Trump claims he would have to sell his properties at a loss to pay the $454 million fine. The former President has until March 18 to respond to his Marxist tormentor.
By Cristina Laila | GATEWAY PUNDIT
New York Attorney General Letitia James argued Trump has to post bond for the full $464 million judgment before the appeal.
Late last month it was reported President Trump would post a $100 million bond and ask for a stay of the $464 million judgment in Letitia James Soviet-style NYC fraud trial.
“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,” Trump’s defense lawyers wrote in the filing last month. “Appellants nonetheless plan to secure and post a bond in the amount of $100 million.”
Trump claimed he would have to sell his properties at a loss to pay the $454 million fine.
Letitia James argued in a court filing on Monday that Trump could try to avoid paying the fine altogether.
“James argued that without a full bond, Trump could attempt to avoid paying the fine if his appeal fails. In her court filing, she rejected his suggestion that a bond isn’t necessary because his ownership interest in his 40 Wall St. tower alone was sufficient to pay the fine if he lost.” – Bloomberg reported.
“She said she wants to see proof that surety companies refused to accept the skyscraper as collateral and that sureties “have refused to accept this property, his other real estate interests, or his private jets or helicopters as collateral for an appeal bond.”” – Bloomberg reported.
Trump has until March 18 to respond.
Excerpt from Bloomberg:
The New York attorney general disputed Donald Trump’s claim that he may have to sell properties at a loss to secure the bond necessary to appeal a $454 million civil fraud fine.
The real estate mogul, who is seeking permission to post a smaller, $100 million bond or no bond at all, failed to provide evidence that insurance companies known for arranging such bonds were demanding cash and refusing to accept his properties as collateral, Attorney General Letitia James said in an appeals court filing Monday.
To put the damage award on hold while he appeals, Trump must post a bond for at least 110% of the total by March 25. The billionaire former president, who is campaigning to return to the White House, is running short on cash after losing two civil trials in less than two months. Even so, he’s got a wide array of assets he can use as collateral, on top of $400 million in cash he testified to having on hand last year.
James sought $370 million in ‘damages’ when there is no victim in this fraud case and she also sought to ban Trump and his sons from operating any businesses in New York. She accused Trump of inflating his assets and defrauding lenders and insurance companies.
Last month Judge Engoron ordered Trump to pay more than a $355 million fine and barred Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
Engoron claimed Trump and each of the defendants “participated in aiding and abetting the conspiracy to commit insurance fraud by their individual acts in falsifying business records and valuations, causing materially fraudulent SFCs to be intentionally submitted to insurance companies.”
Donald Trump Jr. and Eric Trump were also ordered to pay millions of dollars in fines.
Eric Trump and Don Jr. were ordered to pay $4,013,024 each.
“There is also sufficient evidence that Donald Trump, Jr. and Eric Trump intentionally falsified business records. They served as attorneys-in-fact for Donald Trump and were under a heightened duty of prudence,” Engoron wrote.
Trump Organization CFO Allen Weisselberg was ordered to pay $1 million.
The $355 million judgment PLUS daily interest has swelled to $464 million. ##