Trump Files 5K-Page “I Can’t Pay” in New York Civil Fraud Case

Donald Trump cannot afford to post an appeal bond covering the $456 million he now owes New York state from last month’s civil fraud judgment, his lawyers said in a court filing Monday.

Footing the full amount in time to meet a March 18 deadline “is a practical impossibility,” despite “Defendants’ ongoing diligent efforts,” they wrote the massive, 4,919-page filing.

Read Trump’s filing here.

Trump is asking an appellate panel in Manhattan to postpone, or “stay,” the judgment while he appeals.

He’s planning on winning the appeal, he argues, at which point he would owe the state nothing, or at least less.

Surety experts have told Business Insider that Trump would need to set aside $500 million in cash to secure the bond he needs.

The actual amount he’d need to set aside would be much higher, the filing claims.

Trump has approached “about 30 surety companies through 4 separate brokers,” in hopes of fulfilling “an impossible bond requirement,” it says.

“A bond requirement of this enormous magnitude — effectively requiring cash reserves approaching $1 billion, is unprecedented for a private company,” it says.

The premium alone — the generally non-refundable price of the bond — would be $18.5 million, it says.

“While it is my understanding that the Trump Organization is in a strong liquidity position, it does not have $1 billion in cash or cash equivalents” on hand, one of Trump’s insurance brokers, Gary Giulietti, said in a signed affirmation that is part of the filing.

Giulietti, who heads Lockton Companies, earned $1.2 million in 2022 as Trump’s broker, he said while testifying on Trump’s behalf at the civil trial in October.

Rather than requiring a bond, the appellate panel should recognize that Trump’s real estate holdings are enough of an IOU, the filing argues.

“Enforcing an impossible bond requirement as a condition of appeal would inflict manifest irreparable injury on Defendants,” it says, meaning Trump, who bears the brunt of the judgment, along with his two eldest sons and former CFO Allen Weisselberg, who were hit with seven-figure judgments.

“By contrast, waiving the bond requirement will impose no cognizable harm on the Attorney General,” Letitia James, given that there were no actual fraud victims, the filing argues.

James and the judge who presided over the trial, state Supreme Court Justice Arthur Engoron, have contended that the New York marketplace was victimized by Trump filing a decade’s worth of wildly exaggerated financial statements to banks.

“Donald Trump falsely, knowingly, inflated his net worth by billions of dollars to unjustly enrich himself, his family, and to cheat the system,” she said in a post-verdict victory lap last month.

A 2023 Forbes analysis put Trump’s net worth at $2.6 billion. In January, Bloomberg estimated that Trump had about $600 million in liquid assets.

This is a breaking story. Please check back for developments.

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