Donald J. Trump’s lawyers said in a court filing that he faces “insurmountable difficulties” as he tries to raise cash for the civil fraud penalty he faces in New York.
Donald J. Trump’s lawyers disclosed on Monday that he had failed to secure a roughly half-billion dollar bond in his civil fraud case in New York, raising the prospect that the state could seek to freeze some of his bank accounts and seize some of his marquee properties.
The court filing, coming one week before the bond is due, suggested that the former president might soon face a financial crisis unless an appeals court comes to his rescue.
Mr. Trump has asked the appeals court to pause the $454 million judgment that a New York judge imposed on Mr. Trump in the fraud case last month, or accept a bond of only $100 million. Otherwise, the New York attorney general’s office, which brought the case, might soon move to collect from Mr. Trump.
Still, even if the higher court rejects his appeal, Mr. Trump is not entirely out of options. He might appeal to the state’s highest court, quickly sell an asset or seek help from a wealthy supporter.
Mr. Trump’s team has also left the door open to exploring a bankruptcy for corporate entities implicated in the case, according to people with knowledge of the discussions. That option, however, is politically fraught during a presidential race in which he is the presumptive Republican nominee, and for now it appears unlikely.
The former president has been unable to secure the full bond, his lawyers said in the court filing on Monday, calling it a “practical impossibility” despite “diligent efforts.” Those efforts included approaching about 30 companies that provide appeal bonds, and yet, the lawyers said, he has encountered “insurmountable difficulties.”
Source: nytimes.com
