Trump’s lawyer says he will post bond for $354 million fraud verdict – Donald Trump’s attorney Alina Habba said on Monday that the former president will post bond for the huge $354 million verdict against him in his New York fraud case, amid doubts about how he will get the money.
On Friday, Judge Arthur Engoron issued a 92-page order that ordered Trump to pay the enormous sum, and criticized him for having no ‘contrition or remorse’.
The amount will go over $450 million with interest, and it comes after another court ordered Trump to pay $83 million to E. Jean Caroll for defaming her.
Trump said in a testimony that he had more than $400 million in cash, but his ability to get the money from his real estate business is questionable.
Habba defends Trump and attacks the ruling
Habba spoke to Fox News on Monday and said: ‘I will not reveal anything confidential. I can tell you the rules. We have to post the bond, which is the whole amount plus some more, within 30 days, even if we decide to appeal this.
We are ready to do that.’ She said. Bond agents usually charge 9 per cent as a kind of insurance to put up the money. Trump’s problem will be to get the bond at a time when Engoron put his company under the control of another independent monitor, and banned him from running any company in New York State for three years.
Habba slammed the verdict after Trump ranted about it online and at campaign rallies. She said: ‘You are looking at almost $400 million for something that he did not do wrong.
They are trying to put him out of business with this case and my previous case. It will not work.’ She called it a ‘scare tactic’, but said: ‘He is strong.
He is tough, and he has a lot of cash. It is crazy.’ She said. Habba did not say if Trump would have to sell assets to get the money.
Trump’s wealth and appeal plans
Trump is estimated to be worth more than $2 billion, but most of his wealth is in partnerships and complicated real estate properties, including 24 buildings and a domestic and foreign golf and real estate empire.
New York AG Letitia James found that his liquid assets were $93 million in 2020.
He said in a deposition for the case brought by New York AG Letitia James that he had $400 million in cash, and said it was ‘a lot for a developer’.
Habba’s response came after she called the verdict a ‘manifest injustice’ in her first response after Friday’s shocking ruling. The countdown starts on Trump’s 30 days to get the money once a formal judgement is in effect.
George Washington University law professor Jonathan Turley blasted the amount as ‘grotesque’, and said the damages were more than the gross national product of countries like Micronesia.
But state law makes him get the money to appeal, which Trump said he will do. Trump’s lawyer Chris Kise told Newsweek that the appeal would happen within the 30-day window.
He said: ‘The case raises serious legal and constitutional issues about “fraud” claims/findings without any real fraud.’ He said.
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