Donald Trump approached 30 insurers via four brokers to underwrite his nearly half-billion dollar bond in a civil fraud case, but ex-US president has been rejected at each turn, his attorneys says in court filing.
Trump speaks during a Buckeye Values PAC Rally in Vandalia, Ohio, on March 16, 2024. / Photo: AFP
"A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion," attorneys wrote in the sprawling filling,"is unprecedented for a private company." "Obtaining such cash through a 'fire sale' of real estate holdings would inevitably result in massive, irrecoverable losses — textbook irreparable injury," the lawyers said.Judge Engoron issued his biting ruling following a month long civil fraud trial that sought to determine the damages that Trump was to pay after being found liable for misleading authorities and banks about the value of his real estate holdings.
But his lawyers said the leading bond providers all had internal policies preventing them from accepting real estate as collateral in the fraud case, and many would not exceed limits of $100 million.
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