Donald Trump’s attorneys in court documents say the ex-president has been unable to secure a bond for the full $464 million judgment against him in New York Attorney General Letitia James’ civil business fraud case against the ex-president, reportedly a billionaire who last year said he has $400 million in cash.
“In an April 2023 deposition for the fraud case, Trump said, ‘We have a lot of cash. I believe we have substantially in excess of $400 million in cash, which is a lot for a developer. Developers usually don’t have cash. They have assets, not cash. We have, I believe, $400-plus and going up very substantially every month,'” The Atlantic reported earlier this month.
But Trump’s attorneys now say securing a bond in the full amount is a “practical impossibility,” as Just Security’s Adam Klasfeld reports:
Trump’s attorneys tell the court they have spent “countless hours negotiating with one of the largest insurance companies in the world,” NBC News reports, and, “obtaining an appeal bond in the full amount” …. ‘is not possible under the circumstances presented.” They also note they approached 30 “surety” companies through four brokers and were unsuccessful.
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Attorney General Letitia James says if Trump does not meet the March 25 deadline, she will begin the process of seizing his assets.
“We are prepared to make sure that the judgment is paid to New Yorkers, and, yes, I look at 40 Wall St. each and every day,” James said, MSNBC reported last month.
Meanwhile, legal experts say if Trump cannot secure a bond, and the appeals court does not grant him a stay, he may lose real estate assets.
“The financial demise of Donald Trump,” declared former longtime federal prosecutor Glenn Kirschner, pointing to the NBC News report. “He has no one to blame but himself. Next up – property seizures.”
MSNBC legal contributor Andrew Weissmann, a former FBI General Counsel, served up a blunt assessment: “I thought he was a billionaire? So is he lying to the public or the Court?”
Katie Phang, MSNBC host and legal contributor, offers additional insight: “Seems also like no one wants to lend Trump the money so he can then get the bond. He isn’t borrowing against his real properties to raise the money likely b/c they’re already leveraged. Trump is unbankable. Period.”
Former federal prosecutor Renato Mariotti adds, “I’ve represented and prosecuted large real estate developers, and it’s not uncommon for them to be highly illiquid. That said, Trump had to know that this judgment was coming, and his inability to obtain a bond suggests he is much less wealthy than he portrays himself to be.”
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