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New York Appeals Judge Denies Trump Bid to Pay $100m of $454m Judgment
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New York Appeals Judge Denies Trump Bid to Pay $100m of $454m Judgment
The Florida Criminal’s lawyers had asked court to halt collection of rest of amount plus ban on securing new loans from New York banks
A New York appeals judge has denied Donald Trump’s request to pay just $100m of the $454m judgment for his New York fraud trial.
Trump’s lawyers had asked the appeals court to halt the collection of the rest of the amount, along with the judgment’s ban on Trump securing new loans from New York banks, until the appeal goes through.
On Wednesday, Judge Anil Singh appeared to have some sympathy for Trump, staying the ban over Trump from taking out loans from New York banks and another ban on him serving as an officer of a New York company, both for the next three years.
“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, Alina Habba and Michael Farina wrote.
The New York attorney general’s office said the appeals court should deny Trump’s request as Trump has not said he does not have the assets to fulfil the judgment’s full amount.
“Defendants all but concede that Trump has insufficient liquid assets to satisfy the judgment; defendants would need ‘to raise capital’,” prosecutors told the court in a filing. “A prevailing plaintiff is entitled to have her award secured, and defendants have never demonstrated that Mr Trump’s liquid assets could satisfy the full amount of the judgment.”
Judge Arthur Engoron found that Trump, his company and top executives, including his sons Eric and Donald Jr, schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals. Among other penalties, the judge put strict limitations on the ability of Trump’s company, the Trump Organization, to do business.
Engoron ordered Trump to pay $355m plus interest – pushing the penalty to more than $450m at the time of the ruling, with another $112,000 in interest accruing each day.
It is a pleasure watching the low life criminal scum get closer to bankruptcy a little more each day
https://www.theguardian.com/us-news/2024/feb/28/trump-appeal-bond-fraud-case
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theguardian.com
New York appeals judge denies Trump bid to pay $100m of $454m judgment
Ex-president’s lawyers had asked court to halt collection of rest of amount plus ban on securing new loans from New York banks
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4 Replies
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You lie on taxes and loan applications and you have to pay.
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Trump’s $454 Million Penalty Upheld: Asset Seizure Looms as New York Fraud Trial Intensifies
Donald Trump might face bankruptcy as he grapples with paying the $454 million owed from his New York fraud trial, according to a legal expert who spoke to Newsweek.
Judge Anil Singh turned down Trump’s $100 million bond proposal on Wednesday and mandated that the ex-president either pay the complete penalty or the cash bond sum by the initial deadline. The Florida Criminal is required to provide the entire $454 million by March 25 to initiate the appeal procedure.
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New York Appeals Judge Denies Trump Bid to Pay $100m of $454m Judgment
Posted by @outdoorsguy on February 29, 2024 at 8:59 am
Of course!
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It will be a great day when the doors are locked on all Trump properties and the low life scum is barred from entering
The Florida Criminal’s lawyers claim that he would face “irreparable” harm if required to fully secure his judgments in order to keep them from coming due, and might even have to quickly sell off properties that can’t be rebought.
They also say Trump can’t simply post a cash deposit — at least not in his New York civil business fraud case, where he is facing $454 million in fines and interest alone.
“No one, including Jeff Bezos, Elon Musk and Donald Trump, has five hundred million laying around,” Trump’s attorney Chris Kise told an appeals court judge last week.
But legal experts say there’s another option that Trump’s lawyers haven’t mentioned in the court filings:
Trump could offer up some of his properties as collateral to borrow what he needs — potentially from private equity sources.
There are “lots of private lenders out there in the debt markets and private equity markets that could lend” to Trump, said Columbia University law professor Eric Talley.
nbcmiami.com
Donald Trump has just a few weeks to put up more than $454 million in cash or bonds to stave off his collectors while he appeals his New York civil fraud case.
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