By Jesus Garcia
Mar 18, 2024, 11:58 AM EDT
Former President Donald Trump failed to obtain bail from an insurer to guarantee the payment of $464 million against him.
This was revealed by their lawyers in a court file this Monday, where they indicate that the request was made to several insurers without reaching an agreement.
Trump and his company must post bail for the full amount next week, in order to prevent New York Attorney General Letitia James from collecting while he appeals.
“These diligent efforts have included approaching approximately 30 escrow companies through four different brokers,” the court document states.
According to the arguments of Trump’s lawyers, insurers do not accept a negotiation “under the circumstances presented”, some even do not accept real estate as collateral.
“Sureties would likely charge bond premiums of approximately 2 percent annually two years in advance, an initial cost of more than $18 million,” the document says.
Lawyers acknowledge that Trump would not be able to recover that money, even if he wins the appeal.