Lawyers for former President Donald Trump asked a New York appeals court to put a hold on the collection of the more than $450 million fine he was ordered to pay from his New York civil fraud trial while he appeals.
In a court filing Wednesday, the lawyers said the president would post a $100 million appeal bond rather than a bond for the entire amount. They say that a provision in Judge Arthur Engoron’s ruling that bans Mr. Trump from getting loans and running a business for three years would make it impossible to get a bond to cover the total amount.
They are requesting an interim stay, rather than an automatic stay. The former president would receive an automatic stay if he were to cover the whole amount.
“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.
They said the independent monitor that was put in place by Judge Engoron should “alone be sufficient to adequately secure any judgment affirmed” and the bond “would simply serve as further security.”
Judge Engoron ordered Mr. Trump earlier this month to pay $355 million plus interest, which has amounted to over $450 million and grows each day after he concluded that the former president and his oldest sons lied about the value of their properties.
He also barred Mr. Trump from running any business in the state for three years, and his two sons, Donald Trump Jr. and Eric Trump, for two years.
Mr. Trump filed an appeal against the ruling on Monday.
New York Attorney General Letitia James, who first brought the case against Mr. Trump, said she will start to seize his assets if he doesn’t pay.
Ms. James’ office, in another filing Wednesday, said that it “intends to oppose the stay motion in full.”
“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 filing from Ms. James’ office said. “Defendants all but concede that 3 Mr. Trump has insufficient liquid assets to satisfy the judgment; defendants would need ‘to raise capital’ to do so.”