It is “virtually impossible” to guarantee such an amount. Following his civil sentence in February, Donald Trump has been unable to provide New York justice with a guarantee that he will pay $454 million in fines for financial fraud in his real estate empire.
His lawyers acknowledged this Monday in a 5,000-page court document posted online Monday by the Appellate Division of the New York State Supreme Court for Manhattan (the trial court).
“The judgment amount, with interest, is more than $464 million ($355 million plus $100 million in interest for Donald Trump and 80 million plus interest for his sons Donald Jr. and Eric) and very few companies’ bond guarantees (legal bonds) come close to this magnitude, ” counter the lawyers who say they have contacted about thirty insurance companies.
Which means that in case there is no 100% guarantee on the penalty, the appeal filed by Donald Trump in February to another court, but without another hearing, will not be suspensive: in November the office of the candidate for the American presidential election was confiscated by the court of some of his real estate. Pay the full amount by March 25 under penalty of being
There is also a ban on running businesses on a temporary basis in the state
The Appellate Division of the New York Supreme Court rejected the $100 million guarantee offer on February 28.
The former president and his two adult sons also appealed bans from operating businesses in New York state for three and two years, respectively.
His lawyers ruled in February that “excessive and vexatious” fines and a “general ban” on operating an “unlawful and unconstitutional” business in New York would be “impossible to complete and post the guarantee”.
In a sweeping ruling on February 16, New York judge Arthur Angoro ordered the former president to pay $354.86 million in fines for financial fraud and four million dollars to each of his two sons.
New York State Attorney General Letitia James filed a complaint against Donald Trump in October 2022, forcing him, his sons and his Trump Organization group to face a civil trial for fraud from October to January.
The tycoon, who made his fortune in real estate and the world’s leading power to shred democracy, publicly disparaged Magistrates James and Angoron for the “completely bogus” ruling.
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