As the former president works through his appeal of a devastating finding after a protracted fraud case, a New York appellate court judge has largely rejected Donald Trump's bid to suspend a $454 million judgment against him. Mr. Trump's attempt to have the financial judgment against him halted was refused by state appeal judge Anil Singh on Wednesday; but, the former president will still be able to oversee his real estate business and make loan applications.
In order to stop the finding against him while he files an appeal of New York Justice Arthur Engoron's decision, Mr. Trump must pay the whole judgment or post bail; but, the former president and his co-defendants might now get financial assistance to do so. Trump's attorneys asked for only $100 million to post bail in an appeal, implying that the former president would not be able to stop it. With the loan penalty in effect, Mr. Trump's lawyers have maintained that they were unable to get a bail.
The ex-president's legal team contended in a lengthy filing to a New York appeals court that the extensive case against him and his family business is not subject to the statute of limitations and that a final judgment would be a "unprecedented and unconstitutional" breach of his Eighth Amendment protection against disproportionate fines.
Their argument was that his prohibition from managing his businesses and taking out loans is "draconian" and would "needlessly result in irreparable injury," thereby establishing a precedent for "any citizen of this State who has the misfortune of dissenting" from the "politics" of state attorney general Letitia James, whose lawsuit and three-year investigation led to a trial that lasted months in Manhattan.
The ruling from Wednesday is just temporary, and a full panel of appeal judges will now consider Mr. Trump's move. The office of Ms. James has until March 11th to provide a response brief.
The ruling mainly supports the attorney general's demands of Mr. Trump, which his attorneys made in an attempt to avoid paying tens of millions of dollars in fines. It also states that in order to advance the appeals process, the defendants in this case should be forced to post a bond equal to the full judgment amount.
Attorneys for Mr. Trump had previously stated that he would have to sell properties 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 financial losses that would result" if the appeals court upheld the judgment. Put simply, "[the defendants] would not be able to recoup the value of what was appropriated by the Attorney General and the court while the appeal was pending," they added.
In a 92-page decision published on February 16, Judge Engoron determined that Mr. Trump, his sons Donald Trump Jr. and Eric Trump, former Trump Organization executives Allen Weisselberg and Jeffrey McConney, and the businesses that supported Mr. Trump's properties that helped build his brand were all accountable for deceiving investors over a ten-year period by inflating his net worth and assets.
The whole amount of money that each defendant owes the state in "disgorgement" (money that is essentially forfeited as "ill-gotten profits") is about $364 million, plus at least $100 million in interest. Every day, Mr. Trump's share of the ultimate judgment accrues interest exceeding $112,000 in total.
In order to stop the finding against him while he files an appeal of New York Justice Arthur Engoron's decision, Mr. Trump must pay the whole judgment or post bail; but, the former president and his co-defendants might now get financial assistance to do so. Trump's attorneys asked for only $100 million to post bail in an appeal, implying that the former president would not be able to stop it. With the loan penalty in effect, Mr. Trump's lawyers have maintained that they were unable to get a bail.
The ex-president's legal team contended in a lengthy filing to a New York appeals court that the extensive case against him and his family business is not subject to the statute of limitations and that a final judgment would be a "unprecedented and unconstitutional" breach of his Eighth Amendment protection against disproportionate fines.
Their argument was that his prohibition from managing his businesses and taking out loans is "draconian" and would "needlessly result in irreparable injury," thereby establishing a precedent for "any citizen of this State who has the misfortune of dissenting" from the "politics" of state attorney general Letitia James, whose lawsuit and three-year investigation led to a trial that lasted months in Manhattan.
The ruling from Wednesday is just temporary, and a full panel of appeal judges will now consider Mr. Trump's move. The office of Ms. James has until March 11th to provide a response brief.
The ruling mainly supports the attorney general's demands of Mr. Trump, which his attorneys made in an attempt to avoid paying tens of millions of dollars in fines. It also states that in order to advance the appeals process, the defendants in this case should be forced to post a bond equal to the full judgment amount.
Attorneys for Mr. Trump had previously stated that he would have to sell properties 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 financial losses that would result" if the appeals court upheld the judgment. Put simply, "[the defendants] would not be able to recoup the value of what was appropriated by the Attorney General and the court while the appeal was pending," they added.
In a 92-page decision published on February 16, Judge Engoron determined that Mr. Trump, his sons Donald Trump Jr. and Eric Trump, former Trump Organization executives Allen Weisselberg and Jeffrey McConney, and the businesses that supported Mr. Trump's properties that helped build his brand were all accountable for deceiving investors over a ten-year period by inflating his net worth and assets.
The whole amount of money that each defendant owes the state in "disgorgement" (money that is essentially forfeited as "ill-gotten profits") is about $364 million, plus at least $100 million in interest. Every day, Mr. Trump's share of the ultimate judgment accrues interest exceeding $112,000 in total.
