Jacob Brown
In a New York civil scam case, Donald Trump cannot find a private firm to assure him of the $464m (£365m) he has been ordered to pay.
Former President Donald Trump faces a daunting challenge in his legal battle as he must either pay $92 million in cash or secure a bond to continue his appeal. However, his lawyers argue that obtaining such a bond is practically impossible.
Bonding Requirement Explained
To fulfill the bonding requirement, a company would guarantee the full amount to the New York court. If Trump loses his appeal and cannot pay, the bonding company would be responsible for covering the sum. Despite efforts to secure the bond, Trump’s legal team faced significant obstacles.
Challenges in Obtaining Bond
Trump’s lawyers stated that negotiating with insurance companies proved futile, as very few were willing to consider a bond of such magnitude. Despite approaching 30 companies, they were unable to secure the necessary bond.
Legal Ramifications
In addition to Trump, his two eldest sons also face hefty penalties in the case. Judge Arthur Engoron ordered Trump to pay the penalty and banned him from running businesses in New York for three years due to his false asset inflation to obtain better loan deals.
Unprecedented Situation
Trump’s legal predicament is unprecedented, as such penalties are typically levied against large companies, not individuals or privately held businesses. This unique circumstance makes predicting the next steps challenging.
Legal Analysis
Former federal prosecutor Diana Florence noted the difficulty of Trump’s situation, emphasizing that penalties of this scale are rare for individuals. While Trump’s legal team has attempted to delay the process, they may be running out of options as the appeal continues.
Conclusion
As Trump navigates the legal hurdles ahead, the question remains whether he will be able to meet the substantial financial requirements or secure the necessary bond to continue his appeal.
