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CNN
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Former President Donald Trump must post the full bail amount to cover his $454 million judgment in a civil fraud trial, an appeals court judge ruled Wednesday.
But Associate Judge Anil Singh lifted a ban on Trump's ability to obtain loans from New York banks, which could allow him to access equity in his assets to back the entire bond.
Mr. Singh rejected Mr. Trump's request to defer his obligation to pay $454 million until the full appeals committee hears his motion to halt enforcement of the civil fraud judgment pending his appeal. Rejected.
If both parties submit briefs by March 18, the committee will likely evaluate Trump's motion and return a written decision by the end of March, the clerk's office said. No additional oral arguments are scheduled before the judge issues a decision.
Trump's lawyers had proposed that he be held on $100 million bail, about a quarter of his outstanding balance, before sentencing, citing a ban on lending that would prevent him from accessing the capital markets to raise funds.
“The judgment orders an unprecedented punitive injunction of approximately $460 million and a broad permanent injunction against the appellants in the absence of legal authority or factual support,” it said Wednesday. This was stated in the initial submission.
The New York State Attorney General's Office opposes the proposal, saying it wants the full amount posted. They said in court documents that Trump is not prevented from receiving bond payments from insurance companies. But one of Trump's lawyers said the bonds require cash, which is a problem.
President Trump's 30-day sentencing period begins on February 23rd, and he must post bail around March 25th, when jury selection for his criminal trial on charges related to the hush money cover-up begins. . It was held before the 2016 presidential election. Mr. Trump has pleaded not guilty to the charges.
“The urgency of this application arises from the punitive and exorbitant spending restrictions placed on the appellants, the impact of injunctive relief on legitimate businesses, and the vague and overbroad directions issued by the Supreme Court.'' “Given the uncertainty and the Attorney General's public threats, it is clear that she intends to immediately seize appellant's real property to satisfy the judgment,” Trump's lawyers said in a filing. Ta.
In addition to the money, Judge Arthur Engoron also banned Trump from serving as a New York company director for three years and suspended Donald Trump Jr. and Eric Trump for two years. It raised questions about who would run the Trump Organization. . The company currently does not have a chief financial officer or administrator.
The judge also ordered that an independent monitor installed at the Trump Organization starting in 2022 continue in office for an additional three years. He also said real estate companies should have an independent compliance director.
In a letter, New York's attorney general argued that there was no basis for a stay because President Trump could automatically put the judgment on hold if he secured an appeal bond. The attorney general said Trump's legal team has not notified the AG or the courts of any efforts to obtain bail.
The letter states that if Trump fails to post bond or pay the judgment, the audit firm “will be forced to expend significant resources enforcing judgments against defendants' real estate and other assets.” It's dark.
Noting that President Trump has an unpaid $83.3 million judgment in a separate case with author E. Jean Carroll in federal court, the state's lawyers say they are seeking a nearly $460 million judgment in the case. He said he was concerned about collecting the .
They also say Trump has not proven he has liquid funds to cover the judgment.
This story has been updated with additional developments.