A New York appellate court has denied former US President Donald Trump’s request to halt the collection of his $454 million civil fraud judgment pending appeal. Trump’s lawyers had approached the court, stating that he is prepared to post a $100 million appeal bond, which is significantly less than the judgment against him. The court filings reveal that the presiding judge, Associate Justice Anil Singh, necessitated Trump to post the total amount of the bond to halt the implementation of the $454 million judgment.
The basis of the original judgment finds Trump liable for falsifying business records, issuing false financial statements, conspiracy to commit insurance fraud, and conspiracy to falsify business records. Despite the denial to stay the collection, the judge accorded Trump some reprieve by temporarily pausing a three-year ban on him seeking loans from New York banks, effectively widening Trump’s chances of securing the necessary bond.
Trump, in conjunction with his co-defendants, now owes comparably more, up to $465 million, to the state of New York. This amount includes the accruing interest, and they have until March 25 to secure a stay or potentially have some of their assets seized. In the court documents, Trump’s attorneys argue that the judgment amounts to punitive disgorgement without proper legal or factual support.
The New York Attorney General’s office retaliated by submitting a letter to the court. The office highlights the substantial risk that defendants may elude enforcement of the judgment or make enforcement more challenging following the appeal.
To secure a bond loan, Trump would need to amass more than $550 million, considering that bond underwriters charge about 120% of the judgment. They also require individuals to provide cash, other easily sellable assets, stocks, or collateral, which could potentially include some of Trump’s New York properties.