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That's valid, but even then, a $120m bond is less risk that 4x companies supplying $120m bonds. When the time comes to pay out and you need to get your collateral, if there is only $150m available to actually pay out, you get yours, vs having to split it multiple ways, or otherwise not getting a payout at all.
And that's assuming you can get 4x companies to even throw in $120m. He is so unreliable that had to get an unlicensed company to even get that much, so I doubt he's going to find 4x legit companies to team up.
But then again, requiring the full amount should still just be enforced. If no one wants to provide bond, thats his problem, not the court's. I certainly don't get to say "Well I can't get bond" and get to have the amount lowered. If I say that, I just don't get to appeal.