(Daily360.com) Donald Trump has run into a liquidity problem in trying to raise the sum needed to appeal the fraud ruling that was handed down by New York City judge in February. New York has a requirement that any person who intends to appeal a summary judgment must post or bond that amount with interest before they can file the appeal.
In Trump’s trial, he was denied a jury and the judge declared his guilt before the trial began. At the conclusion of the trial Judge Arthur Engoron levied a penalty of over $300 million against Trump. With interest the number grows to $456.8 million and to obtain the bond in order to appeal, Trump must come up with $557 million in liquidity.
This sum is in addition to the almost $100 million Trump has already put up for a bond in order to appeal his E. Jean Carroll defamation judgment. The combined bond amounts if posted would be nearly one billion dollars. Trump does not have this amount of cash available and lenders are hesitant to cover a bond of this magnitude. Additionally, most of Trump’s wealth is in tied into real estate holdings which most lending institutions don’t take as collateral on a loan. Trump’s attorneys had asked a New York appeals court permission to post a $100 million bond while they appeal the ruling but this was denied by Judge Anil Singh.
The enormity of the bond and the relentless pursuit by New York Attorney General Leticia James has limited Trump’s options at this time. James has gleefully been posting to her Twitter account the daily interest accrued on Trump’s penalty. James has also said should Trump not come up with the bond she will seek to seize his properties.
AG James ran her campaign promising to use the power of her office to bring down Trump by any means she could find. This case was brought despite no complainant and no aggrieved party. Trump is also limited by a tight window to come up with the bond as it must be secured by March 25th.
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