The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Politics

Trump unable to get $464M appeal bond to stop collection, attorneys say: ‘Practical impossibility’

by admin March 19, 2024
March 19, 2024
Trump unable to get $464M appeal bond to stop collection, attorneys say: ‘Practical impossibility’

Former President Trump has not been able to secure a $464 million appeal bond he needs following a New York civil fraud judgment against him, his attorneys say.

In a court filing Monday, his lawyers said obtaining one is a ‘practical impossibility under the circumstances presented.’

In late February, a New York Appeals Court judge denied Trump’s request to delay payment of the $464 million owed as a result of Attorney General Letitia James’ lawsuit, but said he will temporarily allow the 2024 front-runner and his sons to continue running their business during the appeals process.

Trump and his sons Donald Trump Jr. and Eric Trump were barred earlier that month from operating their business in New York for a range of two to three years. Trump was also found liable for hundreds of millions of dollars in damages in the civil fraud case brought against him, his family and the Trump Organization by James.

The filing Monday says ‘ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility.’’

‘These diligent efforts have included approaching about 30 surety companies through 4 separate brokers,’ the filing says. ‘A bond requirement of this enormous magnitude – effectively requiring cash reserves approaching $1 billion … is unprecedented for a private company.’

It also says that ‘waiving the bond requirement will impose no cognizable harm on the Attorney General. The case involves no actual victims and no award of restitution, and she is fully protected by Defendants’ real-estate holdings. This factor alone warrants a stay.’

‘The Court should stay the judgment pending appeal, and put the brakes on the Attorney General’s overzealous litigation crusade,’ Trump’s lawyers also argued. ‘If oral argument would assist the Court in coming to that conclusion, we respectfully request an opportunity for such a hearing.’

His attorneys also said, ‘The practical impossibility of obtaining a bond interferes with Defendants’ right to appeal and threatens this Court’s appellate jurisdiction.’

‘The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,’ they added. ‘The remaining handful will not ‘accept hard assets such as real estate as collateral,’ but ‘will only accept cash or cash equivalents (such as marketable securities).’

Trump Campaign Spokesman Steven Cheung later said in a statement that ‘This is 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.’

A New York Appeals Court judge previously ruled that the former president must post a bond for the full amount of the judgment and that an independent director of compliance will be appointed.  

That ruling comes after Engoron handed down his decision earlier in February after a months-long trial beginning in October in which the former president was accused of inflating his assets and committing fraud in financial documents.

Engoron ruled that Trump and other defendants were liable for ‘persistent and repeated fraud,’ ‘falsifying business records,’ ‘issuing false financial statements,’ ‘conspiracy to falsify false financial statements,’ ‘insurance fraud’ and ‘conspiracy to commit insurance fraud.’

‘In a massive victory, we won our case against Donald Trump for engaging in years of incredible financial fraud to enrich himself. Trump, Donald Trump, Jr., Eric Trump, and his former executives must pay over $450 million in disgorgement and interest,’ James wrote on X, celebrating on the same day of the judgment.

On Feb. 23, James, who has denied having a ‘personal vendetta’ against Trump despite remarks suggesting otherwise, posted flatly, ‘$464,576,230.62.’ 

Fox News’ Brooke Singman and Danielle Wallace contributed to this report.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Trader Joe’s-branded cashews sold in 16 states recalled over salmonella concerns
next post
Biden campaign reveals ‘aggressive’ swing state strategy, admits beating Trump will ‘take relentless effort’

Related Posts

Israel strikes at the heart of Iran’s nuclear...

June 15, 2025

Assassination attempt on Trump at Pennsylvania rally leaves...

July 14, 2024

2024 showdown: New polls this weekend in three...

August 11, 2024

The secret to Republican victory in 2024 is...

May 9, 2024

Zelenskyy wants details after Trump-Putin call, lays out...

March 19, 2025

Hezbollah drone attack in Israel wounds over 60...

October 14, 2024

Tulsi Gabbard changes tune on controversial intelligence tool...

January 11, 2025

These are the judges going toe to toe...

March 18, 2025

Critics charge Biden with abandoning Israel, hostages amid...

March 27, 2024

Vance preaches unity as tensions boil at House...

January 29, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • OpenAI to release web browser in challenge to Google Chrome

      July 11, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 11, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 11, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 11, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 11, 2025
    • How to Find Compelling Charts in Every Sector

      July 11, 2025

    Categories

    • Business (1,291)
    • Politics (3,959)
    • Stocks (1,506)
    • Uncategorized (45)
    • World News (1,284)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved