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NY says Trump should post bond for full fraud fine before appeal

NY says Trump should post bond for full fraud fine before appeal
Former US president Donald Trump arrives at a rally in Greensboro, North Carolina, US, on Saturday, 2 March 2024.

The New York attorney general disputed Donald Trump’s claim that he may have to sell properties at a loss in order to secure the bond necessary for the property mogul to appeal a $454-million civil fraud fine.

The billionaire former president, who is seeking permission to post a smaller $100-million bond or no bond at all, failed to provide evidence that insurance companies known for arranging such bonds were refusing to do so, New York Attorney General Letitia James said in an appeals court filing on Monday.

To put the damage award on hold while he appeals, Trump must post a bond for at least 110% of the total by 25 March. Trump, who is campaigning to return to the White House, is running short on cash after losing two civil trials in less than two months. Even so, he’s got a wide array of assets he can use as collateral, on top of $400-million in cash he testified to having on hand last year.

Trump’s appeals of the civil verdicts come as the former president faces four criminal prosecutions, one of which goes to trial later this month in Manhattan. He denies wrongdoing in all the cases, claiming they’re part of a Democratic-led “witch hunt”.

Just last week, Trump arranged a $91.6-million bond to appeal the verdict against him in E. Jean Carroll’s defamation suit, demonstrating his ability to arrange such bonds. His bond in that case was arranged by Chubb Ltd.’s Federal Insurance Co.

James argued that without a full bond, Trump could attempt to avoid paying the fine even if his appeal fails. In her court filing, she rejected his suggestion that a bond isn’t necessary because his ownership interest in his 40 Wall St. tower alone was sufficient to pay the fine if he lost.

James said she wants to see proof that surety companies refused to accept the skyscraper as collateral and that sureties “have refused to accept this property, his other real estate interests, or his private jets or helicopters as collateral for an appeal bond”.

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  • Rae Earl says:

    Trump is getting to the headless chicken stage not knowing where to run. His pathological lying is getting him deeper into trouble at every turn. The clown hasn’t realised that there are people in the US who are way ahead of him in intelligence. Way ahead. He and Jacob Zuma are kindred souls when it comes to running a country, zero ethics and prioritizing No. 1 every step of the way.

  • Marius Boraine says:

    Donald Chump must be the antithesis of Robin Hood – he steals from the poor to give to the rich.

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