March 18 (UPI) — Former President Donald Trump has been unable to find the funds to pay the $454 million civil fraud judgment against him, his attorneys said in a court filing Monday.
Trump’s attorneys said in the filing that it is “impossible” for Trump to pay the bond in full after seeking funds from about 30 surety companies. Trump was ordered last month to pay the full bond as he appeals the judgment.
“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,'” the filing said, NBC News reported. “These diligent efforts have included approaching about 30 surety companies through four separate brokers.”
The attorneys wrote that surety bond companies would “likely charge bond premiums of approximately 2% per year with two years in advance.” The cost upfront, they say, would be more than $18 million and Trump would not be able to recover that cost even if the appeal is granted.
“[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 states.
The former president and the Trump Organization were found guilty of charges related to falsifying financial statements and inflating the value of assets. Judge Arthur Engoron ruled that Trump must pay $355 million plus interest and banned him from doing business in New York for three years. With interest, the judgment is expected to cost about $454 million to $464 million.
Trump has been given 30 days from the entry of the judgment to pay the bond and appeal. Trump and his sons, Donald Trump Jr. and Eric Trump, requested a delay of enforcement on Feb. 21. Engoron denied the request the next day, saying they “failed to explain, much less justify, any basis for a stay.”
Trump’s defense team offered a $100 million bond as it again sought to delay the penalty. The court denied the offer, ordering that the bond be paid in full. Associate Justice Anil Singh ruled that Trump may seek a loan from a New York bank, despite being barred from doing in business in New York.
New York Attorney General Letitia James warned that she would take legal measures to acquire the full judgment amount, including seizing Trump’s properties.
Earlier this month, Trump posted a $91.6 million bond to appeal the ruling in the civil defamation case against him by writer E. Jean Carroll.
Trump, who is the Republican nominee for president, has raised more than $1.3 million to pay the civil fraud judgment with a GoFundMe campaign.
