A New York Appellate Court on Wednesday, Denied Trump's attempt to Freeze the Judgment in His Civil Fraud Case, so Trump is required to Post a Bond for hundreds of millions of dollars in the coming weeks.
Judge Anil Singh Declined to address the Amount of the Bond, effectively requiring Trump by Default, to Post-a-Bond for the Full Judgment of $454 million, plus Interest.
Defense Attorneys had said Trump was prepared to Post a $100 million Bond, arguing He had No way to Secure a Higher Amount, without Selling-Off some of His Real Estate. A Bond to cover the Judgment would have to be at least 120% of the Total Judgment, more than $550 million, Attorneys said.
"In the absence of a stay on the terms herein outlined, properties would likely need to be sold to raise capital under exigent circumstances, and there would be no way to recover any property sold following a successful appeal and no means to recover the resulting financial losses from the Attorney General," Defense Attorneys argued.
Judge Singh did agree to pause the Enforcement of the part of the Judgment that Prohibited Trump and His Sons from running their Family Business for the next several years. The Ruling means Trump, Donald Trump Jr., and Eric Trump, can remain In-Charge of the Trump Organization for the time being.
Trump still has at least Two Opportunities to Appeal the Ruling, First with a Panel of judges at New York's Appellate Division, First Department next month, then with New York's Court of Appeals, if the First Attempt is Unsuccessful.
In their Court Filing early Wednesday, Trump's Lawyers argued that the Ppenalties are "unprecedented and punitive." "The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond," defense lawyers wrote in the Filing. "Appellants nonetheless plan to secure and post a bond in the amount of $100 million."
In the Filing, Trump's Lawyers said that posting a Bond to cover the entire Judgment would Not only be Impossible but also Unnecessary given the Preexisting Oversight provided by the Trump Organization's Independent Monitor. According to the Filing, the current Oversight coupled with the $100 million Bond ensures that New York Attorney General Letitia James (D), could Collect the Judgment if needed.
"Those assets are not going anywhere, nor could they given the oversight of the Monitor and the practical realities of the existence of the very public Judgment," the Filing said. In their Motion for a Stay, Defense Attorneys Clifford Robert and Alina Habba called Engoron's Order "draconian" and said the punishments would unfairly impede Trump's Family Real Estate business.
"The extraordinary relief Supreme Court has granted is punitive, patently improper, unsupported by the evidence, and/or unavailable under the Executive Law, and is premised upon claims this Court ruled are time-barred," the Motion said.
The Filing cited "the Attorney General's public threats that she will seize Appellants' real property forthwith to satisfy the Judgment," a Reference to Remarks New York Attorney General Letitia James made during an Interview with ABC News.
In response to Defense's Filing, an Attorney for the New York Attorney General pushed back against Trump's Plan to post a $100 million bond, arguing in their Own Filing that Trump and His Co-Defendants might attempt to evade Enforcement of the $464 million Judgment.
"Contrary to defendants' argument, there is substantial risk that defendants will attempt to evade enforcement of the judgment (or make enforcement more difficult) following appeal," the Attorney General's Filing said. Dennis Fan of the AG's Office, suggested in the Filing that Trump's Lawyers Admitted Trump lacks the Money to Cover the Judgment.
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