Being on the hook for over $450 million is one thing, but being unable to pay it is far worse. Unfortunately for Trump, his legal team has revealed that the former president hasn’t found any insurance companies to back a bond that would allow him to pay his judgment. “Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,” wrote Trump’s legal squad (via The Hill). “The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.”
According to CNN, insurance broker Gary Giulietti testified on the stand, and expressed doubt that the politician could pay the judgment due to its enormous size. “Over the course of my career, during which I have been directly or indirectly involved in the issuance of thousands of bonds, I have never heard of nor seen an appeal bond of this size for a private company or individual,” said Giulietti. “After substantial good-faith effort over the last several weeks, obtaining an appeal bond for the Judgment Amount of over $464 million is just not possible under these circumstances.”
Trump has also petitioned to have his judgment postponed until he finishes the appeals process. However, the odds of that happening seem slim in the interim.
