Justice Arthur Engoron has handed down a judgement against Donald Trump, directing him to pay upwards of $450 million as penalty for running a business based on fraudulent claims about his own wealth. This information was reported gleefully by New York State Attorney General Letitia James, who noted that the bill is compounding hundreds of thousands of dollars in interest daily. She has also promised to seize his properties if he fails to comply with the court’s order. Likely seeking a stay on this order, Trump submitted an emergency visit to the First Judicial Department and proposed a $100 million bond to hold off the judgment.
To keep control of the company without posting a bond for the entire judgment amount or risking property seizure, Trump offered the $100 million offertory. In his appeal, Trump referred to the purpose of an appeal bond to maintain the status quo during the appeal and to ensure sufficient resources are available to satisfy any judgment affirmed.
The defendants had expressed their annoyance with appointed monitor, retired Judge Barbara Jones, for her careful scrutiny of their books. However, they are now pointing to her supervisory role as proof that the judgement can be stayed – including the component that removes them from leadership of their company – without any risk of them reverting to fraudulent practices.
In a striking revelation, legal documentation from Trump’s team implied that he does not have the liquid resources to satisfy the judgement – an interesting predicament for a man who claims to live in a home worth around $1.5 billion.
The emergency motion was argued before Associate Justice Anil C. Singh who partially granted their request for a temporary stay regarding the order prohibiting them from borrowing money and managing their company. However, he refused to halt the collections effort.
This decision leaves the defendants in a challenging spot as they seek a lender willing to extend them a half billion dollar bond, against the risk of losing control of their company when the panel reviews the interim grant relief.
By
Liz Dye of Law and Chaos