It is impossible for former President Donald Trump to post a bond covering the full amount of his $454 million civil fraud judgment while he appeals, his lawyers told a New York appellate court Monday.
Trump’s lawyers wrote in a court filing that “obtaining an appeal bond in the full amount” of the judgment “is not possible under the circumstances presented,” AP reports.
With interest, Trump owes $456.8 million.
In all, he and co-defendants including his company and top executives owe $467.3 million. To obtain a bond, they would be required to post collateral worth $557 million, Trump’s lawyers said per the report
They said the defendants had so far approached 30 surety companies through four separate brokers to obtain a bond.
A state appeals court judge ruled last month the Republican presidential candidate must post a bond covering the full amount to pause enforcement of the judgment, which is to begin on March 25, as Breitbart News reported.
Trump was fined $354.8 million plus approximately $100 million in pre-judgment interest after Manhattan Supreme Court Judge Arthur Engoron ruled the former president had inflated his net worth in order get more favorable loan terms.
Trump said then he will appeal the ruling.
Still, he will have to pay the fine as a bond to New York State before he can proceed.
More to come…