Judge Rejects Trump's Offer of $100M Bond

UPDATE Feb 28, 2024 3:25 PM CST

An appeals court judge has rejected Donald Trump's request to be allowed to put up a bond for just $100 million instead of the full judgment against him in his New York trial. Judge Anil Singh of New York ruled that to stop enforcement of the penalty, which comes to $454 million including interest, during the appeals process, Trump must put up a bond for the full amount, the AP reports. Singh did, however, lift the judgment's ban on Trump obtaining loans from New York banks, which could make it easier for the former president to cover the bond, reports CNN.

Feb 28, 2024 1:12 PM CST

Donald Trump has offered to put up a $100 million bond to put collection of the $355 million judgment against him in his New York fraud trial on hold. Trump's lawyers asked the appeals court to block enforcement of the ruling during an appeals process that could last at least a year, reports the Wall Street Journal. The New York Times reports Trump stated that absent the requested relief, he might be forced to sell some properties. The paper calls it "a stunning acknowledgment that Mr. Trump, who is racing the clock to either secure a bond from a company or produce the full amount himself, lacks the resources to do so." The full penalty comes to more than $450 million with interest. Trump filed to appeal the judgment on Monday.

Trump's lawyers argued that the Feb. 16 ruling's ban on Trump obtaining loans from New York banks for the next three years made it impossible to secure a bond for the full amount, the AP reports. "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," they wrote. If an appeals court judge decides to grant a temporary stay, a full appeals court panel will take a closer look at the request at a later date. Last week, Judge Arthur Engoron rejected Trump's request to delay finalizing the judgment.

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New York Attorney General Letitia James has said she will seize some of Trump's assets if he fails to pay the judgment—and she could do so at any time if his request for a stay isn't granted, the Times reports. Her office argued against the request Wednesday, saying Trump and other defendants have all but conceded they have "insufficient liquid assets to satisfy the judgment." "These are precisely the circumstances for which a full bond or deposit is necessary," Senior Assistant Solicitor General Dennis Fan wrote. (More Trump New York fraud trial stories.)