Trump unable to secure $464m bond in New York civil case: legal team

In a significant setback for former President Donald Trump, his legal team revealed on Monday that he is unable to post a $464 million bond to appeal a fraud judgment against him. This development poses a challenge to Trump’s financial standing and reputation as a successful business figure.

Trump, who is also the Republican candidate for the upcoming US presidential election, plans to contest the ruling issued by a New York civil court in February. However, before proceeding with the appeal, he must either deposit the required funds into a court-managed account or secure a bond for the full amount, a task that has proven difficult with 30 insurance underwriters declining to assist.

Expressing his determination to combat the legal decision, Trump denounced the case as a “witch hunt” and vowed to overcome the challenges he currently faces. The urgency of the situation lies in the potential seizure of Trump’s assets by the state of New York if the court does not grant a delay in enforcement by the upcoming Monday.

Trump Organization’s general counsel, Alan Garten, highlighted the obstacles faced by the defendants in obtaining the necessary appeal bond. The initial ruling by Judge Arthur Engoron found Trump guilty of inflating his wealth unlawfully and manipulating property values for personal gain, leading to the substantial financial penalty.

In addition to the $464 million fine, Trump was also ordered to pay $355 million plus interest, while his sons, Eric and Don Jr., were instructed to contribute over $4 million each. Despite managing to secure a separate bond for another legal case earlier, Trump’s current financial predicament presents a significant challenge in navigating the legal repercussions of the civil case in New York.