Donald Trump will be allowed to temporarily steer the family company and apply for loans from Empire State banks to help post a bond to cover his $454 million civil fraud judgment — but will still be on the hook for paying the massive penalty, a New York appeals court found Wednesday.
Donald Trump will be allowed to temporarily steer the family company and apply for loans from Empire State banks to help post a bond to cover his $454 million civil fraud judgment — but will still be on the hook for paying the massive penalty, a New York appeals court found Wednesday.
A judge at the New York Appellate Division’s First Department granted the former president a partial and temporary pause of the penalties stemming from him being found liable for drastically inflating the value of his assets — but rejected his bid to stop the hefty monetary penalty from being enforced.
The ruling from Associate Justice Anil C. Singh came hours after Trump’s lawyers claimed that the judgment — which they called “exorbitant” and “punitive” — has made it “impossible” for him to secure a bond covering the $454 million he owes New York state.
Trump, 77, declared in a legal filing Wednesday that he’ll post a bond of $100 million instead — or less than one-fourth of what he’s been ordered to pay.
The decision from Manhattan Supreme Court Justice Arthur Engoron had barred Trump and his children, Donald Trump Jr. and Eric Trump, from getting a loan from an Empire State-based bank or running a New York-based company for three years.
