Former President Donald Trump‘s legal team informed a New York appellate court on Monday that it is unable to post a bond covering the full sum of his $454 million civil fraud judgment for the duration of his appeal process. This comes as a result of a ruling last month by a state appeals court judge, which mandates the post of a full-sum bond to defer enforcement of the judgment, beginning March 25.
“Defendants have faced what have proven to be insurmountable difficulties in obtaining an appeal bond for the full $464 million,” Trump Organization general counsel Alan Garten wrote in court papers filed Monday. Trump’s defense has already engaged with 30 surety companies via four different brokers in an attempt to obtain the bond.
With accrued interest, Trump’s outstanding sum would be approximately $456.8 million. The total sum owed by Trump and his co-defendants is $467.3 million. According to Trump’s counsel, collateral valued at $557 million would likely be required to acquire the needed bond.
The civil fraud judgment levied against the former president was the result of a ruling by Manhattan Supreme Court Judge Arthur Engoron. He determined that Trump had excessively inflated his net worth to secure more advantageous loan terms. Trump was subsequently fined $354.8 million, followed by roughly $100 million in pre-judgment interest. New York AG Letitia James brought the case against Trump.
Despite the hefty fine, Trump confirmed his intention to contest the ruling. However, he is obligated to first pay the fine as a bond to New York State.