Current:Home > MyTrump’s lawyers say it is impossible for him to post bond covering $454 million civil fraud judgment -CapitalEdge
Trump’s lawyers say it is impossible for him to post bond covering $454 million civil fraud judgment
View
Date:2025-04-13 05:34:41
NEW YORK (AP) — Donald Trump’s lawyers told a New York appellate court Monday that it’s impossible for him to post a bond covering the full amount of his $454 million civil fraud judgment while he appeals.
The former president’s lawyers wrote in a court filing that “obtaining an appeal bond in the full amount” of the judgment “is not possible under the circumstances presented.”
With interest, Trump owes $456.8 million. In all, he and co-defendants including his company and top executives owe $467.3 million. To obtain a bond, they would be required to post collateral worth $557 million, Trump’s lawyers said.
A state appeals court judge ruled last month that Trump must post a bond covering the full amount to pause enforcement of the judgment, which is to begin on March 25.
Judge Arthur Engoron ruled in February that Trump, his company and top executives, including his sons Eric and Donald Trump 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.
Trump is asking a full panel of the state’s intermediate appellate court to stay the judgment while he appeals. His lawyers previously proposed posting a $100 million bond, but appeals court judge Anil Singh rejected that. A stay is a legal mechanism pausing collection while he appeals.
A real estate broker enlisted by Trump to assist in obtaining a bond wrote in an affidavit filed with the court that few bonding companies will consider issuing a bond of the size required.
The remaining bonding companies will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities).”
“A bond of this size is rarely, if ever, seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses,” the broker, Gary Giulietti, wrote.
Trump appealed on Feb. 26, a few days after the judgment was made official. His lawyers have asked the Appellate Division of the state’s trial court to decide whether Engoron “committed errors of law and/or fact” and whether he abused his discretion or “acted in excess” of his jurisdiction.
Trump wasn’t required to pay his penalty or post a bond in order to appeal, and filing the appeal did not automatically halt enforcement of the judgment.
New York Attorney General Letitia James, a Democrat, has said that she will seek to seize some of Trump’s assets if he’s unable to pay the judgment.
Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. He also had the option, which he’s now exercising, to ask the appeals court to grant a stay with a bond for a lower amount.
Trump maintains that he is worth several billion dollars and testified last year that he had about $400 million in cash, in addition to properties and other investments.
In January, a jury ordered Trump to pay $83.3 million to writer E. Jean Carroll for defaming her after she accused him in 2019 of sexually assaulting her in a Manhattan department store in the 1990s. Trump recently posted a bond covering that amount while he appeals.
That’s on top of the $5 million a jury awarded Carroll in a related trial last year.
veryGood! (384)
Related
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- It’s not a matter of if a hurricane will hit Florida, but when, forecasters say
- Man Behind Viral Dress Debate Pleads Guilty to Attacking His Wife
- This Overnight Balm Works Miracles Any Time My Skin Is Irritated From Rosacea, Eczema, Allergies, or Acne
- The Best Stocking Stuffers Under $25
- What happened to Utah women's basketball team may not be a crime, but it was a disgrace
- From Linen Dresses to Matching Sets, Old Navy's Sale is Full Of Chic Summer Staples At Unbeatable Prices
- Israeli Eurovision contestant booed, heckled with 'Free Palestine' chants in rehearsal
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- Civil War General William T. Sherman’s sword and other relics to be auctioned off in Ohio
Ranking
- Highlights from Trump’s interview with Time magazine
- It’s not a matter of if a hurricane will hit Florida, but when, forecasters say
- Harvey Weinstein will not be extradited to California for rape sentencing: Reports
- Mother's Day 2024 deals and specials for fast food, brunch and dining
- Questlove charts 50 years of SNL musical hits (and misses)
- Is Brock Purdy really the second-best quarterback? Ranking NFL QBs by 2025 MVP odds
- Man pleads guilty in theft of bronze Jackie Robinson statue from Kansas park
- From 'The Iron Claw' to 'The Idea of You,' here are 10 movies you need to stream right now
Recommendation
EU countries double down on a halt to Syrian asylum claims but will not yet send people back
Alabama Gov. Ivey schedules second execution using controversial nitrogen gas method
Seattle to open overdose recovery center amid rising deaths
Two hikers found dead on Mount Whitney, the tallest mountain in the 'lower 48'
Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
Is decaf coffee bad for you? What to know about calls to ban a chemical found in decaf.
$2 million of fentanyl was 'misdelivered' to a Maine resident. Police don't know who sent it.
Strong solar storm could disrupt communications and produce northern lights in US