald J. Trump’s lawyers disclosed on Monday that he had failed to secure a roughly half-billion dollar bond in his civil fraud case in New York, arguing that doing so was “a practical impossibility.”

The filing, coming one week before the bond is due, raised the prospect that the former president might face a financial crisis unless an appeals court comes to his rescue. Mr. Trump has asked the appeals court to pause the $454 million judgment that a New York judge imposed on Mr. Trump last month, or accept a bond of only $100 million.

The former president has been unable to secure the full bond, his lawyers said in the court filing on Monday, despite “diligent efforts.” Those efforts included approaching about 30 companies, and yet, they said, he has encountered “insurmountable difficulties.”

The judge in the civil fraud case, Arthur F. Engoron, levied the penalty and other punishments on Mr. Trump after concluding that he had fraudulently inflated his net worth to obtain favorable loans and other benefits. The case, brought by the New York attorney general, Letitia James, has posed a grave financial threat to Mr. Trump.

He must post an appeal bond in excess of that amount — possibly more than $500 million to reflect the interest he will owe — to prevent Ms. James from seizing his assets on March 25.

This is a developing story and will be updated.

AFROWORLDNEWS

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