Former President Donald Trump earlier had complained he could not obtain a $454 million appeal bond for a New York civil fraud case judgment.
A New York appeals court paused for 10 days a massive civil fraud judgment against former President Donald Trump.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe ruling came the same day that New York Attorney General Letitia James would have been allowed to start seizing Trump's real estate and bank accounts to satisfy the $454 million-and-rising business fraud judgment in the case.
‘The Fed has made two major mistakes in its history,' expert says. Here's how those impact policy todayBecause of the size of the fraud judgment, the companies insisted that Trump show"cash reserves approaching $1 billion," according to his lawyers. But neither Trump nor the Trump Organization company has that amount of cash on hand, the filing said.
Engoron, who conducted a bench trial for the suit, in February ruled against the Trump defendants, saying they had submitted"blatantly false financial data" to boost Trump's financial statements and obtain better terms on loans. Chubb had discussed issuing Trump a second bond, for his fraud case, and initially was willing to consider a mix of liquid assets and real property as collateral, according to Alan Garten, an attorney for the Trump Organization.
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