An appellate court in New York on Wednesday denied Donald Trump‘s effort to halt the judgment in his civil fraud case, forcing the former president to post a bond to cover more than $454 million in the weeks ahead.
The ruling by Judge Anil Singh requires Trump by default to post a bond for the full judgment of $454 million, though it does allow him to secure a New York bank loan — a reversal of the lower court decision that barred him from seeking such loans for three years. The decision comes after Trump’s lawyers had said he was prepared to post a $100 million bond, saying that was the maximum amount he could post without selling off some of his real estate assets.
“In the absence of a stay on the terms herein outlined, properties would likely need to be sold to raise capital under exigent circumstances, and there would be no way to recover any property sold following a successful appeal and no means to recover the resulting financial losses from the Attorney General,” Trump’s attorneys argued in court filings.
Singh’s ruling denies Trump’s request to delay his obligation to post hundreds of millions of dollars until a full appellate panel hears his motion to pause enforcement of that judgment while he appeals the civil fraud ruling.
In addition to allowing Trump to apply for loans from New York-based financial institutions, Trump and his co-defendants can for now serve in leadership positions in any New York business, reversing trial Justice Arthur Engoron’s sanctions against them.
The latest ruling in the case is merely temporary until Trump’s motion to place a pause on paying the full amount goes before a full panel of the New York 1st Judicial Department Appellate Division justices.
Trump is also facing an outstanding $83.3 million judgment in his separate case involving writer E. Jean Carroll in federal court, compounding his attorneys’ concerns that he may need to sell valuable assets.
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A 30-day countdown for Trump to come up with roughly $460 million, which includes accrued interest for each day he fails to post the amount, began on Feb. 23, meaning he will need to post the bond for the full amount around March 25. Jury selection is slated to begin that day in his criminal trial on charges relating to an alleged scheme to cover up a hush money payment made before the 2016 election, and Trump maintains his innocence in the case.
The former president is facing a total of four indictments as he seeks to secure the GOP presidential nomination. He has pleaded not guilty to all of the 91 charges he’s facing.