Donald Trump's legal team has informed a New York court that he is unable to secure a $464m (£365m) bond required to appeal a civil fraud ruling. The former president must either pay the full amount in cash or obtain a bond by 25 March to avoid asset seizure by the state attorney general.
In a court filing, Trump's lawyers stated they approached 30 bonding companies without success, calling the bond size 'rarely, if ever, seen'. Trump described securing such a bond as 'practically impossible', noting that bonding companies typically provide guarantees of this magnitude only to large public companies, not individuals or privately held businesses.
The penalty stems from a ruling by Judge Arthur Engoron, who found Trump fraudulently inflated asset values to secure better loan terms. Alongside the fine, Trump was initially banned from running businesses in New York for three years, though that ban has been paused pending appeal. Interest on the penalty accrues at over $112,000 per day.
Trump's legal challenges extend beyond this case. He was ordered to pay $83m in January for defaming writer E Jean Carroll, a bond for which he has already posted. Separately, a New York judge ruled that key witnesses can testify in Trump's upcoming hush-money criminal trial, which may begin in April.
Former federal prosecutor Diana Florence noted that penalties of this scale are usually imposed on large corporations, and Trump's 'unprecedented legal situation' makes next steps uncertain. She suggested the attorney general could begin liquidating Trump's assets if he fails to meet the deadline.
