Former President Donald Trump finds himself in a state of panic as the clock ticks down towards securing a half-billion-dollar bond to appeal his civil fraud case in New York, according to sources familiar with his concerns. Trump’s legal team revealed on Monday that he is grappling to find an insurance company willing to underwrite his $454 million bond, raising significant challenges for his defense strategy.
Privately, Trump had pinned hopes on Chubb, the insurer behind his previous $91.6 million bond in the E. Jean Carroll judgment, to provide coverage once more. However, in a recent setback, the insurance giant informed Trump’s attorneys that this option was no longer viable. With the deadline looming, Trump’s team is exploring alternative avenues, including reaching out to affluent supporters and evaluating potential asset sales to meet the financial requirements swiftly.
The impending deadline, set for March 25, has heightened Trump’s concerns, particularly regarding the optics of a prominent figure known for his wealth facing a financial crisis. Behind closed doors, Trump has directed his frustration towards New York Attorney General Letitia James and Judge Arthur Engoron, the key figures in the legal proceedings.
In a flurry of social media activity early Tuesday morning, Trump publicly aired his grievances about the deadline, expressing reluctance at the prospect of having to put up the funds. He voiced apprehension about the possibility of being compelled to sell assets at reduced prices, with no guarantee of recovering them upon winning the appeal.
Responding to Trump’s claims, his campaign spokesman, Steven Cheung, denounced them as baseless and referred to the case as a “political Witch Hunt.” Cheung emphasized Trump’s efforts to challenge the judgment, portraying the bond requirement as excessive and an affront to the principles of justice.
As Trump awaits the appeals court’s decision on whether to pause the judgment or permit a reduced bond of $100 million, he has adamantly opposed considering bankruptcy as an option, despite the financial strain. Trump’s legal team informed the New York appeals court that they have approached numerous underwriters for support, although finding cash rather than property to back the bond remains a challenge.
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