Trump’s Legal Battle: Failed Attempt to Secure Bond for Appeal
Donald Trump’s legal team faced a setback in their efforts to appeal a $454 million judgment in a New York civil fraud case without depositing the full amount. Here are the key details of the case:
Background
- Justice Arthur Engoron’s ruling on Feb 16 ordered Trump and co-defendants to pay $464 million for misstating property values.
- Trump must either pay the sum or post a bond to prevent seizure of his properties during the appeal.
Legal Maneuvering
Trump’s attorneys argued that the judgment amount was excessive and sought to delay its execution. They proposed an alternative:
- Trump to post a $100 million bond instead of the full amount.
- Claimed that securing the full appeal bail was practically impossible due to the high cash reserves required.
Bonding Challenges
Efforts to obtain a bond faced obstacles:
- 30 surety companies approached through four brokers.
- Declaration from an insurance executive highlighted the difficulties in securing a bond for the entire $464 million.
Judgment and Restrictions
Consequences of the ruling:
- Trump and his sons barred from business activities in New York for specified durations.
- Prohibition on seeking loans from New York financial institutions.
Public Response
Engoron criticized Trump and his sons for their lack of remorse, describing it as concerning.
Final Thoughts
Despite the legal challenges, Trump maintains his innocence in the case.
