New York AG Letitia James' office has formally requested a state appeals court to mandate that President Donald Trump post a bond covering the entirety of the $454 million civil fraud judgment against him.
Trump's legal team, however, contends that posting such a bond would be extremely challenging, labeling it a “practical impossibility.” They have proposed Trump paying a partial sum of $100 million while appealing the ruling.
Dennis Fan, senior assistant solicitor general in Letitia James' office, stated in a court filing on Wednesday that Trump's legal team has not sufficiently demonstrated his inability to obtain the required bond.
If Trump fails to meet the Monday deadline to post the bond, New York Attorney General Letitia James has the authority to seize his assets, including Trump Tower. Additionally, interest accruing at a rate of $112,000 per day is adding to the penalty for each day the payment is not made, with Trump currently owing approximately $457 million.
Trump's legal team has explained to the appeals court that he would need to provide collateral amounting to 120 percent of the judgment, surpassing $557 million. They have emphasized that finding bonding companies willing to underwrite a bond of such magnitude is extremely challenging, underscoring the absurdity of the judgment.
In Fan's filing, he argued that Trump could explore the option of securing a bond from multiple sureties rather than relying on just one. Additionally, he suggested that Trump might not be disclosing the full extent of his assets' value.
