Trump unable to get $464m bond in New York fraud case, his lawyers say

Trump unable to get $464m bond in New York fraud case, his lawyers say
Trump unable to get $464m bond in New York fraud case, his lawyers say

We show you our most important and recent visitors news details unable to get $464m bond in New York fraud case, his lawyers say in the following article

Hind Al Soulia - Riyadh - NEW YORK — Donald Trump cannot find a private company to guarantee the $464m (£365m) he has been ordered to pay in a New York civil fraud case.

The former president must either pay the full amount in cash or secure a bond in order to continue his appeal.

Trump's lawyers said on Monday that securing a bond of that size was a "practical impossibility".

For a fee, a bonding company would guarantee the full amount to the New York court.

They would then have to pay it if Trump loses his appeal and cannot do so himself.

Trump's team spent "countless hours negotiating with one of the largest insurance companies in the world", the lawyers wrote in a court filing, but concluded that "very few bonding companies will consider a bond of anything approaching that magnitude".

The lawyers said they had approached 30 companies without success. Trump's two eldest sons also must pay millions of dollars in the case.

Along with ordering Trump to pay the penalty, New York Judge Arthur Engoron banned him from running any businesses in the state for three years after he found the former president falsely inflated assets to secure better loan deals.

A judge paused Trump's business ban last month, but denied his bid to provide a smaller bond amount, $100m, to cover the fine.

In the latest filing, the former president's lawyers included an affidavit from a 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 lawyers also said.

Trump's unprecedented legal situation makes it difficult to predict next steps, said former federal prosecutor Diana Florence, who also said that penalties on this scale are usually levied against large companies.

His legal team has been playing a delay game as he appeals the verdict, she said, but now "he might be out of rope".

New York's attorney general has vowed to seize his assets if he does not pay the fraud judgement. There is also interest on the penalty hanging over his head, which is accruing by at least $112,000 per day until he pays.

Trump's lawyers said bond companies would not accept "hard assets such as real estate as collateral" for the bond, but only cash or "cash equivalents", such as investments that can be quickly liquidated.

"He's facing the very real possibility that the AG will begin to liquidate [his assets], and he's really dependent on whether a court is willing to give him more time," Florence said.

According to a Forbes estimate, Trump is worth about $2.6bn. He also testified last year that he had $400m in liquid assets.

But the $464m judgement is not his only expense. He was ordered to pay $83m in January after losing a defamation case to E Jean Carroll, a woman he was found to have sexually abused. He has already posted a bond in that case. — BBC


These were the details of the news Trump unable to get $464m bond in New York fraud case, his lawyers say for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV South Korean doctors reject govt proposal to end strike
NEXT Barrage of Russian attacks aims to cut Ukraine's lights

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]