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Trump failed to secure $464 million appeal bond to stop collection, lawyers say: 'practical impossibility'

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Former President Trump has been unable to secure a $464 million appeal bond he needs following a civil fraud judgment in New York against him, his lawyers say.

In a court filing Monday, his lawyers said getting one was a “practical impossibility under the circumstances presented.”

In late February, a New York Court of Appeals judge rejected Trump's request to delay payment of the $464 million owed due to The trial of Attorney General Letitia James, but said he would temporarily allow the 2024 frontrunner and his sons to continue operating their business during the appeal process.

Trump and his sons Donald Trump Jr. and Eric Trump were barred earlier that month from operating their businesses in New York for a period of two to three years. Trump was also found liable for hundreds of millions of dollars in damages in the civil fraud case brought against him, his family and the Trump Organization by James.

NEW YORK COURT OF APPEALS ALLOWS TRUMP AND SONS TO CONTINUE TO RUN BUSINESS, DENIES REQUEST FOR DELAY PAYMENT

Former Republican President Donald Trump salutes during a campaign rally Saturday, March 16, 2024 in Vandalia, Ohio. (AP/Jeff Dean)

The filing Monday states that “ongoing diligent efforts have proven that a bond for the full amount of the judgment is 'a practical impossibility.'

“These diligent efforts included contacting approximately 30 bail bond companies through 4 separate brokers,” the filing states. “A bond requirement of this magnitude – effectively requiring cash reserves approaching $1 billion… is unprecedented for a private company.”

It also states that “waiving the bond requirement will not impose any identifiable prejudice on the Attorney General.” The case involves no actual victims and no restitution awards, and it is entirely protected by the defendants' real estate. This factor alone justifies a suspension. “.

“The Court should stay the judgment pending appeal and put a stop to the Attorney General’s overzealous legal crusade,” Trump’s lawyers also argued. “If the oral arguments can assist the Court in reaching this conclusion, we respectfully request the opportunity for such a hearing.”

NEW YORK ATTORNEY GENERAL TRUMP ON THE INTEREST HE OWS ON CIVIL FRAUD JUDGMENT

Letitia James

New York Attorney General Letitia James speaks during a news conference in September 2022 in New York. (AP Photo/Brittainy Newman, file)

His lawyers also said: “The impracticality of obtaining bail interferes with the defendants' right to appeal and threatens the appellate jurisdiction of this Court. »

“The amount of the judgment, including interest, exceeds $464 million, and very few bail bonds companies will consider bail of this magnitude,” they added. “The remaining handful will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents (such as marketable securities).”

A New York Court of Appeals judge previously ruled that the former president must post bail for the full amount of the judgment and that an independent compliance director would be appointed.

This decision comes after new York Judge Arthur Engoron issued his decision in early February after a months-long trial that began in October during which the former president was accused of inflating his assets and committing financial records fraud.

New York judge Arthur Engoran

New York Judge Arthur Engoron ruled on the Trump civil case in February. (ERIN SCHAFF/PISCINE/AFP via Getty Images)

Engoron ruled that Trump and other defendants were responsible for “persistent and repeated fraud,” “falsifying business records,” “publishing false financial statements,” “conspiring to falsify false financial statements,” of “insurance fraud” and “conspiracy to commit insurance fraud.” “.

“In a massive victory, we won our case against Donald Trump for engaging in years of incredible financial fraud to enrich himself. Trump, Donald Trump, Jr., Eric Trump and his former executives must pay more than $450 million dollars in restitution and interest,” James wrote on the X, celebrating the very day of judgment.

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On February 23, James, who denied having a “personal vendetta” against Trump despite remarks suggesting otherwise, flatly posted “$464,576,230.62.”

Fox News' Brooke Singman and Danielle Wallace contributed to this report.

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