Former President Trump Faces $355 Million Deadline in Civil Fraud Case
Former President Donald Trump is facing a 30-day deadline to pay nearly $355 million in a civil fraud trial in New York. This ruling has put several of his multi-million dollar assets at risk, including iconic buildings owned by the Trump Organization such as Trump Tower, Trump Park Ave, 1290 Avenue of the Americas, 40 Wall Street, the Trump National Golf Club in Westchester, and the Seven Springs. While it is still speculative whether Trump will sell any of these properties, legal experts argue that he has strong grounds for an appeal.
Trump’s lawyer, Alina Habba, stated that they plan to appeal the ruling and will be prepared to post the bond required for the appeal. However, if Trump is unsuccessful in his appeal, he could end up owing over half a billion dollars, including interest on the penalty. Judge Arthur Engoron imposed a total of $363.9 million in penalties on Trump and his co-defendants, which amounts to about $464 million with interest.
The ruling has raised concerns about the impact on Trump’s finances and the potential consequences for the Trump Organization. Habba dismissed these concerns, stating that they are trying to put Trump out of business but it will not work. She called it a scare tactic and expressed confidence that there would be no mayhem for the Trump Organization.
Critics of the ruling argue that Democrats are weaponizing the justice system to punish Trump, who is considered the presumptive GOP nominee in the 2024 presidential race. George Washington University Law School professor and attorney Jonathan Turley called the ruling “obscene.” Others worry that it will discourage investment in New York City, which already had low office building occupancy rates. Fox Business’ Charles Payne noted that businesses may not want to invest in the city if more legal issues arise.
Kevin O’Leary, Chairman of O’Leary Ventures, expressed his concerns about the ruling and stated that he would never invest in New York now. He suggested that foreign institutions, private equity firms, and pension funds would likely have similar reservations. Trump himself criticized the decision, calling it a “weaponization against a political opponent” and complaining about being penalized for his success in building a great company.
Although Trump cannot appeal the ruling immediately, once the clerk’s office files the necessary paperwork, he can file an appeal with New York’s Appellate Division. His lawyers are expected to request an immediate stay, which would halt the enforcement of the decision during the appeals process. The appeals process typically takes months or even years. If Trump is unsuccessful at the Appellate Division, he can then seek consideration from the state’s highest court, the Court of Appeals.
The outcome of this civil fraud case not only has significant financial implications for Trump but also raises questions about the fairness of the justice system and its potential impact on business and investment in New York City. As the legal battle unfolds, all eyes will be on the courts and the decisions that will shape Trump’s future.
