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Trump’s lawyers say he’s prepared to post $100 million bond to pause $454 million fraud penalty
Donald Trump’s lawyers told a New York appellate court Wednesday that he’s prepared to post a $100 million bond to halt collection of his staggering civil fraud penalty, arguing that provisions of the verdict make it impossible for the former president to secure a bond for the full amount.
Trump’s lawyers floated the offer in court papers asking the state’s mid-level appeals court for an order preventing New York Attorney General Letitia James’ office from enforcing the $454 million judgment while his appeal plays out. Trump would have to post the full amount to pause collection automatically.
The appeals court heard arguments at an emergency hearing Wednesday, and a judge could issue a decision by the end of the day.
SHANNON STAPLETON / Getty Images
Trump’s lawyers argued that a provision in Judge Arthur Engoron’s Feb. 16 ruling banning Trump, his company and co-defendants from obtaining loans from New York banks for three years prevents them from obtaining a bond covering the full judgment. In all, Trump and his co-defendants owe more than $465 million.
“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 lawyers Clifford Robert, Alina Habba and Michael Farina wrote.
James’ office opposes Trump’s plan, saying his lawyers have all but conceded he has “insufficient liquid assets to satisfy the judgment.”
“These are precisely the circumstances for which a full bond or deposit is necessary,” Senior Assistant Solicitor General Dennis Fan wrote, saying Trump’s offer would leave James’ office and the state “with substantial shortfalls” if the verdict is upheld.
“A prevailing plaintiff is entitled to have her award secured, and defendants have never demonstrated that Mr. Trump’s liquid assets could satisfy the full amount of the judgment,” Fan wrote.
James, a Democrat, has said that she will seek to seize some of Trump’s assets if he’s unable to pay the judgment.
The Trump fraud ruling
Engoron found that Trump, his company and top executives, including his sons Eric and Donald Trump Jr., schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.
Among other penalties, the judge put strict limitations on the ability of Trump’s company, the Trump Organization, to do business. Paperwork making the judgment official was filed on Feb. 23. That started a 30-day window for Trump to pay up or file an appeal and seek a stay.
Also Wednesday, white powder was found in an envelope addressed to Engoron at his Manhattan courthouse, the latest security scare involving the judge. Police said the substance fell onto a court officer’s pants when the officer opened the envelope around 9:30 a.m. No injuries were reported and Engoron was not harmed.
In January, hours before closing arguments in the case, authorities responded to a bomb threat at the judge’s home. Engoron’s chambers have reported hundreds of harassing and threatening calls, emails, letters and packages since the start of Trump’s trial in October.
Trump filed his appeal on Monday. His lawyers are asking the Appellate Division of the state’s trial court to decide whether Engoron “committed errors of law and/or fact” and whether he abused his discretion or “acted in excess” of his jurisdiction.
Trump wasn’t required to pay his penalty or post a bond in order to appeal, and filing the appeal did not automatically halt enforcement of the judgment.
The Republican presidential front-runner has until March 25 to secure a stay, a legal mechanism pausing collection while he appeals.
Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. He also had the option, which he’s now exercising, to ask the appeals court to grant a stay with a bond for a lower amount.
His lawyers said Trump’s vast real estate assets and oversight mandated by Engoron’s ruling, including supervision of his company by an independent monitor, “would alone be sufficient to adequately secure any judgment affirmed.”
The $100 million bond, they said, “would simply serve as further security.”
Trump maintains that he is worth several billion dollars and testified last year that he had about $400 million in cash, in addition to properties and other investments.
In all, Trump has at least $543.4 million in personal legal liabilities from Engoron’s ruling and two other civil court judgments in the last year.
In January, a jury ordered Trump to pay $83.3 million to writer E. Jean Carroll for defaming her after she accused him in 2019 of sexually assaulting her in a Manhattan department store in the 1990s. That’s on top of the $5 million a jury awarded Carroll in a related trial last year.
It was hard to miss the massive American flag towering over the Butler Farm Show ground on July 13 as it waved over the rally site where former President Donald Trump was set to speak, just days before a crucial running mate selection and the Republican National Convention.
On July 13, the two of us, who had been tag-teaming coverage of Trump’s third run for president for over a year, went to what we thought would be a typical Trump rally in an open field in a Pittsburgh suburb, a crucial electoral area in a crucial battleground state. It ended with a gunman trying to take Trump’s life, and the death of a fireman, Corey Comparatore.
We stood front and center in the press area at 6 p.m. and Trump took the stage (an hour late, as can be the case) and knew right away that something wasn’t right when what sounded like firecrackers went off to our left. That’s where shooter Thomas Crooks had climbed up onto an unprotected building just outside of the security perimeter and fired multiple shots.
A hydraulic lift that held up a massive stack of speakers was struck, sending smoke shooting out and the speakers slowly fell towards the ground, and as we took cover (ground twice), all we could think was to pull out our phones and get to work. Olivia recorded the sounds of panicked journalists and attendees alike huddled along the press riser and bicycle racks separating us, the shrieks of scared children, and, realized only upon listening many times since, the sound of those around Corey Comperatore yelling for assistance.
Jake spoke with emergency room Dr. James Sweetland, who ran to help Comperatore, and said that he heard the gunshots and went to assist, finding Comperatore “jammed between the benches” before attempting to save his life.
We both stood in shock as the crowd turned on us in the moments after Trump’s motorcade sped out of Butler, with one man yelling “This is your fault!”
What was to be a typical Trump rally wasn’t so typical anymore.
Eighty-four days later Trump returned, and so did the two of us, taking the same route from downtown Pittsburgh, parking in the same location, and enduring a similar heat with no shade in the press pen alongside fellow reporters who, just like us and the former president, chose to return and confront our trauma.
The stage was set up in the same location, with that same American flag looming over Trump and the crowd behind him on that day.
But for everything that was the same that day, there were striking differences. The building where the gunman had climbed up, crawled across, and ultimately fired fatal shots, was completely obstructed from the view of the crowd by tractor trailers. Several teams of snipers were stationed throughout the rally site. It was perhaps the largest crowd we have seen thus far at a Trump rally.
And we are not the same people. Witnessing the events of July 13 took away our feeling of safety while doing our jobs, and the effects of that continue to impact us. There was a moment of shock at one point, when the speaker on stage paused as the crowd shouted “medic” for a woman who fainted. We were frozen in fear hearing the same words that were shouted in the seconds after Trump’s assassination attempt, as people were shouting for a medic to take care of Comperatore.
But like July 13, we had to go to work. Like those in the crowd of tens of thousands that chose to return, there was a sense of unfinished business on this fairground. We had continued on to Milwaukeee and the Republican National Convention to cover Trump’s first public appearance since Butler, but we knew that we had to come back here, no matter how painful it was to land back in Pittsburgh, head north on Route 79 and pull off at the Butler Farm Show, and finish the job: for the two of us, for CBS News, for the country.
Unlike other speakers on the stage Saturday who championed Trump’s words of “fight, fight, fight,” Sweetland went out of his way to mention he is a former Democrat and pleaded with the crowd to reach out and find five Democrats with whom they could find commonality.
“Democrats are like teenagers,” Sweetland said. “You think they aren’t listening, but they are.”
Eight-four days later, the entire race has changed, and so have we.
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