Donald Trump’s legal team has told a New York court they cannot obtain an appeal bond large enough to cover the full $454 million judgment against Trump in the New York fraud case.
Without a stay of the judgment or a bond during the appeals process, New York Attorney General Letitia James could begin seizing Trump’s properties to satisfy the judgment.
“[O]btaining an appeal bond in the full amount” of the $454 million judgment “is not possible under the circumstances presented,” Trump’s lawyers stated.
James confirmed her office would seek enforcement mechanisms to ensure payment to New Yorkers.
“If he does not have funds to pay off the judgement, then we will seek judgement enforcement mechanisms in court, and we will ask the judge to seize his assets,” James said.
“We are prepared to make sure that the judgment is paid to New Yorkers,” James said, “and yes, I look at 40 Wall Street each and every day,” she added.
Trump’s team filed a motion arguing a bond of that size would undermine due process, but one judge rejected their proposed $100 million bond.
Unless the appeals court issues a stay, the judgment will be enforced next week.
Trump’s campaign spokesman Steven Cheung noted that they have filed a motion to “stay the unjust, unconstitutional, un-American judgment from New York Judge Arthur Engoron in a political Witch Hunt brought by a corrupt Attorney General.”
“A bond of this size would be an abuse of the law, contradict bedrock principals of our Republic, and fundamentally undermine the rule of law in New York,” he added. “President Trump will continue fighting and beating all of these Crooked Joe Biden-directed hoaxes and will Make America Great Again.”
Trump continues denying wrongdoing and intends to appeal both the ruling and amount, while interest on the penalty grows daily.
His lawyers argue obtaining a bond that size would be unprecedented for an individual.
Trump’s team noted that Trump is facing “insurmountable difficulties” in obtaining a bond.
“A bond of this size is rarely, if ever, seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses,” real estate broker Gary Giulietti wrote.
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