Judge Arthur Engoron has rejected a proposal from Donald Trump’s lawyers to prevent the enforcement of the $355 million Trump was ordered to pay after his fraud trial.
It came after New York AG Letitia James threatened to go to court to “seize his assets” if he did not pay the fine within the required 30 days. Trump lawyer Alina Habba has said Trump was “prepared.”
Trump’s lawyers sought to block the fine from taking effect to allow for an “orderly post-judgment trial” while Trump and his advisers ponder how to raise the eye-popping amount or figure out how to set bail can afford.
But Engoron, who issued a scathing statement on Friday saying Trump’s refusal to admit mistakes “borders on pathological,” was unconvinced.
“You have failed to explain, let alone justify, any basis for a stay,” Engoron wrote in an email sent Posted to the court docket. “I am confident that the Appellate Division will protect your rights on appeal.
Judge Arthur Engoron denied an attempt by Donald Trump’s lawyers to delay the execution of his order to pay $355 million after his fraud trial in New York
He stopped the push a day after Habba vowed the New York AG would not succeed after threatening to seize real estate from the Marquis to ensure compliance.
“Her goal of tearing down the Trump Organization, her goal of tearing down the individuals who worked so hard, including on his campaign, his family, and the list goes on, her goal quite frankly will not succeed ,’ she said. “That’s all I want to say,” Habba added.
She spoke hours after James threatened to seize assets even as Trump sits in a window trying to pay the fine or post bail pending an appeal that his lawyers said would be filed.
“If he does not have the money to pay off the judgment, we will seek mechanisms in court to enforce the judgment, and we will ask the judge to seize his assets,” James told ABC News.
“Her goal, quite frankly, will not succeed,” Trump attorney Alina Habba said after New York AG Letitia James threatened to seize Trump Organization assets after a judge ordered him to pay $355 million.
Trump will have to pay more than $450 million, including fines and interest, a staggering amount even for people with an estimated net worth of more than $2 billion. the interest is approaching $90,000 per day.
Habba previously told Fox News, the same network she spoke with on Wednesday, that Trump would move in that direction.
‘I can tell you what the rules are. Even if we choose to appeal this, we must transfer the deposit within 30 days, 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 bonds as just an “option.”
‘You can post a bond, that is an option. You can tell the judge to set aside the verdict because it is insane, and it is. And all these options are on the table,” she told host Martha McCallum.
“If he does not have the money to pay off the judgment, we will pursue mechanisms in court to enforce the judgment and 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 have been unable to prevent the massive payout
Trump’s stake in the building at 40 Wall Street alone – which was part of his fraud case – is estimated at $80 million. James mentioned the building as she talked about seizing assets to secure payment
But Habba hesitated to describe Trump’s course, saying she will “never show my cards.”
‘We have a great team. I am proud of our team and we are working around the clock to figure out what is the best move strategically.” said Habbawhich drew criticism after the stunning $83 million civil award in the defamation case against E. Jean Carroll.
She said James’ goal was “to try to hurt the president, to hurt his family and hurt the company.”
“She has no chance, the appellate record is strong,” she said.
James repeatedly referred in her interview to the skyscraper at 40 Wall Street, where Trump’s stake is estimated at $80 million.
“We are prepared to ensure that judgment is paid to New Yorkers, and yes, I watch 40 Wall Street every day,” she said.
That comment prompted Habba to respond that James “has a chip on her shoulder.”
Trump is expected to pay about $35 million to a surety bond company, assuming he can find someone to take on the risk of a client banned from operating a business in New York for three years and facing four criminal charges, along with a separate $83 charge. million jury award after being found liable for defamation in the E. Jean Carroll case.
“I have a lot of money, but that doesn’t mean he can handle it,” Trump said said at a Fox News town hall Tuesday, referring to Judge Arthur Engoron, who imposed the fine in a stunning order Friday.
“I think he looked at my money and said, ‘We’re taking all his money,’” Trump said. He testified during the case that he had $400 million in cash.
Meanwhile, James said she is willing to seize Trump’s assets if he cannot find the money to cover the fine. She made the threats despite Trump having 25 days to post bail of about $35 million to stay 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 for the mind-boggling assignment, but not necessarily the liquidity.
CNBC reported that Trump would have to raise $540 million for an appeal bond, good for 120 percent of the reward plus current interest.
It’s “not very attractive to take real estate as collateral,” Neil Pedersen, owner of New York-based bond agency Pedersen & Sons, told the network.