Monday, April 15, 2024

Trump has to pay the entire bond of money to handle the $454 million civil fraud trial judgment, as ordered by the appeals court judge

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An appeals court judge decided that former President Donald Trump must pay $454 million for a civil fraud case. The judge, Anil Singh, did allow Trump to get loans from New York regulated financial institutions. This means Trump can use his assets to cover the full amount. Singh rejected Trump’s request to delay paying until the appeals process is done.

Trump has until March 25 to come up with the money, coinciding with the start of his criminal trial for charges related to hiding hush money before the 2016 election. The ruling also requires Trump’s sons, Donald Trump Jr. and Eric Trump, to pay $4 million each if they want to appeal.

While this decision opens a way for Trump to get money, he still needs a lender willing to give him a large loan. If he decides to take a loan, he would need to raise over $550 million. Bond underwriters charge about 120% of the judgment and often require cash and other easy-to-sell assets as collateral.

Trump’s lawyers argued that the judgment is excessive, and without a delay, they might have to sell properties quickly. The judge also upheld the appointment of an independent monitor at the Trump Organization for three more years but denied Trump’s request to delay the installation of an independent compliance director.

The New York attorney general opposed giving Trump any relief, saying he can automatically delay the judgment by securing an appeal bond. If Trump doesn’t pay, the attorney general’s office will need to use substantial resources to seize his assets. The state is also concerned about collecting another judgment of $83.3 million from a separate defamation case with E. Jean Carroll. Trump has requested a delay in that case as well. The judge hasn’t ruled on it yet.

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