New York Attorney General Letitia James’ office on Wednesday requested a state appeals court require former President Donald Trump to post a bond that fully covers a $454 million civil fraud judgment against him.
In court documents released on Monday, Trump’s legal team argued that securing a bond in the full amount would be “a practical impossibility” for the former president. His attorneys have previously asked if Trump could pay a portion of the amount, $100 million, while he appeals the ruling.
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“As far as the Court can infer, sureties may have refused to accept defendants’ specific holdings as collateral because using Mr. Trump’s real estate will generally need ‘a property appraisal’ and his holdings are not nearly as valuable as defendants claim,” Fan wrote.
This is the best summary I could come up with:
New York Attorney General Letitia James’ office on Wednesday requested a state appeals court require former President Donald Trump to post a bond that fully covers a $454 million civil fraud judgment against him.
In court documents released on Monday, Trump’s legal team argued that securing a bond in the full amount would be “a practical impossibility” for the former president.
His attorneys have previously asked if Trump could pay a portion of the amount, $100 million, while he appeals the ruling.
“Defendants’ new factual allegations and legal arguments fail to support their extraordinary request for a stay based on a bond or deposit of less than one-fourth of the money-judgment amount,” Fan wrote.
James brought a civil fraud lawsuit against Trump in 2022, accusing him—as well as his adult sons, Donald Jr. and Eric, and other officials with The Trump Organization—of a years-long scheme in which he inflated his net worth and the value of his assets to obtain more favorable business loans.
Trump’s lawyers have said he would have to post collateral that covers 120 percent of the judgment, which would amount to more than $557 million.
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