Trump can’t get a bond for $454M fraud case while appealing. His lawyers say they can’t afford a full bond, needing almost $1B in cash. They filed this in a New York court.
Lawyers said getting the full bond is really hard. They tried lots of companies but no luck. They spent a long time talking with a big insurance company. They’re working hard but it’s tough. They’re asking for help from the court.
Lawyers want the court to talk about stopping the judgment. If they say no, lawyers want to appeal to the highest court. Judge Arthur Engoron told Trump to pay $454 million for breaking the law. Mr.Donald has to pay $112,000 every day until he pays.
New York Attorney General accused Trump
New York Attorney General accused Trump and his company of lying about their money. Mr.Donald said he had lots of cash but can’t pay $464 million. A big insurance company agrees. They say getting a bond for $464 million is impossible. The insurance company’s boss said this in a paper. It’s a big problem for Trump and his company.
Giulietti tried hard but couldn’t find a bond for $464 million. Only a few companies can give such big bonds. Most can only do up to $100 million. They won’t accept land as a promise. Big bonds usually go to huge companies, not small ones.
It’s very rare to see such a big bond. If it happens, it’s for big public companies. So, getting this bond is almost impossible.
Case Study
Mr.Donald’s company needs $1 billion as collateral, but it doesn’t have that much cash. The lawyers say bond issuers may ask for $557 million in collateral, too. Attorney, Giulietti, mentioned the $1 billion requirement. However, the Trump Organization doesn’t meet it. Bond issuers could demand even more collateral, which Mr.Donald’s company lacks.
The defendants might need to pay $18 million upfront for a bond premium. They offered $100 million before, but it got rejected. Trump got a $91.6 million bond from Chubb insurance. They’re appealing a judgment against Trump.
They’re waiting for a decision from the appeals court. His lawyer hasn’t commented yet. The judge allowed Trump to seek loans again. The judge’s decision is temporary.
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