Name: Attorney General Asks Court Not to Consider 'Impossibility' of $464 Million Trump Bond
Uploaded: 2024-03-21T02:50:26.000Z
Description: New York Attorney General Letitia James's office on March 20 asked the appellate division of the New York Supreme Court to throw out several arguments made by former President Donald Trump as he seeks to stay enforcement of more than $350 million in penalties while he appeals.

Jack Bradley is a Washington correspondent for NTD News based in Washington, D.C. Jack previously anchored "NTD Newsroom" and worked as an assistant producer for the show. 

Jack Bradley

NTD Plus

News

News with integrity, from the U.S. and around the world. Focused reports and analyses that shed light on major issues the world deserves to know. NTD Evening News airs daily at 6 p.m. ET.

NTD Evening News

China’s Broken Promises Loom Over New Trade Deals

David Lam is a national correspondent based in California and a part-time anchor for "NTD Tonight." Before joining NTD he was a financial analyst.

David Lam

Californians React as Trump Calls for Gas Tax Suspension

Arleen Richards is NTD's legal correspondent based at the network's global headquarters in New York City, where she covers all major legal stories. Arleen holds a Doctor of Law (J.D.).


Arleen Richards

Federal Agencies Announce ‘Summer Surge’ of Law Enforcement into DC Ahead of 250th Anniversary

Christina Corona is a California-based reporter for NTD News. She primarily covers California news, politics, and entertainment.  

Christina Corona

Trump Administration Reports Zero Border Releases

Arian Pasdar is an international correspondent for NTD News based in South America. His reporting focuses on immigration and key events in Latin America.

Arian Pasdar

US to Host 1st Ever World Cup Final Halftime Show, Featuring Shakira, Madonna

Savannah Pointer is a politics reporter for The Epoch Times. She can be reached at savannah.pointer@epochtimes.us

Savannah Hulsey Pointer

Jason Perry is an Army veteran and NTD's National Security Correspondent based at the network's global headquarters in New York City. Jason primarily covers border security, national defense, foreign wars, and veterans' issues.

Jason Perry

Health News

Texas Children's Hospital to Open First-Ever Detransition Clinic Under Deal With DOJ

Sam Wang is a Washington correspondent for NTD News based in Washington, D.C. Sam covers politics on Capitol Hill, and U.S.-China relations. 

Sam Wang

Citizens Honor Police for Their Service and Sacrifice

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

Trump ‘Projecting American Influence and Leadership’ on Iran Issue in Beijing: China Expert

Chris Bob is a reporter for NTD and a host of "Profiles of Service." He is also a small business owner. Chris graduated from Union College with a concentration in politics and religion in Russia and the former Soviet Union.

Chris Bob

Senate Panel Advances Crypto Regulation Bill

Jason Blair is a national correspondent for NTD News based in California. 

Jason Blair

Lawmakers Weigh ‘Sanctuary’ Polices After Woman’s Death in Virginia

NTD Evening News Full Broadcast (May 15)

NTD Evening News Full Broadcast (May 14)

NTD Evening News Full Broadcast (May 13)

NTD Evening News Full Broadcast (May 12)

NTD Evening News Full Broadcast (May 11)

Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Evening News Full Broadcast (May 10)

NTD Evening News Full Broadcast (May 9)

NTD Evening News Full Broadcast (May 8)

NTD Evening News Full Broadcast (May 7)

NTD Evening News Full Broadcast (May 6)

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

New York Attorney General Letitia James's office on March 20 asked the appellate division of the New York Supreme Court to throw out several arguments made by former President Donald Trump as he seeks to stay enforcement of more than $350 million in penalties while he appeals.

"The Court should not consider defendants’ new allegations and arguments—which contend that a full bond or deposit is a 'practical impossibility,'” the <a href="https://eddsa.blob.core.usgovcloudapi.net/public/2024_01134_PEOPLE_OF_THE_STATE_OF_v_PEOPLE_OF_THE_STATE_OF_EXHIBIT_S__14.pdf">letter</a> to the court reads.

