Former president Donald Trump’s posting of the bond was needed to keep New York Attorney General Letitia James from initiating steps to take over his properties.
By Shayna Jacobs, The Washington PostNew York Attorney General Letitia James, center left, waits for the continuation of former President Donald Trump's civil business fraud trial at New York Supreme Court, Wednesday, Oct. 25, 2023, in New York.
The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James from initiating legal steps to take over his properties. Trump lawyers recently argued to an appeals court that he was unable to post a bond of over $450 million, roughly the size of the judgment against him with interest included, mainly because about 30 surety companies he consulted with would not accept his real estate as collateral, only liquid assets.
If he does not win his appeal, Trump will still owe more than $450 million from a civil court judgment after James won the fraud case against him, alleging he deceived lenders and insurance companies by inflating his net worth by up to $2.2 billion annually from 2011 to 2021.
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