In a surprising turn of events, former President Donald Trump has proposed posting a $100 million bond to temporarily suspend his staggering civil fraud penalty. The move comes in response to a ruling by Judge Arthur Engoron, who found that Trump and his company schemed for years to deceive banks and insurers. With a judgment of $454 million, Trump’s lawyers argue that it is impossible for him to secure a bond for the full amount due to a provision in the ruling that bans him from obtaining loans from New York banks for three years.
The offer was presented to the New York appellate court, with Trump’s lawyers requesting an order that prevents the enforcement of the judgment while his appeal is pending. However, the state’s attorney general, Letitia James, opposes the plan, contending that Trump does not have sufficient liquid assets to satisfy the judgment. James has previously stated that she will seek to seize some of Trump’s assets if he fails to pay.
The situation has escalated further with the discovery of white powder in an envelope addressed to Judge Engoron at his Manhattan courthouse. This incident follows previous security scares and threats directed at the judge throughout Trump’s trial. Despite the mounting pressure, Trump filed his appeal on Monday and is now awaiting a decision from the Appellate Division of the state’s trial court.
Although Trump was not required to pay the penalty or post a bond to appeal, he has until March 25 to secure a stay, which would pause collection while he appeals. To receive an automatic stay, Trump would need to put up money, assets, or an appeal bond covering the amount he owes. Alternatively, he can request a stay with a bond for a lower amount from the appeals court.
Trump’s lawyers argue that his vast real estate assets and the oversight mandated by Engoron’s ruling, including supervision by an independent monitor, would be sufficient to adequately secure any affirmed judgment. The proposed $100 million bond would serve as additional security.
Despite these claims, Trump faces significant legal liabilities. In addition to the civil fraud penalty, he has been ordered to pay $83.3 million to writer E. Jean Carroll for defamation and another $5 million in a related trial. With at least $543.4 million in personal legal liabilities from Engoron’s ruling and other civil court judgments, Trump finds himself in a precarious financial situation.
As the leading candidate for the Republican presidential nomination, this legal battle could have far-reaching implications for Trump’s political future. The outcome of his appeal and the potential seizure of his assets will undoubtedly shape the narrative surrounding his campaign. With the stakes higher than ever, all eyes are on the New York appellate court as they consider Trump’s proposal and determine the next steps in this high-profile case.
In conclusion, Donald Trump’s proposal to post a $100 million bond as a temporary measure to suspend his civil fraud penalty has sparked controversy and intrigue. With the New York appellate court set to hear arguments on the matter, the outcome will have significant ramifications for Trump’s financial standing and political aspirations. As the legal battle continues, the public eagerly awaits the resolution of this high-stakes case.
