Former US President Donald Trump is facing obstacles in finding a private company to cover the $464 million he must pay following a civil action ruling on New York state fraud charges. bbc reported.
Trump is tasked with paying the full fine in cash or posting bond to allow him to move forward with his appeal.
On the final day of the case, Trump's defense lawyers stated that bail in that amount was a “virtual impossibility” to obtain.
“Only a handful of bail bond companies have been contacted that are willing to cover bail of this scale and, so far, none of them have responded favorably,” the defendant's legal team revealed in a court filing.
Furthermore, Donald Trump Jr. and his eldest son are also accused of considerable debt in this matter. Judge Arthur Engoron imposed a three-year ban on his involvement in any business-related activity in the state, claiming he had exaggerated the assets he owned to obtain better loan terms.
Last month, a judge granted a stay of Trump's trade restrictions, but the $300 million bail amount was not reduced to $100 million as requested.
Commenting on the novelty of the Trump case, former federal prosecutor Diana Florence said such harsh punishments are more common for large companies than for individuals.
Although Forbes has estimated that Trump has a net worth of approximately $2.6 billion and $400 million in liquid assets, the $464 million judgment along with other legal expenses besieges him with significant financial perplexity.
