Former President Donald Trump slammed a New York state court for the massive bond set for his civil fraud case Monday, criticizing state Attorney General Letitia James for conducting a “witch hunt” and saying the almost half-billion dollar bond imposed on his company was unconstitutional.
The former president’s lawyers revealed Monday that it had been “impossible” to get the funds to secure a bond for the $464 million Mr. Trump’s company owes in the New York judgment against him for business fraud claims, after dozens of bond issuers rejected his request.
“A bond of the size set by the Democrat Club-controlled Judge” is “unConstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine,” Mr. Trump wrote on his social media site Truth Social Monday evening.
“The Bonding Companies have never heard of such a bond, of this size, before, nor do they have the ability to post such a bond, even if they wanted to,” he claimed.
The state court, ruling on a case brought by Ms. James, found that Mr. Trump and his real estate development and hospitality company submitted fraudulent documents to get better business loan terms and insurance. He was ordered to pay nearly $355 million by Judge Arthur Engoron. The amount continues to gain interest while it doesn’t get paid.
In a court filing, Mr. Trump’s lawyers said they approached 30 surety companies through four brokers and found that obtaining the money was “a practical impossibility.”
The former president, who faces criminal trials in Washington, Florida and Georgia as well, has until next week to secure the bond, before Ms. James attempts to secure the total amount. A bond is usually a higher percentage than the actual bond amount.
“A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion — is unprecedented for a private company,” Mr. Trump’s attorneys wrote. “Even when it comes to publicly traded companies, courts routinely waive or reduce the bond amount.”
Mr. Trump’s lawyers have argued that the courts should put the judgment on hold while he appeals Judge Engoron’s decision. Ms. James could begin freezing the Trump Organization’s financial accounts or seize some of its properties to satisfy the unpaid bond.
• Mallory Wilson can be reached at mwilson@washingtontimes.com.
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