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According to Trump’s attorneys, he is not eligible for a $464 million bond in the New York fraud case.

In a civil fraud case in New York, Donald Trump was forced to pay $464 million ($365 million), but he is unable to locate a private firm to guarantee the money.

According to Trump's attorneys, he is not eligible for a $464 million bond in the New York fraud case.
According to Trump’s attorneys, he is not eligible for a $464 million bond in the New York fraud case.
To proceed with his appeal, the former president needs to either obtain bail or pay the entire sum in cash.

The attorneys for Mr. Trump declared on Monday that obtaining a bond of that amount was a “practical impossibility.”

If Mr. Trump is unable to pay the amount due and loses his appeal, a bonding firm will have to do so.

The corporation would guarantee the amount to the court in exchange for a fee.

After “countless hours of negotiation with one of the world’s largest insurance companies,” Mr. Trump’s team came to the conclusion that “very few bonding companies will consider a bond of anything approaching that magnitude,” according to a court filing from the lawyers.

The attorneys said that, despite approaching thirty companies, they had no luck.

Millions of dollars must also be paid in this lawsuit by Mr. Trump’s two eldest sons.

After discovering that the former president had fabricated assets to obtain better loan arrangements, New York Judge Arthur Engoron not only ordered Mr. Trump to pay the fine but also prohibited him from operating any enterprises in the state for three years.

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Last month, a judge put a halt to Mr. Trump’s business ban, but he was not granted his request for a lower bond sum to pay the punishment.

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