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Trump Offers Court a $100 Million Bond to Pause a $454 Million Judgment
(www.nytimes.com)
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this post was submitted on 28 Feb 2024
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politics
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This is the best summary I could come up with:
Mr. Trump, who is on the clock to either secure a bond from a company or produce the full amount himself, also asked the appeals court to pause enforcement of the financial penalty and a wide range of other punishments the judge levied.
In seeking relief, Mr. Trump’s lawyers disclosed that they would be unable to secure a bond for the full amount, raising the prospect that he might soon default on the judgment if the appeals court denies his request.
“The exorbitant and punitive amount of the judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” the lawyers wrote.
Posting bond for the full amount would prevent the New York attorney general’s office, which brought the fraud suit, from collecting the judgment until Mr. Trump’s appeal is resolved.
As of last year, he was sitting on more than $350 million in cash, as well as stocks and bonds he could sell in a hurry, according to a recent New York Times review of his financial records.
“There is no merit to defendants’ contention that a full bond or deposit is unnecessary because they are willing to post a partial undertaking of less than a quarter of the judgment amount,” the attorney general’s office wrote.
The original article contains 513 words, the summary contains 219 words. Saved 57%. I'm a bot and I'm open source!