Former President Donald Trump is facing a race against time as the deadline looms for him to secure a staggering half-billion-dollar bond to appeal his civil fraud case in New York. With multiple sources familiar with his situation reporting a state of panic, Trump finds himself grappling with the daunting task of obtaining the necessary funds.
Reports indicate that Trump's legal team has encountered significant challenges in finding an insurance company willing to underwrite his USD 454 million bond. Despite exploring various avenues, including reaching out to affluent supporters and considering asset sales, Trump's hopes were dashed when Chubb, the insurer behind his previous bond, declined to provide coverage for this new endeavour.
The pressure of the approaching March 25 deadline is palpable, particularly for Trump, whose public image has long been intertwined with his wealth. The prospect of facing a financial crisis has only exacerbated his anxiety, prompting him to vent his frustrations both privately and publicly.
Behind closed doors, Trump has expressed frustration towards New York Attorney General Letitia James and Judge Arthur Engoron, whom he perceives as unjustly imposing the deadline and financial strain. However, Trump's grievances were swiftly countered by his campaign spokesman Steven Cheung, who dismissed them as baseless innuendos.
As Trump awaits a decision from the appeals court on the bond amount, he remains steadfastly opposed to filing for bankruptcy. His legal team has informed the court of their efforts to secure backing for the bond from various underwriters, but challenges persist, with potential underwriters demanding cash rather than properties to support the bond.
The origins of the bond stem from Engoron's ruling last month, which found Trump and his co-defendants liable for fraud and issued a judgement totaling over USD 450 million. Despite having posted a substantial bond earlier in a separate case, limitations from major underwriters pose a significant obstacle in this instance.
As the deadline draws nearer, Trump finds himself in a precarious position, with the outcome of his appeal hanging in the balance. The coming days will undoubtedly be crucial as Trump and his legal team continue their efforts to navigate the complex legal and financial landscape surrounding the case.
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