Former President Donald Trump in Panic Mode as Deadline Approaches to Secure Bail
Former President Donald Trump is facing a financial crisis as the deadline to secure nearly $500 million bail to appeal his civil fraud case in New York draws near. According to sources familiar with him, Trump is in panic mode as he struggles to find an insurance company willing to underwrite his $454 million bail.
Trump’s lawyers revealed on Monday that he was having difficulty finding an insurance company to back his bail. Despite counting on Chubb, the insurance giant that covered his $91.6 million bail in a previous case, they informed his lawyers that they would not be able to support him in this situation.
The former president’s team has been scrambling to find wealthy contributors and consider selling assets quickly. Trump himself is increasingly concerned about the image the looming deadline could present, especially given his reputation for wealth. He has been privately lashing out at New York Attorney General Letitia James and Judge Arthur Engoron over the matter.
In a public outburst on social media early Tuesday morning, Trump voiced his frustrations over the situation, arguing that he shouldn’t have to put up the money and expressing fear of having to sell assets at “fire-sale prices.”
Trump’s campaign spokesman denounced the claims as “baseless” and argued that the bail amount was unjust and unconstitutional. Trump’s legal team is waiting to see if an appeals court will halt the ruling while he appeals, or allow him to post a smaller bail of $100 million.
The bail stems from a ruling last month by Judge Engoron, who ordered Trump to pay $355 million in forfeiture in a case brought by Attorney General James. The judge found Trump and his co-defendants guilty of fraud and conspiracy, alleging that they fraudulently inflated the value of assets to secure favorable loan and insurance rates.
Despite posting bail in a previous case, Trump is now facing significant challenges in securing the required funds for his current situation. The appeal process could take years to resolve, adding to the pressure faced by the former president.
As the deadline approaches, Trump and his legal team are scrambling to find a solution, with potential insurers looking for cash to back the bail. The outcome of his appeal and the future of his financial standing remain uncertain as the deadline looms.