DONALD Trump yesterday lost a bid to pause a $454.2 million civil fraud judgement against him for overstating his net worth and real estate values to dupe lenders while he appeals, meaning he must soon post assets with the court to prevent authorities from seizing his property.
The decision by Associate Justice Anil Singh of the New York Appellate Division must still be affirmed by a full panel of the mid-level state appeals court. Singh nonetheless granted Trump’s request for a stay of a portion of the decision barring him from running any New York corporation or applying from loans from the state’s banks for three years.
Trump’s lawyers did not immediately respond to a request for comment on Singh’s decision.
In asking for the stay earlier yesterday, Trump’s lawyers said he is unable to post a bond for the full amount of the judgment while he appeals and wants instead to secure a $100m bond. A bonding company would be on the hook for any payout if Trump loses his appeal and proves unable to pay.
Trump is appealing a February 16 decision by Justice Arthur Engoron of the state court in Manhattan that also includes a three-year ban from serving in a top role at any New York company or seeking loans from banks registered in the state.
Trump is the frontrunner for the Republican nomination to challenge Democratic President Joe Biden in the November 5 US election.
New York Attorney General Letitia James sued Trump, the Trump Organisation and other defendants in 2022, accusing them of overstating the value of Trump’s properties to inflate his net worth and obtain better loan and insurance terms.
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