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Court to rule Wednesday on Trump's request to post $100 million bail and stay $454 million judgment until his appeal is completed

Court to rule Wednesday on Trump's request to post $100 million bail and stay $454 million judgment until his appeal is completed

 


CNN-

A New York appeals court plans to rule Wednesday afternoon on former President Donald Trump's request to delay his obligation to pay $454 million until his appeal of the civil fraud verdict is completed .

Trump's lawyers have offered to post $100 million bail, about a quarter of which is owed, for the judgment, saying they cannot access the capital market to raise money because of the ban on get loans.

The judgment ordered punitive and unprecedented restitution of nearly $460 million and an overbroad permanent injunction against the appellants in the absence of legal authority or factual support, Trump's lawyers wrote in the case.

The New York attorney general's office opposes the offer, saying it wants the full amount shown. They said in court papers that Trump was not barred from obtaining a bond from an insurer. But one of Trump's lawyers said bonds require cash and that's the problem.

Trump has less than 30 days to pay the money to prevent the New York attorney general's office from taking steps to enforce the judgment, including possibly seizing properties. It is not yet clear how he plans to cover the payment.

The urgency of this request is evident in light of the punitive and exorbitant restitution awarded to the appellants, the impact of the injunction on legal businesses, the uncertainty created by the vague and overbroad guidelines issued by the Court Supreme Court and public threats from the attorney general that she will immediately seize the appellant's real estate to satisfy the judgment, Trump's lawyers said in the new filing.

In addition to the money, Judge Arthur Engoron also barred Trump from serving as an executive of a New York company for three years and imposed a two-year ban on Donald Trump Jr. and Eric Trump, throwing doubt about who would lead the Trump Organization. . The company currently does not have a chief financial officer or controller.

The judge also ordered that an independent observer, in place within the Trump Organization since 2022, remain in office for three additional years. He also said the property company must appoint an independent compliance director.

In a letter, New York's attorney general argued there was no reason to grant the stay because Trump can automatically stay the judgment by obtaining an appeal bond. Trump's legal team also did not notify the AG or the court of any efforts to secure bond. bail, according to the attorney general.

If Trump does not post bond or pay the judgment, the letter said, the attorney general will be forced to expend substantial resources to enforce the judgment on the defendants' real estate and other assets.

Noting Trump's unpaid $83.3 million judgment in his separate case with writer E Jean Carroll in federal court, state lawyers say they are concerned about collecting the nearly $460 million judgment in that case.

They also claim that Trump failed to prove he had the cash to cover the judgment.

This story has been updated with additional developments.

Sources

1/ https://Google.com/

2/ https://www.cnn.com/2024/02/28/politics/donald-trump-appeals-court-new-york/index.html

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