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Donald Trump in court in New York on February 16
6 hours ago
Donald Trump did not have the $454.2 million that a New York court ordered him to pay in a civil lawsuit alleging financial fraud, and instead, his lawyers said, Trump offered only $100 million.
Trump wants to challenge a February 16 ruling by New York Judge Arthur Engoron that, among other things, bars the ex-president from holding leadership positions in any New York state company or from borrowing from a bank registered in the state for three years.
But in order to file an appeal, you must pay a deposit in the amount of the full amount awarded by the court within a month. Otherwise, the New York State Attorney’s Office has the right to recover these funds at any time.
Trump must either find the required amount from his own funds – he claims that he does not have that kind of money – or contact one of the specialized companies that charge an additional percentage for their services. Moreover, no one is obliging them to accept Trump as a client, and on Wednesday the ex-president’s lawyers told the court that they were unable to find such an intermediary.
The lawsuit, brought by New York Attorney General Letitia James and decided by Judge Engoron, accused Trump and his family businesses of inflating his net worth by $3.6 billion a year over a decade to deceive banks and better loan conditions.
The judge did not revoke Trump’s business licenses, which some experts say could effectively end his business empire. However, he imposed a fine on Trump of $354.9 million, and last week this amount, taking into account accrued interest ($112 thousand every day), had already reached $454.2 million.
As Trump’s lawyers argued in the mid-level appeals court, “the exorbitant and punitive amount awarded, coupled with the unlawful and unconstitutional blanket ban on lending, made it impossible to secure and post full collateral.”
They said the $100 million bond, along with Trump’s “extensive” real estate and ongoing oversight of the Trump Organization by a court-appointed monitor, would be more than enough to secure a judgment.
Trump’s lawyers also sought to temporarily stay the sentence while the appeal is pending, arguing that their client would suffer “irreparable harm” if Attorney General James’ office forced him to sell his assets to raise capital.
At the same time, Trump is trying to avoid paying his full $83 million-plus bail pending an expected appeal of a libel verdict handed down last month in favor of writer Jean Carroll. Trump asked the judge to allow him to appeal without bail, or at least grant an unsecured bond of no more than $24.5 million.
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2024-02-28 19:56:41
