US: Donald Trump's lawyers push back New York attorney general's bond suggestions, call it "impractical and unjust"

New York Attorney General Letitia James said that she will take steps to seize assets if Donald Trump agrees to no arrangement.

Former US President Donald Trump's lawyers on Thursday rejected the New York attorney general's office's several suggestions on how he can pay bond, CNN reported. Trump is in panic mode as the deadline approaches to secure a half-billion-dollar bond to appeal his civil fraud case in New York, the report said citing multiple sources.

Trump's lawyers acknowledged Monday that he was struggling to find an insurance company willing to underwrite his $454 million bond. The suggestions include the idea that Trump could get several underwriters to secure bonds totalling the judgement, saying it would still need the former US President to post half a billion dollars in cash or stock - money he doesn't have. The court's decision comes as the former US President now has four days to satisfy the judgement or sway an appeals court to allow him to post a smaller amount or defer posting the payment until after the appeal, according to CNN report. In the filing, the legal team of Trump stated that the New York attorney general's office shouldn't be able to challenge their claims.

New York Attorney General Letitia James said that she will take steps to seize assets if Donald Trump agrees to no arrangement. On Wednesday, the attorney general's office said that it's common for large companies to post billion-dollar bonds and suggested Trump should have posted real estate with the court. Trump's lawyers wrote, "The suggestion is both impractical and unjust. The Attorney General cites no New York case law to support this contention. In any event, from the perspective of risk, the Attorney General's proposal of a 'court-appointed officer' to 'hold real estate' is functionally equivalent to what Supreme Court has already imposed through the requirement of a court-appointed monitor to oversee Defendants' business operations."

According to Trump's lawyers, being forced to sell properties at a fire sale would cause irreparable injury as they could not later recover the property if they were to win an aspect of the appeal. Trump's lawyers wrote, "By demanding an undertaking in the full amount of the judgment in order to appeal, the Attorney General and Supreme Court have sought to impose a patently unreasonable, unjust, and unconstitutional (under both the Federal and New York State Constitutions) bond condition."

Panic mode has set in for Trump as he grapples with the task of obtaining a half-billion-dollar bond, CNN reported citing multiple sources familiar with his situation. Acknowledging the difficulty in finding an insurance company willing to underwrite his USD 454 million bond, Trump's legal team has been working tirelessly to explore various avenues. Privately, Trump had pinned his hopes on Chubb, the insurer behind his previous USD 91.6 million bond in the E Jean Carroll judgement, according to CNN report. However, hopes were dashed when Chubb informed his attorneys that this option was no longer viable.

In a bid to secure the necessary funds, Trump's team has reached out to affluent supporters and considered the possibility of selling assets quickly. The weight of the approaching March 25 deadline is palpable, particularly for Trump, whose image has long been intertwined with his wealth. Concerns over the optics of facing a financial crisis have only intensified Trump's anxiety, according to CNN. Behind closed doors, Trump has expressed frustration towards New York Attorney General Letitia James and Judge Arthur Engoron regarding the matter. Trump perceives the deadline and the financial strain it entails as unjust, and he continues to privately criticise the legal proceedings.

Expressing his anger publicly, Trump took to social media in the early hours of the morning, posting multiple times about the impending deadline. He argued against the necessity of putting up the required funds, expressing worry about the potential repercussions on his assets. However, these grievances were swiftly countered by Trump campaign spokesman Steven Cheung, who labelled them as baseless innuendos. Cheung emphasised Trump's efforts to challenge what he perceives as an unjust judgement, characterising it as a political witch hunt orchestrated by a corrupt Attorney General. On March 18, the attorneys for former President Donald Trump stated that he is having "insurmountable difficulties" getting a bond to pay the USD 464 million civil fraud case, ABC News reported.

In February, Judge Arthur Engoron found Trump guilty of conducting a decade's worth of business using false financial statements that exaggerated his real estate assets and inflated his fortune, and he sentenced him to pay USD 464 million in disgorgement and interest. A three-year ban on Trump's ability to run any New York-based corporation was also imposed. Furthermore, his sons, Eric Trump and Donald Trump Jr, each received a USD 4 million fine and a two-year ban."Defendants have faced what have proven to be insurmountable difficulties in obtaining an appeal bond for the full USD 464 million," according to an affirmation by Trump Organization general counsel Alan Garten, ABC News reported. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)