Trump unable to get $464m bond in New York fraud case

Donald Trump’s Attorneys have said Finding a bond to cover the $464 (£365m) ordered to pay in his New York civil fraud case judgment.

To proceed with his appeal the Former president needs to either obtain a bail or pay the entire bond in cash.

According to Mr. Trump’s attorneys’ statement released on Monday, securing a bond of that large size was a “practical impossibility”.

In February, a judge ruled that Mr. Trump was required to pay a fine for manipulating the value of his assets

Mr. Trump offered to deposit a lower $100m bond while he filed an appeal but his request was turned down.

His attorneys stated in a Monday filing that they had attempted but failed, to secure the backing of 30 companies for the bond.

Mr. Trump’s lawyers wrote in the nearly 5k page filing that the amount of the judgment, with interest exceeding $ 464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.

The lawyers are requesting that the judge postpone the ruling so that Mr Trump can file an appeal.

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In the lawsuit, Mr. Trump’s two eldest sons must also pay millions of dollars.

Judge Arthur Engoron of New York determined that Mr. Trump had fabricated assets to obtain better credit arrangements and in addition to redirecting him to pay the fine, he also prohibited him from operating any business in the state for three years.

Last month, a judge put a halt to Mr Trump’s business prohibition but he was not granted his request for a lower bond amount to cover the fine.

The most recent filing made by the former president’s lawyers included an affidavit from the president of a private insurance firm, who said that” simply put, a bond of this size is rarely if ever seen.

“In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses,” the attorneys added.

Former federal prosecutor Diana Florence stated that it is hard to foresee what will happen next for Mr. Trump given his unique legal circumstances. She added that fines of this kind are often applied to big businesses.

She noted that while his legal team has been appealing the decision through the game of the delay, ‘he might be out of rope” at this point.

If he fails to pay the fraud judgment, the attorney general of New York has threatened to seize his assets. In addition, there is interest on the penalty looming over him, which will keep adding up until he pays by at least $112,000 every day.

Mr Trump’s lawyers stated that only cash or cash equivalents, Such as investments that can be promptly liquidated would be accepted as security by bond companies instead of “hard assets such as real estate”