Former president's search: Trump can not find a company to pay 464 million dollars
Donald Trump cannot find a private company to guarantee the 464 million dollar he has been ordered to pay in a New York civil fraud case.
Donald Trump cannot find a private company to guarantee the 464 million dollar 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 said that "securing a bond of that size is practically impossible." He faces the prospect of some of his real estate assets being liquidated unless he pays up.
For a fee, a bonding company would guarantee the full amount to the New York court. Company then have to pay it if Trump loses his appeal and cannot do so himself.
In his statement, Trump said that the bond he was asked to pay would be "impossible for any company, including one as successful as mine. The bonding companies have never heard of such a bond, of this size, before," he said.
Trump's legal team spent "countless hours negotiating with one of the largest insurance companies in the world", his lawyers wrote in a court filing." However, they 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 must also pay millions of dollars in the case.
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 Trump's lawyers also said.
