Donald Trump’s assets under theat as he ‘can’t find $557m bond’, his lawyers say
Donald Trump cannot find the $557m (£438m) bond he needs to pause enforcement of a civil fraud trial judgement against him because it is too much money, his lawyers have said.
The former president was fined $454m (£356m) after being found guilty of scheming for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.
If he is unable to find the bond amount, his assets could be seized instead, starting as soon as next week.
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Last month, in a New York state appeals court, Judge Arthur Engoron ruled he must post a bond covering the full amount to hold up enforcement of the judgment, set to start on 25 March.
But Mr Trump’s lawyers said obtaining a bond for such a large sum “is not possible under the circumstances presented” as most bonding companies simply will not offer the huge amount required.
With interest, Mr Trump owes almost $457m (£359m), but, in all, he and his co-defendants including his company and top executives, such as his sons Eric and Donald Trump Jr, owe $467m (£367m).
Mr Trump, who has secured the Republican nomination for this year’s general election, has frequently claimed to be worth billions of dollars and last year said he had $400m in cash, in addition to properties and other investments.
The real estate tycoon, who is fighting four criminal prosecutions as he prepares to take on President Joe Biden for the White House in November, asked if the court would accept a bond of $100m (£78m) to stay the judgement, but his proposal was rejected.
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A stay is a legal mechanism pausing collection during an appeal.
Mr Trump’s team spent “countless hours negotiating with one of the largest insurance companies in the world”, they wrote, but to no avail.
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Their filing quoted Gary Giulietti, a real estate broker, who wrote that few firms would consider the proposal.
He wrote: “A bond of this size is rarely, if ever, seen”.
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New York Attorney General Letitia James, a Democrat, has said that she will seek to seize some of Mr Trump’s assets if he is unable to pay the judgment.
Mr Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. In January, a jury ordered Mr Trump to pay $83m (£65m) to writer E Jean Carroll for defaming her.
The King has written to former US president Joe Biden after he was diagnosed with an aggressive form of prostate cancer, Buckingham Palace said
The monarch, who is undergoing his own treatment for an undisclosed cancer, hosted the 82-year-old for tea and talks at Windsor in July 2023.
Mr Biden was diagnosed on Friday, with tests revealing the cancer had spread to his bones.
The former president posted an image of himself and his wife Jill on X on Monday and wrote: “Cancer touches us all. Like so many of you, Jill and I have learned that we are strongest in the broken places. Thank you for lifting us up with love and support.”
The King and Joe Biden at Windsor Castle in July 2023. Pic: Reuters
The King’s letter comes after British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
Meanwhile US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Read more: Biden diagnosed with ‘aggressive’ form of prostate cancer
Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
After a poor debate performance against Mr Trump and amid escalating concerns around his age and fitness to serve, Mr Biden withdrew from the 2024 presidential election race and endorsed his vice president Kamala Harris.
Ms Harris wrote on X after his diagnosis: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
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Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media that he and his wife were “united in prayer for the Biden Family during this difficult time”.
Politicians have sent messages of support to Joe Biden, who has been diagnosed with prostate cancer.
The 82-year-old, who is the oldest person to ever serve as US president, was described as a “fighter” with people wishing him a “fast and full recovery”.
US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Read more: Biden diagnosed with ‘aggressive’ form of prostate cancer
Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
After a poor debate performance against Mr Trump and amid escalating concerns for his health, Mr Biden withdrew from the 2024 election and endorsed his vice president Kamala Harris.
Ms Harris wrote on X: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House Of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
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Listen to The World with Richard Engel and Yalda Hakim every Wednesday
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media he and his wife were “united in prayer for the Biden Family during this difficult time”.
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