Former U.S. President Donald Trump, exiting the courtroom during his Manhattan courthouse trial in a civil fraud case on October 18, 2023, claimed to possess nearly half a billion dollars in cash. This statement emerged following assertions from his legal team that he lacked the financial means to post a bond for his $464 million civil fraud appeal.
The potential contradiction holds significant weight, given the urgency for Trump to secure an appeal bond within a short timeframe to prevent New York Attorney General Letitia James from initiating collection proceedings on the substantial judgment.
In a strongly worded post on Truth Social, Trump asserted, “Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash, a substantial amount of which I intended to use in my campaign for president.” He further alleged that the judge presiding over the fraud case had impeded his ability to allocate funds toward his presidential campaign.
Trump (Credits: The Hill)
Notably, this declaration marks the first instance where Trump indicated his willingness to self-finance his presidential bid. Contrary to his claims, Trump had not financially contributed to his previous White House campaign in 2020, according to reports from NBC News.
However, Trump’s assertions on social media, suggesting he possesses the necessary cash to pay the bond but intends to reserve it for his presidential campaign, differ from arguments presented by his legal representatives to the appeals court. Earlier in the week, his lawyers contended that obtaining a bond was “impossible” due to Trump’s alleged lack of liquidity and the refusal of potential insurers to accept his real estate assets as collateral.
In the event of non-payment, Attorney General James has vowed to seize Trump’s real estate holdings, initiating preparatory actions in Westchester County, where Trump holds several properties.
Trump’s legal team petitioned a New York appeals court to suspend the judgment without mandating a full bond payment. Alan Garten, a lawyer representing the Trump Organization, underscored that the only feasible means for Trump and his co-defendants to secure an appeal bond would be by leveraging their properties as collateral. Despite efforts to secure bond insurance from over 30 companies, all declined.
Trump’s lawyers argued that although the Trumps are affluent, their wealth is primarily tied up in real estate assets, necessitating the sale or mortgaging of properties to secure the bond, a move they deemed would result in irreparable harm.
