[ad_1]
Donald J. Trump on Friday posted a nearly $92 million bond in a defamation case he recently lost to the writer E. Jean Carroll, a move that will allow him to appeal the verdict without having to pay Ms. Carroll.
A federal jury awarded Ms. Carroll $83.3 million in January, and Mr. Trump recently asked that the judgment be paused. The judge presiding over the case, Lewis A. Kaplan, denied Mr. Trump’s request for a preliminary reprieve, putting pressure on Mr. Trump to either come up with the money himself or secure a bond from an outside company.
With a Monday deadline looming, Mr. Trump secured the $91.6 million bond, which is higher than the $83.3 million judgment because the former president is also responsible for interest.
The bond is a promise from the company offering it to cover Mr. Trump’s judgment if he loses his appeal and fails to pay. In exchange, Mr. Trump must pay the company a fee and pledge collateral, including as much cash as possible.
The award in Ms. Carroll’s case came after Mr. Trump was found liable for making defamatory statements about her in 2019 after she accused him of a decades-old rape, and for his continuing attacks on her in the years since, on social media, at news conferences and during the trial itself.
In a separate case, Mr. Trump faces a judgment of more than $450 million levied by a New York State judge in a civil fraud lawsuit brought by Attorney General Letitia James. The judge, Arthur F. Engoron, sided with Ms. James, concluding that Mr. Trump had fraudulently inflated his net worth to reap favorable loan terms and other financial benefits.
Mr. Trump recently asked a state appeals court to accept only a $100 million bond in the civil fraud case. His lawyers said it would be “impossible” to obtain a bond for the full amount, which is $454 million and counting with interest.
A single appeals court judge turned down his request, but Mr. Trump can try again next month with a full panel of five appellate court judges.
Unless that panel cuts him a break, Mr. Trump will need to post a bond for the full amount by March 25. If he fails, Ms. James is expected to move swiftly to collect, seizing his bank accounts and potentially even some of his New York properties.
Although Mr. Trump estimates his net worth in the billions, much of it stems from the value of his properties. He has more than $350 million in cash and investments he can sell in a hurry, a recent New York Times analysis found, well short of what he owes between the fraud case and the defamation verdict.
This is a developing story and will be updated.
[ad_2]
Source link
