Trump Can’t Obtain Appeal Bond , in New York Fraud Case.
According to a New York court filing on March 18, Trump isn't able to secure a $454 million bond as he appeals a civil business fraud judgement against him, CNBC reports.
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Trump's attorneys said that getting the bond is "impossible" since it would "effectively" require "cash reserves approaching $1 billion.".
Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’, Donald Trump's lawyers, via CNBC.
Gary Giulietti, president of the Northeast division of the Lockton Companies, was hired to help Trump obtain a bond.
Despite scouring the market, we have been unsuccessful in our effort ... for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented, Gary Giulietti, president of the Northeast division of the Lockton Companies, via CNBC.
Simply put, a bond of this size is rarely, if ever, seen, Gary Giulietti, president of the Northeast division of the Lockton Companies, via CNBC.
In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses, Gary Giulietti, president of the Northeast division of the Lockton Companies, via CNBC.
Giulietti went on to say that a private company would need about $1 billion to put up as collateral to receive a bond of that size.
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While it is my understanding that the Trump Organization is in a strong liquidity position, it does not have $1 billion in cash or cash equivalents, Gary Giulietti, president of the Northeast division of the Lockton Companies, via CNBC.
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case brought against him by writer E.
Jean Carroll.
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Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case brought against him by writer E.
Jean Carroll.
