(ConservativeFreePress.com) – On Wednesday, a judge dismissed an offer by former US President Donald Trump to secure a $100 million bond as part of the effort to cover a substantial $355 million fine imposed by a New York court for fraudulent activities.
Trump, known for his real estate ventures and business dealings in New York prior to his political career, may need to liquidate or leverage his properties to meet the hefty fine if his current legal appeal does not succeed.
The requirement for Trump to arrange a bond came in the wake of a February 16 court decision, which concluded that he had exaggerated the value of his assets to obtain more favorable terms on loans and insurance policies.
Judge Anil Singh of the New York Supreme Court Appellate Division stated in a legal document, “The interim stay is denied as to the enforcement of the monetary judgment.” This bond was intended to ensure payment of the fine if Trump’s appeal is unsuccessful, typically secured through an insurance company or a bond-specific firm. The date for the appeal has yet to be announced.
Trump, who is likely to be the Republican nominee for president in the upcoming November elections, also faces a ban from managing businesses in New York state for three years and is restricted from obtaining loans from local institutions.
These sanctions were temporarily suspended by Judge Singh on Wednesday while Trump’s appeal against the original verdict is pending.
Trump’s legal team had proposed a $100 million bond instead of the full $355 million—plus significant interest—claiming that Trump’s “extensive” property portfolio would be more than adequate to secure any upheld judgment. They argued that the bond would offer additional security.
Trump’s attorneys criticized Judge Arthur Engoron’s initial judgment as “excessive and punitive,” contesting its legality and constitutional basis, particularly its broad prohibition on borrowing, which they claimed would hinder securing a full bond.
With the temporary lifting of the borrowing ban in New York, Trump might now attempt to secure a bond covering the entire financial penalty, which, with added pre-trial interest, exceeds $450 million.
Amid facing 91 criminal charges in separate cases, Trump has leveraged his legal challenges to rally his base and criticize his potential rival, President Joe Biden, suggesting that the lawsuits are politically motivated to harm his election chances. Throughout the litigation, Trump has been vocal in his criticism of Judge Engoron, labeling him “out of control.”
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