Former President Donald Trump is persistently criticizing the $464 million judgment in his New York civil fraud case. He asserts that Judge Arthur Engoron is attempting to strip away his rights and warns of the possibility of having to sell his properties at significantly reduced prices. Trump believes that this potential outcome would equate to a forced sale, resulting in unfavorable financial consequences.
“Judge Engoron is actually demanding that I provide hundreds of millions of dollars for the privilege of appealing his absurd ruling,” Trump expressed on his social media account Tuesday morning. “In essence, he is attempting to strip me of my right to appeal,” Trump stated, emphasizing his frustration with the situation.
“I would have no choice but to mortgage or sell Great Assets, potentially at significantly reduced prices. And if, by any chance, I win the Appeal, those valuable assets would already be out of reach. Do you see the logic behind this?” Trump further explained.
According to a recent appellate court filing, the attorneys of the former president, Trump, have stated that he is encountering significant challenges in securing a bond that would meet the requirements of the judgment. These difficulties are described as “insurmountable” by the legal team.
In a recent development, Trump’s legal team has made a request to halt the enforcement, proposing an alternative solution of obtaining a $100 million bond. Despite Trump’s emergency application for a stay being denied by a New York appellate judgment last month, a panel of judges is currently reviewing his appeal for a delay.
New York Attorney General Letitia James has expressed opposition to the request, asserting that Trump and his co-defendants might try to avoid complying with the judgment or make enforcement more challenging.
Senior Assistant Solicitor Dennis Fan argued last week that there is a significant risk of defendants evading enforcement of the judgment or making enforcement more difficult after an appeal, if they are not required to pay the judgment or provide a bond for the full amount.
In a recent statement, Alan Garten, the general counsel of Trump Organization, assured that Donald Trump is in a strong financial position, with significant assets. However, due to the enormity of the judgment, Trump would need to leverage his real estate properties as collateral for the bond. The filing reveals that over 30 companies have declined to provide assistance in securing the bond, forcing the former president to rely on a combination of property and cash.
In a series of posts on his social media platform Monday night, Trump expressed his belief that the bond in the New York civil fraud case judgment goes against the principles of the Constitution, is not in line with American values, and sets an unprecedented precedent.
In a series of social media posts, Trump echoed his legal team’s arguments, stating that a bond of this magnitude is “practically impossible for any company, including one as successful as mine.”
In their ongoing efforts to challenge the court’s ruling, Trump’s legal team once again sought permission from the appellate court on Monday to obtain a bond in a reduced amount. They have persistently argued that the judgment imposed on Trump is “unconstitutionally excessive.”
Defense lawyers Alina Habba and Clifford Robert argued that selling real estate holdings in a ‘fire sale’ would lead to significant and irreparable losses, which they described as textbook irreparable injury.
In an interview with ABC News, James stated that she is fully ready to take possession of the former president’s assets if he fails to come up with the necessary funds to pay the fine.
During an exclusive interview with ABC News’ Aaron Katersky in February, James stated that if the individual in question lacks the necessary funds to settle the judgment, they will pursue judgment enforcement mechanisms in court. Furthermore, James added that they will request the judge to seize the individual’s assets.
The former president has firmly denied any wrongdoing and has expressed his intention to appeal the allegations.
