Trump is facing "insurmountable difficulties" in obtaining a Bond to satisfy the $464 million Civil Fraud Judgment, His Attorneys said Monday, in a New Appellate Court Filing, and the magnitude of which would require Him to use His Real Estate as Collateral.
Judge Arthur Engoron in February, ordered Trump to pay $464 million in Disgorgement and Interest after holding Him Liable for doing a Decade's worth of Business with Fraudulent Financial Statements that Overvalued His Real Estate Holdings and hyped His Wealth, and Undervalued for Federal and State Taxes.
Trump was also Barred from Leading any New York Company for Three years, and His Sons Donald Trump Jr. and Eric Trump, were also fined $4 million Apiece and barred for Two years, and Two Excutives also for Two years. Without the Blond or Real Estate, there is No Appeal.
"Defendants have faced what have proven to be insurmountable difficulties in obtaining an appeal bond for the full $464 million," according to an Affirmation by Trump Organization General Counsel Alan Garten.
While Garten said Trump is "financially stable" and maintains "substantial assets," the magnitude of the Judgment would require Him to use His Real Estate as Collateral for the Bond, but the Real Estate is Collateral for current Real Estate Loans.
So far, according to Garten's Affirmation, No Surety Bond Provider approached by Trump, is willing to accept Real Estate as Collateral, including Chubb, the Insurance giant Underwriting Trump's $91.6 million Bond to cover the $83 million Judgment in the E. Jean Carroll Sexual Abuse/Defamation Case, plus Interest.
Also, the Judge Denies Trump's Request to Delay Enforcement of $355M Fraud Case Penalties.
Trump's Attorneys, who have called the Judgment "unconstitutionally excessive," asked an Appellate Court again on Monday, to allow Trump to Secure a Bond in a Lesser amount.
"Obtaining such cash through a 'fire sale' of real estate holdings would inevitably result in massive, irrecoverable losses -- textbook irreparable injury," Defense Lawyers Alina Habba and Clifford Robert wrote.
According to the Filing, Gary Guilietti, the President of Insurance Surety Lockton Companies, who Testified in Trump's Defense at Trial, has helped coordinate the Trump Organization's Outreach to Bond Companies.
Guilietti said in an Affidavit that Surety Companies have Not Allowed the Trump Organization to use its Properties as Collateral, leaving the Company with the only Option of posting 120% of the Bond in the form of Cash and Cash equivalents, totaling $557,491,716.
NYC Wins When Everyone Can Vote! Michael H. Drucker