The New York Attorney General’s office disputed former President Donald Trump’s claims that he cannot secure a bond in his civil fraud case, stating that his arguments are based on a false premise and are unreliable. Trump is seeking to delay paying the $454.2 million judgment against him just days before the attorney general could begin seizing his properties.
Trump asked a New York appeals court to pause the judgment against him while he appeals the ruling, stating that he cannot secure a bond for the full amount he owes. However, the attorney general’s office argued that nothing is stopping him from using multiple companies to secure multiple bonds, each for only part of the full amount.
The attorney general’s office also questioned Trump’s premise that companies are unwilling to secure bonds for such a large amount, noting that even billion-dollar judgments are typically fully bonded on appeal. The court previously found Trump’s insurance broker, Gary Giuletti, to lack credibility as an expert witness in the case, and attorney Alan Garten was part of the fraud scheme Trump was found liable for.
Trump has not provided any documentary evidence showing why companies were unwilling to accept real estate as collateral for a bond. The ex-president has claimed he has to put up real estate because he does not have enough cash to secure a bond without it.
The court is expected to rule on Trump’s request to pause the judgment soon, as the attorney general’s office is likely to start enforcing the judgment if he has not paid by March 25. Trump and his co-defendants would have to pay $557 million in cash or cash equivalents to secure an appeals bond for the full amount.
Forbes estimates Trump’s net worth at $2.6 billion, with only $413 million made up of cash and liquid assets. The judgment against Trump and his co-defendants is based on fraudulent inflation of asset values on financial statements, with Judge Arthur Engoron ruling that there was overwhelming evidence suggesting knowing fraud was committed. Trump has denounced the case as a witch hunt.
