Trump Can’t Find Insurer To Cover $454 Million Bond After Seeking Help From 30 Companies

In a new legal filing that asks a New York state judge to put a pause on President Trump’s $454 million civil fine levied by the state attorney general, the former president’s lawyers have disclosed that they have been unable to find an insurer to cover the bond even after contacting 30 firms about such assistance. “In deciding whether to enter a stay, the Court may consider ‘any relevant factor, including the presumptive merits of the appeal and any exigency or hardship confronting any party,’” Mr. Trump’s lawyers write, pleading for relief from the judge. “Here, Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’”They say they have spent “countless hours negotiating with one of the largest insurance companies in the world” to no avail. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers. A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion — is unprecedented for a private company,” the attorneys say. According to an analysis by CNBC, Mr. Trump’s fine is growing by more than $100,000 per day due to interest. “Even when it comes to publicly traded companies, courts routinely waive or reduce the bond amount. Enforcing an impossible bond requirement as a condition of appeal would inflict manifest irreparable injury on Defendants,” they continue.Mr. Trump’s lawyers say that putting a pause on the requirement for bond creates no harm for the state or the people of New York, but does represent a serious harm for their client. “Waiving the bond requirement will impose no cognizable harm on the Attorney General,” the attorneys argue. “The case involves no actual victims and no award of restitution, and she is fully protected by Defendants’ real-estate holdings. This factor alone warrants a stay.”Judge Arthur Engoron, who decided unilaterally both the issue of Mr. Trump’s guilt and the nature of his penalty, ruled that a bond must be posted by March 25. Mr. Trump’s attorneys have previously proposed posting a temporary $100 million bond, but that was rejected by another state judge.

Trump Can’t Find Insurer To Cover $454 Million Bond After Seeking Help From 30 Companies

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