Legal analysts are dissecting Donald Trump’s legal situation following his legal team’s disclosure of the former president’s inability to obtain a $464 million appeal bond subsequent to a civil fraud ruling in New York. Trump’s legal representatives characterized acquiring such a significant bond as a “practical impossibility” in a recent court submission. Despite reaching out to more than 30 firms to secure the bond, Trump is confronted with “insurmountable challenges” in obtaining financial support, as stated by his attorneys.
JUST IN: Donald Trump is unable to secure a $454 million bond while he appeals the New York civil fraud judgment.
— Collin Rugg (@CollinRugg) March 18, 2024
According to Trump's lawyers, it is impossible to post the full bond after they spoke to 30 underwriters.
"Defendants' ongoing diligent efforts have proven that a… pic.twitter.com/SPVy3M3Xwd
Describing the judgment as a “unicorn,” criminal defense attorney David Gelman highlighted the financial hurdle confronting Trump. Gelman proposed that the judge should provide Trump with greater leeway in fulfilling the bond obligation.
Despite Trump’s plea to postpone payment of the $464 million owed as a result of the lawsuit filed by New York State Attorney General Letitia James, a New York Appeals Court judge denied the request. Nonetheless, the judge granted Trump and his sons permission to continue their business operations throughout the appeals procedure.
Moreover, Trump cannot discharge debts acquired through fraudulent means by declaring bankruptcy.
JUST IN: Donald Trump is unable to secure a $454 million bond while he appeals the New York civil fraud judgment.
— Collin Rugg (@CollinRugg) March 18, 2024
According to Trump's lawyers, it is impossible to post the full bond after they spoke to 30 underwriters.
"Defendants' ongoing diligent efforts have proven that a… pic.twitter.com/SPVy3M3Xwd
Last month, a judge provided Trump with temporary relief from a portion of the judgment that would have constrained his ability to secure loans.
Trump’s legal team is pursuing a halt to the enforcement of the financial component of the judgment, even in the absence of obtaining the necessary bond.
On Monday, the former president submitted documents in an appellate court case, seeking to avoid posting the bond as he challenges the substantial ruling from February, which accrues interest daily.
Manhattan Supreme Court Justice Arthur Engoron issued the substantial judgment against Trump following a three-month trial, during which the Attorney General’s office accused Trump of inflating his net worth to obtain favorable loan and insurance terms.
Kevin J. O’Brien, a former prosecutor, underscored that requiring an appeal bond is standard protocol to ensure appellants can cover penalties if their appeal is unsuccessful. However, the magnitude of the judgment presents a significant hurdle.
Trump’s attempts to reduce the bond amount or evade payment altogether encounter hurdles, as legal experts warn that the outcome of the appeal is uncertain.
Dems celebrating Trump's "inability" to post 464M bond in NY civil case…
— Liberal Hivemind (@LiberalHivemind) March 18, 2024
They're calling for the seizure of his properties….
These people are insane fascists, they openly flaunt it.
Trump’s legal team contends against compelling him to hastily sell properties, expressing concerns about irreversible losses. Nevertheless, obtaining mortgages on properties could also present challenges considering Trump’s financial and legal difficulties.
Should Trump miss the bond deadline, AG James has the authority to initiate the seizure of his assets, including real estate holdings.
In summary, Trump’s legal dispute regarding the judgment is poised to be lengthy and challenging, with substantial ramifications for his financial stability. The legal proceedings may prove intricate and prolonged.
Today is March 19, and in just six days, on March 25, Trump could potentially lose his business operations in New York. His accounts might be taken over, and his private plane could be seized, as he's unable to secure a half-billion-dollar bond with interest.
— Simon Ateba (@simonateba) March 19, 2024
NOTE: Things could… pic.twitter.com/4MWCIrepQP
