Former US President Donald Trump’s lawyers have informed the court that Trump is unable to secure an appeal bond to prevent the seizure of his real estate assets in New York following a $454 million civil fraud judgment against him, CNBC reports.
Trump’s legal team stated that it was impossible to obtain a bond of such magnitude after contacting about 30 surety companies. Despite Trump’s claims of having substantial cash reserves, his lawyers detailed the challenges in securing the bond, including the inability to find a surety company willing to underwrite it. They argued that such a large bond would be an abuse of the law and fundamentally undermine the rule of law in New York.
The judgment stems from a case where Trump and his organization were found guilty of fraudulently inflating the value of real estate assets. The former president faces a deadline of March 25 for posting the bond, or his properties could be seized.
