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Trump has been unable to get bond for $464 million judgment, his lawyers say
Former President Donald Trump has not been able to get a bond to secure the $464 million fraud judgment against him, his lawyers said in a court filing Monday.
Trump and his company need to post a bond for the full amount by next week in order to stop New York Attorney General Letitia James from being able to collect while he appeals. They’ve asked an appeals court to step in in the meantime and said Monday that they have not had any success getting a bond.
“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” the filing said. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
Their efforts, including “countless hours negotiating with one of the largest insurance companies in the world,” have proven that “obtaining an appeal bond in the full amount” of the Judgment “is not possible under the circumstances presented,” the filing said.
The other bond 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 said. He also noted those companies typically “require collateral of approximately 120% of the amount of the judgment” — which would total about $557 million.
“In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advance—an upfront cost over $18 million,” the filing said. That $18 million would not be recoverable even if Trump wins his appeal.
In all, the filing said, 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 filing said.
While the filing says Trump can’t afford the bond, it also argues that the attorney general doesn’t have to worry about being able to collect her judgment.
“Defendants’ real estate holdings — including iconic properties like 40 Wall Street, Doral Miami, and Mar-a-Lago, — greatly exceed the amount of the judgment. Such assets are impossible to secrete or dispose of surreptitiously, leaving the plaintiff effectively secured during the pendency of an appeal,” the filing said.
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Mass shooting at Austin, Texas bar leaves at least 3 dead, 14 wounded, authorities say
Gunfire rang out at a bar in Austin, Texas, early Sunday and at least three people were killed, the city’s police chief said.
Austin Police Chief Lisa Davis told reporters the shooter was killed by officers at the scene.
Fourteen others were hospitalized and three were in critical condition, Austin-Travis County EMS Chief Robert Luckritz said.
“We received a call at 1:39 a.m. and within 57 seconds, the first paramedics and officers were on scene actively treating the patients,” Luckritz said.
There was no initial word on the shooter’s identity or motive.
Davis noted how fortunate it was that there was a heavy police presence in Austin’s entertainment district at the time, enabling officers to respond quickly as bars were closing.
“Officers immediately transitioned … and were faced with the individual with a gun,” Davis said. “Three of our officers returned fire, killing the suspect.”
She called the shooting a “tragic, tragic” incident.
Austin Mayor Kirk Watson said his heart goes out to the victims, and he praised the swift response of first responders.
“They definitely saved lives,” he said.
Davis said federal law enforcement is aiding the investigation.
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