Donald Trump’s legal team faced a significant setback in court this week, admitting that they have been unable to secure an insurance company willing to underwrite the bond required to cover the substantial judgment against him in the civil fraud lawsuit filed by New York Attorney General Letitia James.
The former president, known for his turbulent tenure in office and numerous legal entanglements, disclosed that despite reaching out to a staggering 30 insurance underwriters, none were willing to back the bond. Trump’s lawyers conceded in a filing with a New York appeals court that the amount of the judgment, totaling over $464 million with interest, far exceeds what most bonding companies are willing to consider.
In a post on his Truth Social platform, Trump decried the bond requirement as “unconstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine.” With the deadline for posting the bond looming at the end of the month, the situation has escalated, with James threatening to seize Trump’s assets if he fails to comply.
Among the properties at risk of seizure are Trump’s iconic holdings, such as 40 Wall Street and Trump Tower in New York City, as well as properties in other states, including Mar-a-Lago in Florida and Trump National Golf Club Bedminster in New Jersey. The latter property, notably, holds special significance due to its connection to Ivana Trump, Trump’s first wife.
Following Ivana’s passing in 2022, Trump chose to have her cremated and interred at Trump National Golf Club Bedminster, sparking speculation about his motives. Rumors suggest that Trump may have strategically chosen the location for tax-related reasons, exploiting New Jersey tax laws that exempt cemetery land from various taxes and assessments.
Despite the peculiar circumstances surrounding Ivana’s burial, New York Attorney General Letitia James has not disclosed her specific plans for seizing Trump’s assets. However, given the financial magnitude of the judgment against him, it is likely that James will pursue all available avenues to satisfy the debt.
While seizing Trump’s New York properties may offer a streamlined process, James may ultimately be compelled to pursue assets located out of state if necessary. Trump National Golf Club Bedminster, with its unique tax advantages and symbolic significance, could potentially become a focal point in James’ efforts to enforce the judgment against the former president.
As the legal battle intensifies, the spotlight remains firmly on Trump’s financial woes and the potential repercussions of his mounting legal challenges. Whether James will succeed in seizing Trump’s assets, both in New York and beyond, remains to be seen, but one thing is certain: the former president’s financial troubles are far from over.
