Trump defense lawyers: ‘The exorbitant and punitive amount of the judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions make it impossible to secure and post a complete bond.’
By Cristina Laila | The Gateway Pundit
President Trump’s lawyers on Monday in a court filing said Trump has been unable to secure a bond in order to appeal Letitia James’ $454 million judgment.
Letitia James last month threatened to seize Trump’s assets.
Last month President Trump offered to post a $100 million bond and asked for a stay of the $464 million judgment in Letitia James Soviet-style NYC fraud trial.
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s defense lawyers wrote in the filing.
“Appellants nonetheless plan to secure and post a bond in the amount of $100 million.”
Trump has been unable to secure a bond for the judgment’s full amount his lawyers said on Monday.
Trump’s “ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” Trump’s lawyers said, accordin to NBC News. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
Reuters reported:
Donald Trump has so far been unable to obtain a bond that would allow him to appeal a $454 million judgment against him in a New York civil fraud case without posting the full amount himself, his lawyers said on Monday.
Trump must either find the cash or post a bond to prevent the state’s authorities from seizing his properties while he appeals Justice Arthur Engoron’s Feb. 16 decision ordering him and co-defendants to pay $464 million in penalties and interest for misstating property values to dupe lenders and insurers.
In a court filing on Monday, his lawyers urged a mid-level state appeals court to delay enforcement of the judgment, arguing the amount was excessive.
Radical Marxist New York Attorney General Letitia James sought $370 million in ‘damages’ when there is no victim in this fraud case and she also sought to ban Trump and his sons from operating any businesses in New York. She accused Trump of inflating his assets and defrauding lenders and insurance companies.
Last month Judge Engoron ordered Trump to pay more than a $355 million fine and barred Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
Engoron claimed Trump and each of the defendants “participated in aiding and abetting the conspiracy to commit insurance fraud by their individual acts in falsifying business records and valuations, causing materially fraudulent SFCs to be intentionally submitted to insurance companies.”
Donald Trump Jr. and Eric Trump were also ordered to pay millions of dollars in fines. ##