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CNN
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New York Attorney General Letitia James’ office has dismissed Donald Trump’s claims that no insurance company could be found to support his $464 million bail in a civil fraud case, and told the state appellate court that the He said the allegations should be ignored.
“The defendants here had no reason to wait for a response to raise claims or arguments about the difficulty of obtaining bail, because their efforts to obtain bail would be precluded by the injunction motion filed. “It began before the trial was even handed down, in fact before the verdict was handed down,” the state said. the lawyer wrote.
Trump’s lawyers said Monday that 30 insurance companies have turned him down, making it nearly impossible for him to secure bond. They told the appeals court that the insurance company was seeking about $500 million worth of cash or stock as collateral and had no intention of taking real estate as collateral.
President Trump has until Monday to post bond unless the appellate court agrees to grant his motion to delay disbursement of the funds until his appeal is heard.
The attorney general’s office has argued that Mr. Trump should either encourage the insurance companies to jointly underwrite the bonds or try to better explain the flaws in the negotiations.
“Nevertheless, what kind of property did the defendants offer the guarantor, on what terms was the property offered, or why the guarantor was reluctant to accept the property? has not submitted any documentary evidence to accurately prove that,” the attorney general’s office wrote.
“As far as the court can surmise, the guarantor may have refused to accept certain of the defendant’s holdings as collateral, since the use of Mr. Trump’s real estate would generally require a ‘property appraisal.’ . . . and because Mr. Trump’s assets are not as valuable as defendants claim,” the attorney general added.
The attorney general’s office criticized sworn statements from Trump’s insurance broker Gary Giulietti and the Trump Organization’s top lawyer Alan Garten as unreliable.
They argue that Mr. Trump should have disclosed that Mr. Giulietti, a friend of Mr. Trump’s for decades, testified in the civil fraud trial but was not found reliable by a judge. They argued that Garten could not be trusted because he also had a hand in the outcome.
They also proposed turning over the property to a judge.
“If the defendants were truly unable to deliver on the promise, they should have at least agreed to let the Supreme Court retain their property rights to satisfy the judgment…. They should have pledged real estate holdings of sufficient value to secure payment.”
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