Judge Arthur Engoron has rejected a move by Donald Trump’s lawyers to forestall enforcement of the $355 million he ordered Trump must pay after his fraud trial.
It came after New York AG Letitia James threatened to go to court to ‘seize his assets’ if he doesn’t pay the fine within the required 30 days. Trump lawyer Alina Habba has said Trump was ‘prepared’
Trump’s lawyers sought to stay the fine from going into effect to allow for an ‘orderly post-judgment process’ while Trump and his advisors huddle over how to raise the eye-popping sum or figure out how to pay a bond.
But Engoron, who issued a blistering ruling Friday where he said Trump’s refusal to admit mistakes ‘borders on pathological’, was unpersuaded.
‘You have failed to explain, much less justify, any basis for a stay,’ Engoron wrote in an email that was posted to the court docket. ‘I am confident that the Appellate Division will protect your appellate rights.
Judge Arthur Engoron denied a move by Donald Trump’s lawyers to delay enforcement of his order to pay $355 million after his New York fraud trial
He shut down the push a day after Habba vowed the New York AG would not succeed after she threatened to seize marquis real estate properties to ensure compliance.
‘Her goal of tearing down the Trump Organization, her goal of tearing down the individuals that worked so hard, including on his campaign, his family, and the list goes on and on, her goal is frankly not going to succeed,’ she said. ‘That’s all I’m willing to say,’ Habba added.
She spoke hours after James threatened to seize assets, even though Trump is inside a window to try to pay the fine or post bond pending an appeal his lawyers said he would make.
‘If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,’ James told ABC News.
‘Her goal is frankly not going to succeed,’ Trump lawyer Alina Habba said after New York AG Letitia James threatened to seize Trump Organization assets following a judge’s order he pay $355 million
Trump will need to come up with more like $450 million with penalties and interest, a staggering sum even for man with an estimated net worth of more than $2 billion. the interest along is approaching $90,000 per day.
Habba previously told Fox News, the same network she spoke to Wednesday, that Trump would go that route.
‘I can tell you what the rules are. Within 30 days, even if we choose to appeal this, we have to post the bond, which is the full amount and then some. We will be prepared to do that,’ she said, even before James’ threat.
On Wednesday, she described posting bond as merely an ‘option.’
‘You can post a bond, which is an option. You can tell the judge that you should set aside the verdict, because it’s insane, which this is. And all of those options are on the table,’ she told host Martha McCallum.
‘If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,’ said New York AG Letitia James
Former President Donald Trump’s lawyers have vowed to appeal – but haven’t succeeded in forestalling the massive payment
Trump’s stake in the building at 40 Wall Street alone – which featured in his fraud trial – is estimated at $80 million. James mentioned the building as she spoke of seizing assets to secure payment
But Habba held back from describing Trump’s course, saying she ‘will never show my cards.’
‘We have a great team. I’m proud of our team and we’re working around the clock to figure out what strategically is the best move,’ said Habba, who faced criticism after the stunning $83 million civil award in the E. Jean Carroll defamation case.
She said James’ goal was ‘to try and hurt the president, try and hurt his family, the company.’
‘She has not chance, the appellate record is strong,’ she said.
James, in her interview, repeatedly referenced the skyscraper at 40 Wall St., where Trump’s interest has been estimated to be $80 million.
‘We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,’ she said.
That comment prompted Habba to counter that James ‘has a chip on her shoulder.’
Trump would be expected to pay about $35 million to a bonding company, assuming he can find someone to take on the risk of a client who is barred from running a New York company for three years and who faces four criminal indictments along with a separate $83 million jury award after being found liable for defamation in the E. Jean Carroll case.
‘I have a lot of cash, but that doesn’t mean he can take it,’ Trump said in a Fox News town hall Tuesday, referencing Judge Arthur Engoron, who imposed the fine in a stunning order Friday.
‘I think he looked at my cash and he said, ‘We’ll take all of his cash,” Trump posited. He testified during the case that he had $400 million in cash,.
Meanwhile, James said she is prepared to seize Trump’s assets if he can’t find the funds to cover the fine. She made the threat despite Trump having 25 days to pay around the $35million bond to hold over the case.
Forbes estimated the value of Trump’s New York real estate portfolio at $690 million, meaning he most likely has the assets to pay the stunning order, but not necessarily the liquidity.
CNBC reported that Trump would need to come up with $540 million for an ‘appeal bond’ accounting for 120 per cent of the award plus current interest.
It’s ‘not very attractive to take real estate as collateral,’ Neil Pedersen, who owns New York-based bond agency Pedersen & Sons, told the network.