Lawyers for former President Donald Trump said Wednesday that New York Attorney General Letitia James will deny the president’s request to reduce or delay collection of his $454 million bail to cover a civil fraud judgment. He criticized the appeals court for asking the court to do so.
James argued that Trump has not considered all options for issuing bonds, including securing multiple smaller bonds or turning the property over to the courts. She asked the court to deny Trump’s request to delay collection without bail while his lawyers work through the appeal process.
Trump’s lawyer, Clifford Roberts, called James’ proposal “illogical,” “unconstitutional,” “unrealistic” and “unjust.”
“Perhaps worst of all, the attorney general is insisting that defendants be forced to liquidate their iconic multibillion-dollar real estate holdings in a ‘fire sale,'” Robert said. I have written he said in a letter to the New York State Appellate Division on Thursday.
“As explained in Defendants’ affirmations, these individual bonds require cash or cash equivalent collateral totaling more than $557 million, regardless of the number of sureties,” Robert described James’s proposal to issue multiple small bonds.
Robert continued:
Requiring the defendant to sell the property at all, especially a “fire sale,” in order to be able to appeal an unconstitutional Supreme Court decision is completely illogical and unconstitutionally excessive in fines. This is clear from the definition of expropriation. It would cause irreparable harm as the defendant would have an overwhelming chance of success on appeal.
Trump must post liquid Mr. Trump’s lawyers on Monday issued a bond (cash and securities) covering the entire $454 million judgment to suspend enforcement, but 30 surety companies have issued Mr. Trump with real estate assets. It was revealed that the company had notified the company that it would not accept it as collateral.
If Trump is unable to post $454 million bail, James could seek to have some of his bank accounts and assets frozen. A crackdown on President Trump could begin as early as March 25th.
James may be in a position to collect the sum in three ways. USA Today report:
- Setting a lien on real estate
- Collection of rent from real estate
- Collecting funds from President Trump’s New York bank account
“There’s a lot that can be done here in New York,” said Mitchell Epner, a longtime New York litigator. USA Today. “This is not just about real estate.”
Video — New York state legislators talk about concerns that President Trump’s ruling will drive away business: Tourism and Wall Street are booming.seize his assets if necessary
