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President Trump Unable to Secure Bond for Appeal in Letitia James Case
President Donald Trump’s legal team submitted a court filing on Monday indicating that they have been unsuccessful in obtaining a bond necessary to appeal Letitia James’ judgment of $454 million. This comes after President Trump offered to post a $100 million bond and requested a stay on the judgment in Letitia James’ New York City fraud trial.
In the court filing, Trump’s defense lawyers stated, “The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond.” Despite this challenge, the legal team intends to secure and post a bond amounting to $100 million.
According to Trump’s lawyers, efforts to secure the full bond amount have been ongoing but have been met with obstacles. These diligent efforts have included engaging with approximately 30 surety companies through four separate brokers.
Trump Faces Challenges in Meeting Bond Requirements
Donald Trump continues to face hurdles in obtaining a bond that would enable him to contest the $454 million judgment against him in a civil fraud case in New York without having to personally post the entire sum. His legal representatives indicated on Monday that Trump must either arrange the necessary funds or secure a bond to prevent the state authorities from seizing his assets while he pursues an appeal. This follows Justice Arthur Engoron’s decision on February 16, commanding Trump and his co-defendants to pay $464 million in penalties and interest for deceiving lenders and insurers through misstated property values.
New York Attorney General Letitia James, having sought $370 million in damages, aimed to restrict Trump and his sons from engaging in business activities within New York. This arises from accusations of inflated assets and fraudulent behavior directed at lenders and insurers in the case.
Following the court ruling last month, further penalties were imposed on Trump’s family members and associates. Eric Trump and Donald Trump Jr. were each instructed to pay fines totaling millions of dollars, with a specific restriction placed on Trump Jr. and Eric Trump concerning their involvement in falsifying business records.
Moreover, the Trump Organization’s CFO, Allen Weisselberg, was issued a penalty of $1 million. The initial $355 million judgment, compounded by daily interest, has escalated to $464 million in total.
Letitia James’ actions have included publicizing daily calculations of the compounding interest to pressure Trump in the ongoing legal dispute.
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