US Presidential Elections: Donald Trump says don't have money to post bond in New York case
ALSO READ: Joe Biden roasts Donald Trump at Washington dinner:‘One candidate is mentally unfit and the other is…' | Top 6 quotes In the filing, Trump said that he has approached about 30 surety companies through 4 separate brokers to reach his estimate that “a bond requirement of this enormous magnitude" could require “cash reserves approaching $1 billion." Trump didn’t explain where he got the figure, but surety companies can require collateral far exceeding a verdict to ensure they don’t face any risk. “Diligent efforts since that time, including countless hours negotiating with one of the largest insurance companies in the world have proven that obtaining an appeal bond in the full amount of the judgment is not possible under the circumstances presented," Trump said.
The filing is the latest sign that Trump is facing a cash crunch after losing two civil trials this year, complicating his crowded legal strategy as he campaigns to return to the White House amid a torrent of legal troubles, including four criminal prosecutions. Trump said that surety companies typically require collateral of approximately 120% of the amount of the judgment.
The former president also said that surety companies charge bond premiums of approximately 2% per year with two years in advance, which would cost an extra $18 million, Trump’s lawyers said. ©2024 Bloomberg L.P.Milestone Alert!
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