Former US president Donald Trump claims he is unable to locate a private business that will guarantee the $464 million he must pay in a civil fraud lawsuit in New York.
To proceed with his appeal on his ongoing fraud case, the former president needs to either obtain a bond or pay the entire sum in cash.
The state attorney general may take possession of part of his real estate holdings if he is unable to comply by March 25.
According to Donald Trump, getting a bond that huge was nearly impossible.
In his statement, Mr Trump said that the bond he was asked to pay would be impossible for any company, including one as successful as his.
In addition, Trump also revealed that the bonding companies have never heard of such a bond of this size before.
The former president’s lawyers also said they have approached 30 companies without success.
Gary Giulietti, an insurance broker who appeared for Trump in the civil fraud trial, signed an affidavit claiming that getting a bond for the entire sum is a practical impossibility.
Due to the fact that Trump’s properties are worth significantly more than the judgement, Trump’s attorneys have requested the appeals court to postpone posting the bail until after his appeal of the case is concluded. Trump requested that the court postpone posting the bond until after his appeal to New York’s top court is considered, in the event that the appeals court rules against him.
In order to obtain a bond, a person must prove to the business guaranteeing the bond that they have sufficient liquidity, typically in the form of cash plus easily convertible instruments like stocks, to cover the amount in question.
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