Former President Donald Trump is not able to post a bond in his current appeal of a fraud judgment in the New York civil case against him, according to a court filing made by his attorneys on Monday. The lawfare against the current presumptive GOP nominee continues to rage on, as the left, desperation leaking from every pore, seeks some way to stop him from taking on President Joe Biden later this year. They are terrified of this man. Why? It’s not because they truly believe he’s the next incarnation of Adolf Hitler. It’s not because he’s a racist or homophobe.
It’s because he knows their pipe dream of a socialist utopia will never come to fruition and will end up destroying lives and taking down the greatest nation on earth. Thus, he plans to dismantle all of the infrastructure the left has put in place in order to try and transform the country. And they do not want to lose their “progress.”
via The Daily Caller:
Trump, the presumptive Republican presidential nominee in the 2024 general election, was sued by Democratic Attorney General Letitia James of New York for allegedly falsifying his company’s assets in order to obtain loans for business ventures, with the New York Supreme Court’s Trial Division issuing a ruling on Feb. 23 that ordered him to pay the State of New York $454 million. Trump, who has appealed the decision, moved the court’s Appellate Division on Monday to stay the execution of the judgment and indicated that he is unable to obtain a “supersedeas” bond that would guarantee the final amount pending the outcome of the appeal.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude…In short, ‘a bond of this size is rarely, if ever, seen,’” Trump’s attorneys wrote in their 4,919-page filing. “The actual amount of cash or cash equivalents required ‘to collateralize the bond and have sufficient capital to run the business and satisfy its other obligations’…’approach[es] $1 billion.’”
The former president’s net worth is estimated to be somewhere around $2.6 billion by Forbes and is made up of a majority of “hard” assets, with commercial property being among the most significant in his portfolio. Trump’s legal team stated in the filing that bond insurance companies “will not ‘accept hard assets such as real estate as collateral,’ but ‘will only accept cash or cash equivalents (such as marketable securities).’”
The filing included affidavits from insurance professionals and attorneys in support of Trump’s claim that posting such a bond was impossible.
“Based upon my more than 50 years in the insurance industry as well as my actual experience over the past several weeks during which I have been in contact with some of the largest insurance carriers in the world in an effort to try and obtain a bond for Defendants, it is my opinion that obtaining an appeal bond for $464 million (the “Judgment Amount”) is not possible under the circumstances presented,” Gary Giuletti, an executive with Lockton Companies, went on to write in a sworn affirmation submitted with the filing.
“Only a handful of sureties are approved by the U.S. Department of Treasury to underwrite bonds for a sum as high as the Judgment Amount…Of those sureties, many have internal policies [that] significantly limit the amount of a bond they will write for a single obligation; indeed, it is my understanding that they will generally only issue a single bond up to $100 million,” Giuletti added. “Among the companies that will not accept real estate as collateral are AXA XL, Hartford, Nationwide, Sompo, Travelers, Berkshire Hathaway, CNA Casualty, Liberty Mutual and many others.”
Let’s hope Trump finds someway to put this assault against him down and help bring a two-tiered system of justice to an end for the sake of the American people.
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