Trump can't secure $454 million appeal bond in New York fraud case, his lawyers say [View all]
Last edited Mon Mar 18, 2024, 01:32 PM - Edit history (1)
Source: CNBC
Published Mon, Mar 18 2024 10:26 AM EDT Updated 54 Min Ago
Former President Donald Trump has been unable to obtain an appeal bond to secure a $454 million civil judgment against him in a New York business fraud case, his attorneys said in a court filing Monday. Lawyers for Trump and his co-defendants said it has been “impossible” for them to secure a complete appeal bond, which would effectively require “cash reserves approaching $1 billion,” which neither the former president nor his company has.
Trump’s team has approached, without success, around 30 surety companies through four separate brokers as he seeks an appeal bond, and they have spent “countless hours negotiating with one of the largest insurance companies in the world,” according to the filing with the Appellate Division of Manhattan Supreme Court.
Under New York court rules, Trump must post an appeal bond if he wants to avoid New York Attorney General Letitia James moving to collect on the fraud judgment in the state’s favor. James has said she will seize Trump’s property if he is unable to pay the entire judgment or obtain an appeal bond. Trump’s lawyers in their filing said that if the appellate division considers denying a stay of the judgment, it should schedule oral arguments on the issue.
And the attorneys asked that if the division declines to grant the stay, they be allowed to ask the Court of Appeals, the highest state court in New York, to pause the judgment without Trump having to obtain an appeal bond in the full amount. Manhattan Supreme Court Judge Arthur Engoron in February ordered Trump and his co-defendants to pay a total of $464 million in damages and interest for violating a New York anti-fraud statute.
Read more: https://www.cnbc.com/2024/03/18/trump-cant-secure-454-million-appeal-bond-in-new-york-fraud-case-his-lawyers-say.html
Link to court filing (PDF) - https://t.co/COb47uF6JG
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Former President Donald Trump has been unable to obtain an appeal bond to secure a $454 million civil judgment against him in a New York business fraud case, his attorneys said in a court filing Monday. Lawyers for Trump and his co-defendants said it has been "impossible" for them to secure a complete appeal bond, which would effectively require "cash reserves approaching $1 billion," which the former president or his company do not have.
Trump's team has approached, without success, around 30 surety companies through four separate brokers as he seeks an appeal bond, and they have spent "countless hours negotiating with one of the largest insurance companies in the world," according to the filing with the Appellate Division of Manhattan Supreme Court.
Under New York court rules, Trump must post an appeal bond if he wants to avoid New York Attorney General Letitia James moving to collect on the fraud judgment in the state's favor. James has said she will seize Trump's property if he is unable to pay the entire judgment or obtain an appeal bond. Trump's lawyers in their filing said that if the appellate division considers denying a stay of the judgment, it should schedule oral arguments on the issue.
And if the division declines to grant the stay, the attorneys asked that they be allowed to ask the Court of Appeals, the highest state court in New York, to pause the judgment without having to obtain an appeal bond in the full amount. Manhattan Supreme Court Judge Arthur Engoron in February ordered Trump and his co-defendants to pay a total of $464 million in damages and interest for violating a New York anti-fraud statute.
Donald Trump cannot obtain a bond to secure the $454 million civil business fraud judgment against him as he pursues an appeal of the case, his attorneys said in a New York court filing Monday. Attorneys for Trump and his co-defendants the fraud case argued that it was "impossible" for them to secure a complete appeal bond, which would "effectively" require "cash reserves approaching $1 billion."
"Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is "a practical impossibility," the lawyers wrote, quoting an affidavit in the filing with the Appellate Division of Manhattan Supreme Court.
They said they have approached roughly 30 surety companies through four separate brokers, and that they have spent "countless hours negotiating with one of the largest insurance companies in the world."
The lawyers said that if the appellate division considers denying the requested stay of the judgment, it should schedule oral arguments on the issue. And if the division declines to grant the stay, the lawyers asked that it allow them to file an appeal with the Court of Appeals, the highest state court in New York.
Donald Trump cannot obtain a bond to secure the $454 million civil business fraud judgment against him as he pursues an appeal of the case, his attorneys said in a New York court filing Monday. Attorneys for Trump and his co-defendants the fraud case argued that it was "impossible" for them to secure a complete appeal bond, which would "effectively" require "cash reserves approaching $1 billion."
"Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is "a practical impossibility," the lawyers wrote, quoting an affidavit in the filing with the Appellate Division of Manhattan Supreme Court.
They said they have approached roughly 30 surety companies through four separate brokers, and that they have spent "countless hours negotiating with one of the largest insurance companies in the world."
Manhattan Supreme Court Judge Arthur Engoron in February ordered Trump and his co-defendants to pay a total $464 million in damages and interest for violating a New York anti-fraud statute. Of that total, Trump was ordered to pay $454 million. Trump's post-judgment interest continues to accrue at a rate of nearly $112,000 a day.
Donald Trump cannot obtain a bond to secure the $454 million civil business fraud judgment against him as he pursues an appeal of the case, his attorneys said in a New York court filing Monday. Attorneys for Trump and his co-defendants the fraud case argued that it was "impossible" for them to secure a complete appeal bond, which would "effectively" require "cash reserves approaching $1 billion."
"Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is "a practical impossibility," the lawyers wrote, quoting an affidavit in the filing. They said they have approached roughly 30 surety companies through four separate brokers, and that they have spent "countless hours negotiating with one of the largest insurance companies in the world."
Trump earlier this month obtained a $91.6 million bond from the Chubb insurance company to secure a civil defamation judgment against him in favor of the writer E. Jean Carroll while he appeals that judgment.
This is breaking news. Please check back for updates.
Donald Trump cannot obtain a bond to secure the $454 million civil business fraud judgment against him as he pursues an appeal of the case, his attorneys said in a New York court filing Monday.
This is breaking news. Please check back for updates.
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