On Wednesday, a judge from the appeals court ruled that ex-President Donald Trump must provide the entire bond of $454 million from his civil fraud trial, despite appealing the initial judgment.
Trump had asked to postpone paying the full amount because he would have trouble raising the cash, especially if he could not access certain financial institutions in New York.
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s lawyers Clifford Robert and Alina Habba wrote.
CNN reported that it wasn’t all bad news for Trump, though.
Associate Justice Anil Singh, however, lifted a ban on Trump’s ability to obtain loans from New York regulated financial institutions, which could allow him to access the equity in his assets to back the full bond amount.
Singh denied Trump’s request to delay his obligation to post $454 million until a full appellate panel hears his motion to stay enforcement of that judgment until his appeals of the civil fraud ruling are over.
The 30-day clock for Trump to come up with the judgment began on February 23 so he will need to post the bond right around March 25, when jury selection begins for his criminal trial on charges relating to a scheme to cover up a hush money payment made before the 2016 presidential election. Trump has pleaded not guilty to the charges.
The ruling also means that Donald Trump Jr. and Eric Trump can continue to run the family company, but they will each have to post more than $4 million or secure a bond in that amount to pursue their own appeals.
It’s clear that the fraud case and judgment against Trump stems from him being the GOP frontrunner for president. The New York Attorney General has been slammed for her unprofessional behavior, mocking Trump for the interest that he’s accruing.
+$114,553.04 = $464,805,336.70 https://t.co/gugrACDTpC
— NY AG James (@NewYorkStateAG) February 25, 2024
New Conservative Post reported that in an effort to “erase” Trump, James also has plans to seize Trump Tower.
“’If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,’ James said in an interview with ABC News’ Aaron Katersky.
Saying that she was ‘very confident’ with the strength of her case on appeal, James reiterated that her office would not hesitate to seize Trump’s assets — mentioning Trump’s 40 Wall Street skyscraper by name — if the former president is unable to find the cash to cover the court-ordered disgorgement.”
Trump has requested an appeal, which will now be passed to a five-judge panel.
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