Donald Trump Photographer: Yuki Iwamura/Bloomberg
Lawyers representing Donald Trump announced on Wednesday their intention for the former president and his associates to put forward a $100 million bond as an effort to temporarily halt the execution of their civil fraud verdict. This proposed sum is a mere portion of the comprehensive penalty imposed on them.
In their legal submission to the appellate division of the Manhattan Supreme Court, Trump’s defense team argued that arranging for a “full” appeal bond would be unfeasible.
This legal move follows Trump’s challenge, initiated two days prior, against Judge Arthur Engoron’s decision. Engoron found Trump, his company, two of his adult sons, and several company executives guilty of presenting false financial information.
As a result of Engoron’s verdict, the accused are mandated to pay $464.6 million in total, covering fines and interest. Specifically, Trump is responsible for a judgment exceeding $454 million, with an additional $98 million in interest charges, which continue to accumulate at an annual rate of 9%, adding approximately $112,000 daily to Trump’s financial obligations.
Moreover, Engoron’s decision prevents Trump from managing any business within New York for three years or securing loans from state-registered financial institutions within the same timeframe.
Trump’s legal team highlighted in their Wednesday submission that bond agencies typically suggest a bond value 120% higher than the judgment amount to cover potential interest and legal costs during the appeal. Thus, in Trump’s case, the bond value might exceed $550 million.
The defense concluded, “The excessively high and punitive judgment amount, together with a broad and unjust prohibition against loan transactions, renders the acquisition and posting of a full bond unachievable.”
