(RepublicanDaily.org) – The lawyers of former president Donald Trump are claiming that their client is unable to secure a bond for the $464 million he has been ordered to pay in connection to his civil fraud case in New York.
According to the former president’s attorneys, no insurance company has agreed to underwrite the significant payout Trump has been ordered to fork out, which includes disgorgement for his adult sons, Donald Trump Jr. and Eric Trump.
His lawyers wrote the court, saying that there are not a lot of bonding companies willing to “consider a bond of anything approaching that magnitude.” Counsel for the former president also argued the point in the trial, bringing in an expert witness – insurance broker Gary Giulietti – who testified that it would be a “practical impossibility” to secure a bond to cover the Trump’s court-ordered monetary penalty.
The former chief executive himself further banked on the argument; in a lengthy post on Truth Social, Trump said that it was “practically impossible” for “ANY company, including one as successful as mine” to be able to secure a bond of that size. He also said that the size of the bond itself was “unConstitutional, un-American, [and] unprecedented.”
Trump’s legal counsel has said that they have approached as many as 30 underwriters, but none have agreed to back the bond.
The former commander-in-chief has until the end of March to cough up the money for the penalty, but his lawyers have asked the appeals court to temporarily suspend the posting of the bond until the appeal of Trump’s case is concluded. If the appeals court rules against the former chief executive, his lawyers are asking for another delay until the case has been heard in the New York Supreme Court.
Ultimately, if Trump fails to receive a favorable decision from the court, New York Attorney General Letitia James may resort to ordering the seizure of a number of Trump’s properties.
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