Trump offers $100m bond instead of full $454m as he appeals New York case

Donald Trump’s lawyers asked a New York appellate court on Wednesday to halt collection of the former president’s $454m civil fraud judgment while he appeals.

Trump’s lawyers said in a court filing that he is prepared to post a $100m appeal bond rather than a bond covering the full amount, which would have automatically paused enforcement.

They said a provision in Judge Arthur Engoron’s 16 February ruling that bans Trump, his company and co-defendants from obtaining loans from New York banks for three years would make it impossible for him to obtain a bond covering the full judgment.

“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,” Trump’s lawyers Clifford Robert, Alina Habba and Michael Farina wrote.

Instead of an automatic stay, Trump’s lawyers are asking the state’s mid-level appeals court to issue an interim stay preventing the office of the New York attorney general, Letitia James, from enforcing the judgment while Trump’s appeal is playing out.

James, a Democrat, has said that she will seek to seize some of Trump’s assets if he is unable to pay the judgment.

A message seeking comment was left with her office.

Engoron found that Trump, his company and top executives, including his sons Eric and Donald Trump Jr, schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals. Among other penalties, the judge put strict limitations on the ability of Trump’s company, the Trump Organization, to do business.

Trump filed his appeal on Monday. His lawyers are asking the appellate division of the state’s trial court to decide whether Engoron “committed errors of law and/or fact” and whether he abused his discretion or “acted in excess” of his jurisdiction.

Trump was not required to pay his penalty or post a bond in order to appeal, and filing the appeal did not automatically halt enforcement of the judgment.

The Republican presidential frontrunner has until 25 March to secure a stay, a legal mechanism pausing collection while he appeals.

Trump would receive an automatic stay if he were to put up money, assets or an appeal bond covering what he owes. He also had the option, which he is now exercising, to ask the appeals court to grant a stay with a bond for a lower amount.

Trump lawyers said Trump’s vast real estate assets and oversight mandated by Engoron’s ruling, including supervision of his company by an independent monitor, “would alone be sufficient to adequately secure any judgment affirmed”.

The $100m bond, they said, “would simply serve as further security”.

Trump, the leading candidate for the Republican presidential nomination, maintains that he is worth several billion dollars and testified last year that he had about $400m in cash, in addition to properties and other investments.

In all, Trump has at least $543.4m in personal legal liabilities from Engoron’s ruling and two other civil court judgments in the last year.

In January, a jury ordered Trump to pay $83.3m to writer E Jean Carroll for defaming her after she accused him in 2019 of sexually assaulting her in a Manhattan department store in the 1990s. That is on top of the $5m a jury awarded Carroll in a related trial last year.