Trump attorney Alina Habba insists he has a lot of cash and WILL be able to pay the bond on the $400million fraud verdict within 30 days – but won’t say if he will have to sell off his assets
- Judge Arthur Engoron ruled that Trump must pay $354 million, plus interest
- Habba said Trump is “willing” to post bonds
- Trump claimed in a statement that he had $400 million in cash
Donald Trump will post about the massive $354 million verdict against him in his New York fraud trial, his lawyer Alina Habba said Monday, amid intense speculation about how he will raise the money.
Judge Arthur Engoron ruled Friday in a 92-page order that Trump must pay the staggering amount in a ruling accusing the former president of a “complete lack of contrition and remorse.”
The payments will exceed $450 with interest and come after another court ordered Trump to pay $83 million to E. Jean Caroll after a jury found him liable for defamation.
Trump has said he had more than $400 million in cash, but there are questions about his ability to get the money out of his real estate empire.
“I would never participate in anything privileged,” Habba told Fox News on Monday.
Trump lawyer Alina Habba said her client will post bail after New York Judge Arthur Engoron ordered him to pay $354 million following his fraud trial
‘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 ready to do that,” she said.
Bond agents typically charge 9 percent as a form of insurance to deploy the money. The challenge for Trump will be to secure the bond even at a time when Engoron handed control of his company to an additional independent regulator and banned him from operating any company in the state of New York for a period of three years to run York.
Habba destroyed the ruling days after Trump railed about it online and at campaign events. “You’re looking at about $400 million for something he did nothing wrong with,” she said.
“What they’re trying to do between this case and my last case is put him out of business,” she said. “It’s not going to work.” She called it a “scare tactic” but insisted: “He is strong. He’s resilient and he happens to have a lot of money.
“It’s crazy,” she said.
Habba did not say whether Trump would have to liquidate assets to get the money.
Trump is estimated to be worth more than $2 billion, but much of his wealth is tied up in partnerships and complex real estate investments, including 20 buildings and a domestic and foreign golf and real estate empire.
Trump has overturned the ruling and plans to appeal
Trump has spoken out against the ruling and promised to appeal
By posting bonds, Trump would avoid liquidating a huge amount of assets to raise the money. Trump Tower, where Trump’s triplex apartment appeared in court, is worth a net $56 million after $100 million in debt is subtracted, according to one estimate
New York AG Letitia James found that his liquid assets as of 2020 were $93 million.
He claimed in an affidavit for the lawsuit filed by New York AG Letitia James to have $400 million in cash, saying this was “a lot for a developer.”
Habba’s reaction after she called the statement a “manifest injustice” in her first reaction after Friday’s ruling.
The clock starts ticking on Trump’s 30 days of fundraising once a formal ruling goes into effect.
Jonathan Turley, professor of law at George Washington University blasted called the dollar amount “grotesque” and said the damage exceeded the gross national product of countries including Micronesia.
But state law requires him to come up with the money to appeal, which Trump has said he will do.
Trump lawyer Chris Kise said this Newsweek the appeal would come within the 30 day period.
“The case raises serious legal and constitutional questions about ‘fraud’ claims/findings without any actual fraud,” he said.
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