Former President Donald Trump is facing a deadline to secure a half-billion-dollar bond to appeal his civil fraud case in New York. Trump's lawyers have acknowledged the difficulty in finding an insurance company willing to underwrite his $454 million bond. Despite hoping for support from Chubb, the insurance giant has informed his attorneys that this option is no longer available.
Trump's team is exploring alternative options, including seeking assistance from wealthy supporters and considering selling assets quickly. The looming deadline has raised concerns for Trump, who is worried about the potential financial crisis and the impact on his public image.
Trump has expressed frustration towards New York Attorney General Letitia James and Judge Arthur Engoron over the matter. He has taken to social media to voice his grievances, arguing against having to put up the money and expressing concerns about the potential loss of assets.
Trump's legal team is awaiting a decision from an appeals court on whether the judgment will be paused as he appeals or if a smaller bond of $100 million will be accepted. Filing for bankruptcy is currently considered the least likely option.
The bond requirement stems from Engoron's ruling ordering Trump to pay $355 million in disgorgement for fraudulently inflating the value of his assets. Trump and his co-defendants were found liable for fraud, conspiracy, and issuing false financial statements.
While Trump posted a $91.6 million bond earlier in a separate case, challenges remain in securing the larger bond for the civil fraud appeal. Some underwriters have internal policies limiting them from backing bonds exceeding $100 million.