In order to appeal the $350 million judgment and hold off the attorney general from seizing assets in the meantime, President Trump would be required to post bond upward of $464 million, requiring what one broker estimated to be $1 billion in cash.

Trump attorneys told the court that four separate brokers had been in talks with more than 30 surety companies since before the final judgment was handed down, and none would issue a $464 million bond.

Gary Giulietti, an executive with the largest privately held insurance brokerage firm in the world, submitted a sworn affidavit saying he had <a href="https://www.theepochtimes.com/us/major-broker-calls-464-million-trump-bond-a-practical-impossibility-5609700">never seen</a> a bond of this size for a private individual or company and that surety companies don't fill bonds of this size except for the largest public companies in the world in rare instances.

Few companies are federally authorized to issue bonds that large, and most have internal policies limiting single bonds to $100 million, he added.

President Trump's attorneys had offered to put up a $100 million bond to stay enforcement during the appeal. A state judge will decide whether this will suffice.

The attorney general's office now argues that the defense should have raised arguments "about the difficulty of obtaining a bond" before the judgment had been entered.

They claim that Mr. Giulietti's statements are "unreliable," as he was not an expert witness during the trial. The trial judge had determined Mr. Giulietti to "lack credibility" because he had an "ongoing personal and professional relationship with Donald Trump."

Mr. Giulietti is an executive at Lockton Companies, which was contracted by the Trump Organization and received more than $1 million in commissions in 2022.

Attorney Alan Garten also submitted statements about the extent of the defense's efforts to obtain a bond, detailing that only Chubb was willing to consider real estate as collateral as it is not surety companies' common practice to accept hard assets. That negotiation fell through in the past week.

The attorney general argued that Mr. Garten is also "unreliable," as he had contributed to "falsifying the reported size of Mr. Trump's triplex apartment."

The state attorneys argue that there is no requirement that President Trump obtain only a single bond and that they could obtain several "to a smaller sum, such as $100 or $200 million apiece."
<h2>'Nothing Unusual'</h2>
"There is nothing unusual about even billion-dollar judgments being fully bonded on appeal," the attorney general argued, pointing to cases against Apple, Sony, Samsung, Carnegie Mellon, and Oracle.

The state attorneys also claimed that the sureties' not accepting real estate as collateral "is hardly impossible as a general matter."

"They do not explain why a bank would not accept real property to finance [an irrevocable] letter of credit," the letter reads.

The state argued that the defense supplied no evidence that these sureties will not accept real estate, "or precisely why the sureties were unwilling to accept the assets."

Mr. Giulietti had generalized in his explanation that sureties generally are not equipped to handle the management or quick sales of real estate should a claim be made on the bond.

The state suggested that the court could infer that the Trump properties "are not nearly as valuable as defendants claim," and that this may be why he can't get a bond.

They fault the defendants for "fail[ing] to propose a serious alternative to fully secure the judgment."

President Trump had <a href="https://www.theepochtimes.com/us/trump-calls-464-million-bond-unprecedented-and-unconstitutional-5610198">stated</a> in a social media post that to put up the cash required for a bond of this size would demand a "fire sale" of his properties.

State attorneys argue that this is preferable to the state's taking on the risk of liquidating Trump Organization assets.

"If defendants were truly unable to provide an undertaking, they at a minimum should have consented to have their real-estate interests held by Supreme Court to satisfy the judgment," or otherwise pledged the assets as security, they argued.

<em>From <a href="https://www.theepochtimes.com/us/attorney-general-asks-court-not-to-consider-impossibility-of-464-million-trump-bond-5611192">The Epoch Times</a></em>

Latest

DONALD TRUMP

Videos

Politics

04_Top Stories

New York

Latest Clips

Catherine Yang is a reporter for The Epoch Times based in New York.

Catherine Yang

Courts

Donald Trump

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.