The legal team representing former President Donald Trump remains steadfast in its plans to appeal last week’s $355 million civil fraud judgment, with one of the President’s attorneys stating he has ample funds to cover the required bond.
According to Trump lawyer, Alina Habba, the former commander-in-chief can readily pay the nearly $400 million appeal bond needed to contest New York Judge Arthur Engoron’s ruling that found Trump and his real estate business liable for fraudulently inflating the value of assets.
Judge Orders Trump to Pay $355 Million After Fraud Ruling
Former President Donald Trump was ordered to pay $355 million in fines last week after New York Judge Arthur Engoron found him and his real estate empire, the Trump Organization, liable for fraud. According to Engoron, Trump inflated the value of his assets to obtain more favorable loans and insurance terms.
Trump’s lawyer, Alina Habba, said Trump is prepared to pay the nearly $400 million bond required to appeal Engoron’s ruling. Habba explained that the defense team would have to post a bond within 30 days of the verdict totaling close to $400 million – Trump’s $355 million verdict plus 9 percent post-judgment interest.
Trump Vows to Appeal Fraud Verdict in New York
According to Trump’s attorney, Alina Habba, the former president has the means to post the $400 million bond required to appeal the ruling by Judge Arthur Engoron finding Trump liable for fraud. Engoron ordered Trump to pay $355 million in fines after determining Trump and his organization inflated assets to secure loans and insurance.
Habba told Fox News Trump’s legal team will appeal Engoron’s decision. She said posting the bond, equal to the $355 million verdict plus 9% interest, is necessary for the appeal. The bond must be paid within 30 days of the verdict. Habba said Trump can afford the bond, claiming “he happens to have a lot of cash.”
Appeal Bond Requires Trump to Pay Nearly $400 Million
To appeal Engoron’s ruling, Trump and his legal team will have to post an appeal bond of nearly $400 million within 30 days of the verdict, according to Trump’s attorney, Alina Habba. As Habba explained in an interview, the appeal bond amount equals the $355 million in fines imposed on Trump plus 9 percent post-judgment interest.
Although the appeal bond presents a substantial financial obstacle, Habba asserted that Trump is prepared to pay it. “Unfortunately, they picked the wrong guy to pick on, in my opinion, because he’s strong, he’s resilient, and he happens to have a lot of cash,” Habba said.
Habba Claims Rulings Attempt to “Put Trump Out of Business”
According to Mr. Trump’s attorney, Alina Habba, the legal judgements against the former President are meant to destroy his business empire. In an interview with Fox News, Ms. Habba stated that the rulings and penalties handed down by Judge Arthur Engoron last week are scare tactics intended to force Mr. Trump into bankruptcy.
She asserts that the $355 million in fines, as well as the three-year ban on conducting business in New York, will not succeed in their goal. Ms. Habba says Mr. Trump has significant financial resources and resilience that will allow him to overcome these legal setbacks.
The Attorney General’s statements are hypocritical, says Ms. Habba.
Ms. Habba criticized New York Attorney General Letitia James for her comments that the rulings prove “no one is above the law.” Ms. Habba argued this sentiment is hypocritical while other public figures like Hunter Biden and President Joe Biden have not faced legal consequences for alleged wrongdoing.
She claims these Democratic politicians and others in the “deep state” have escaped legal punishment despite questionable actions. In her view, President Trump is the only one who did nothing wrong yet continues to face prosecution solely due to his status as President Biden’s political opponent.
AG Letitia James Calls Fraud Verdict a “Massive Victory”
New York Attorney General Letitia James lauded Judge Arthur Engoron’s ruling as a decisive win for her office. In a statement, she praised the $355 million penalty and a three-year ban from conducting business in New York as an affirmation that fraudulent business practices will not be tolerated, no matter the wealth or status of the perpetrators.
James brought the civil suit against former President Donald Trump, his adult sons Donald Jr. and Eric, the Trump Organization, and two executives, Allen Weisselberg and Jeff McConney, in September 2022. The suit alleged that the defendants had deliberately and systematically overvalued assets to obtain more favorable loans and tax benefits.
Trump’s “Only Person…Who Did Nothing Wrong,” Habba Argues
According to Habba, Trump’s financial statements were “understated,” contradicting James’ allegations of overvaluation. She claimed that the civil lawsuit, as well as other litigation targeting Trump, are part of a coordinated attempt to damage Biden’s political opponent.
Legal experts note that Habba’s statements reflect a common tactic in high-profile cases, portraying litigation as politically motivated to sway public opinion. While Trump maintains his innocence, the evidence and testimony presented in court supported the conclusions reached by Engoron and James.
What Happens Next?
Now that the ruling has been issued, the next steps in the legal process will commence. According to Habba, Trump’s defense team will file an appeal of Engoron’s decision within the allotted 30-day period. To proceed with the appeal, Trump will have to post a bond of nearly $400 million, the amount of the $355 million fine plus 9 percent interest.
If Trump’s appeal is unsuccessful and he loses the case, the state of New York will collect the amount of the bond. Trump has maintained his innocence and claims the lawsuit brought by James is politically motivated. He criticized both James and Engoron on social media, calling James a “slob” and Engoron “corrupt.”
No Ruling In Effect Until Appeal is Resolved
The appeal process can be lengthy, often taking months or years to resolve. During this time, the ruling will not take effect. If Trump’s appeal is denied at any point, the original verdict will stand. The defendants would then likely petition a higher court to consider the case.
While the appeal is pending, Trump and the Trump Organization are barred from engaging in commercial real estate acquisitions in New York for the period specified in Engoron’s ruling. The Trump Organization and its subsidiaries are also prohibited from asset transfers during this time.
There Are More Legal Battles To Fight
The ongoing legal battles surrounding former President Donald Trump continue to develop as his legal team vows to appeal the recent $355 million fraud ruling in New York. While the appeal process moves forward and both sides make their case, the American public watches as the saga continues to unfold.
Regardless of one’s political leanings, the outcome of these cases will have far-reaching implications. For now, Trump and his lawyers maintain his innocence and ability to pay the required appeal bond, while the prosecutors claim justice has been rightly served. Only time will tell how it all shakes out in the end.
