(PartiallyPolitics.com) – Former President Trump took to his social media platform Truth Social to argue that the bond that had been set in the New York civil fraud case against him had been “un-American” and “unconstitutional.
Only hours earlier his lawyers had told the court that the former President was not able to secure the full $464 million bond that was set for next week. As Trump pointed out in his post the bond that had been set was unprecedented and was so large that it was practically impossible for any company, regardless of its success, to secure such a bond.
He continued by pointing out that the Bonding Companies had not heard of any bond that was this large and that they would never be able to post such a bond.
On Monday Trump in his statement echoed the points that his lawyers had made in the court filing. As his legal team had argued there were very few companies that would agree to underwrite such bonds and that the majority of insurance companies had policies that stopped them from issuing bonds for over $100 million.
Trump’s legal team had also claimed that a part of the issue was that Trump couldn’t set one of his properties as collateral as part of the bond. The lawyers pointed out that while the Trump Organization did have a strong liquidity position they did not have cash available to cover $1 billion or the equivalent. As most of the company’s assets are in real estate investments this type of bond is practically impossible.
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