Corrupt Judge Rules President Trump Can’t Postpone Paying $355M Judgment in NY Fraud Case
By: NY Post, March 19, 2024:
New York Attorney General Letitia James will be free to start going after Donald Trump’s prized properties should the former president fail to make the deadline to post the $454 million bond in his civil fraud case.
Trump, 77, on Monday filed papers in an appeal court case seeking to get out of having to post the bond as he fights the massive judgment from February — which accrues $112,000 in interest daily.
The presumptive Republican 2024 presidential nominee had approached over 30 firms to secure the bond — to no avail — and he’s facing “insurmountable difficulties” getting the financial backing, his attorneys wrote in the filings.
Manhattan Supreme Court Justice Arthur Engoron ordered the hefty judgment against the real estate mogul in February after a three month trial in which the AG’s office argued Trump exaggerated his net worth by billions a year on financial statements to get better loan and insurance terms.
[…]
“The real difficulty is the size of the judgment is so huge.”
The bond would require Trump to post 120% of what he owes with collateral — amounting to $557.5 million, according to his lawyers.
Trump previously sought to lower the bond amount to $100 million and is now seeking to get out of paying the bond altogether.
O’Brien said that if Trump can prove to the court that he is likely to ultimately win his appeal, he “might have an argument” to get the bond amount lowered.
[…]
What happens if Trump doesn’t make the deadline?
If the Appellate Division, First Department doesn’t grant Trump’s bid to pause Monday’s deadline for his bond and if he can’t come up with the money by then, AG James can start going after his assets — a measure she said she won’t hesitate to use.
New York real estate lawyer Melissa Levin said if Trump is forced to cough up the full amount by Monday he is “going to have to start selling off his properties himself to get the rest of the money to pay the bond.”
“If he doesn’t do that, there would be nothing stopping Letitia James and New York State from asking the court to seize certain assets to pay off the judgment amount that way,” she added.
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Author: Pamela Geller
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