(TargetDailyNews.com) – CNN is reporting that “Trump is in panic mode” over the need to post a $454 million bond to appeal his conviction in the New York civil fraud case, claiming “multiple sources.”
Trump’s lawyers stated they were having difficulties in attempting to secure the funds by finding an insurance company willing to underwrite it. Trump had previously used Chubb to underwrite his $91.6 million bond in the E. Jean Carroll case, but they said they wouldn’t be able to provide Trump with the funds.
The March 25th deadline only gave Trump 30 days to secure the funds after Judge Arthur Engoron ruled that Trump was guilty of fraud. The case was widely regarded by conservatives as a sham trial with Engoron’s Democratic allegiance on full display. There was no jury in the trial and Engoron publicly expressed sentiments suggesting he believed Trump was guilty before the trial began.
Trump expressed his frustrations with the state of affairs in a series of posts Tuesday morning on Truth Social. He suggested that he would have to sell “Great Assets,” and implied they would go for “Fire Sale prices,” and if his conviction is overturned he wouldn’t be able to get them back. He emphatically claimed that the situation was being used to hurt his chances in 2024.
When asked about the rumors, Trump spokesman Steven Cheung replied with a statement calling them “baseless innuendos” and “pure bullsh**.” He added that the ruling in the NY civil case was un-American, unjust, and unconstitutional. He also said that NY Attorney General Letitia James and Engoron are corrupt political actors, weaponizing the justice system to require a bond of unreasonable size when there are no damages in the case.
A higher court, including the Supreme Court itself, could step in to issue a ruling that abrogates the necessity for the bond or reduces the amount to $100 million which is another option Trump’s team has suggested as a compromise. Trump is unwilling to declare bankruptcy at this time, according to one source.
A problem for Trump is that large underwriters have internal policies that prohibit them from granting a bond for any amount in excess of $100 million.
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