Former US President Donald Trump encounters obstacles in finding a private company to cover the $464m (£365m) he is mandated to pay following a civil action judgement on the New York state fraud charges, BBC reported.
Trump is tasked to pay the total fine in cash or submit a bond which would allow him to go ahead with his appeal.
On the last day of the case, Trump’s defense lawyers stated that the bond of that amount was a “practical impossibility” to obtain.
“Only a handful of bonding companies that are willing to cover a bond of this scale were approached and, so far, none of them has responded favorably,” the defendant’s legal team disclosed in a court filing.
Moreover, Donald Trump junior and his eldest son, as well, are the defendants of a considerable debt in this matter. Judge Arthur Engoron rendered a three-year ban for his participation in any business related activities in the state, stating he had overstated the assets he owned to secure better loan terms.
Last month, judge granted a stay on Trump’s business restrictions but the bond amount of $300m was not reduced to $100m as requested.
While commenting on the newness of Trump’s case, former federal prosecutor Diana Florence said that such weighty punishments are more customary for big businesses rather than individuals.
Although Trump has been estimated by Forbes to have a net worth of approximately $2.6 billion and $400 million in liquid assets, the $464 million judgment in conjunction with other legal expenses besieges him to a significant financial perplexity.