(CNN) — Former President Donald Trump is in panic mode as a New York deadline approaches to seek nearly $500 million in bail to appeal his civil fraud case, according to multiple sources familiar with him.
Trump’s lawyers acknowledged Monday that they are having trouble finding an insurance company willing to underwrite his $454 million bail. Privately, Trump was counting on Chubb, who had E. Jean had posted his $91.6 million bail to cover Carroll’s trial, to support him, but the insurance company informed his lawyers in recent days that that option had been rejected.
Trump’s team has sought out wealthy contributors and considered which assets could be sold quickly and quickly. The presumptive GOP presidential candidate himself has become increasingly concerned about the image the March 25 deadline might project, particularly the prospect that an identity long tied to his wealth will face a crisis. Financial. Trump has continued to privately attack New York Attorney General Letitia James and Judge Arthur Angoron over the matter, the sources told CNN. (James granted a 30-day grace period after Angoron reigned.)
Shortly before 6:30 a.m. Tuesday, Trump took those complaints to the public, posting about the deadline eight times in two hours, arguing that he didn’t have to put up the money and worried that “coercion would be done. Big assets to foreclose or sell.” So, maybe at a fire-sale price, and if and when I win the appeal, it will go away.”
“Does that make sense? Witch hunts. Election interference!” The former president wrote.
“These baseless attacks are pure ***,” Trump campaign spokesman Steven Cheung said in a statement Tuesday. “President Trump has filed a motion to stay Judge Arthur Angoron’s unjust, unconstitutional, un-American ruling in a political witch hunt launched by a corrupt prosecutor. Bail of this magnitude would be an abuse of the law, contradicting our fundamental principles. The Republic and the rule of law in New York. will fundamentally undermine.”
While Trump and his legal team are waiting to see if an appeals court will stay the ruling while appealing, or allow him to post a smaller bail of $100 million, he has privately expressed opposition to any bankruptcy-related path, and now he pending. At least likely, a person familiar with the negotiations told CNN.
But his lawyers told a New York appeals court on Monday that he had approached 30 insurance companies to support the bail, and the former president himself said on Truth Social that he thought it would be “virtually impossible” for him to post the amount. According to Trump’s lawyers, potential insurers are looking for cash to return bail, not property.
The bail stems from Angoron’s ruling last month, which ordered Trump to pay $355 million in forfeitures or “improper benefits” in a case brought by James. The judge wrote in his opinion that Trump and his co-defendants, including his adult children, were liable for fraud, conspiracy and issuing false financial statements and false business records, and found that the defendants manipulated the value of Trump’s assets to obtain more. Favorable loan and insurance rates. Trump’s withdrawal exceeded US$450 million, including interest.
To prevent the state from enforcing the ruling, Trump must post a bond that will be held in the account during the appeals process, which could take years to litigate.
Although Trump posted $91.6 million bail earlier this month as part of his appeal in Carroll’s defamation case, insurance broker Gary Giulietti, who testified for Trump during the civil fraud trial, said some of the largest insurance companies have internal policies that limit their ability to insure. . A bond for over $100 million.
— CNN’s Kara Scannell and Jeremy Herb contributed to this report.
