Lawsuits

Trump Unable to Obtain $464M Appeal Bond

MAR 18 2024·Updated MAR 19 2024

Story

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The Facts

Lawyers for former US Pres. Donald Trump in a Monday court filing claimed that after approaching 30 insurance companies he was unable to find a bond underwriter to cover the $464M penalty against him from his New York civil fraud case.
CNN
The filing claims Trump would need cash reserves near $1B to meet the bond's "enormous magnitude."
FOX News
In addition, the lawyers say bond companies have rejected Trump's "hard assets such as real estate" and have requested just cash or its equivalents.
NBC
The 5K-page filing also states that such companies would charge 2% annually and 2% upfront, equaling $18M, that Trump wouldn't get back even if he won his appeal.
New York Post
Trump recently made a $91.6M bond payment in the E. Jean Carroll defamation case. That bond was posted by Chubb, which also didn't allow for real estate as collateral.
CNN
If the March 25 deadline stands and Trump doesn't pay, New York Attorney General Letitia James will begin seizing his assets. The former president could still appeal to the state Court of Appeals.
NBC

Sources Split

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The Spin

Anti-Trump narrative

Trump's in this predicament because he lied about his wealth and success for decades, so it shouldn't be a surprise to him that insurance companies now see him as a loan risk. This is business karma for Trump, who should lose his skyscrapers and golf resorts as a penalty for fraudulent behavior.

Huffington Post

Pro-Trump narrative

Even Trump's enemies must admit this was an absurd judgment that resulted from a judge making an unprecedented and arbitrary ruling as part of the political witch hunt against the former president. This judgment, and Trump's struggles to post bond, should be a warning to businesses considering investing in New York.

FOX News