Former U.S. President Donald Trump, along with his adult sons and two former Trump Organization executives, has launched an appeal against the staggering $464 million judgment handed down in the civil fraud case by the New York Attorney General.
The Trump family's legal team submitted the notice of appeal on Monday, right after Judge Arthur Engoron officially stamped the judgment, CNN reported. Of noteworthy mention is that Donald Trump himself faces a substantial personal liability of $454 million, inclusive of accrued interest.
The appeal, as per the filing, contests not only the hefty monetary judgment but also seeks relief from the bans preventing the Trumps from holding positions as officers in New York corporations for a specified period. Additionally, it questions whether the judge might have committed legal or factual errors, abused discretion, or overstepped jurisdiction, a report by The Guardian said.
This appeal follows closely on the heels of the recent judgment that held Trump, along with Donald Trump Jr. and Eric Trump, accountable for fraud in the civil case brought forward by New York Attorney General Letitia James. The Trump sons, individually ordered to repay over $4 million in gains linked to the fraud, add another layer to the legal wrangling.
The financial intricacies of the appeal are currently unclear, with questions arising on how Trump plans to finance it. To meet the substantial financial obligations of $355 million and an additional $100 million in interest, Trump will have to either provide cash or post a bond. Legal pundits suggest that a failure to do so could lead to a continuous accrual of interest, exacerbating Trump's financial predicament.
Jeremy Saland, a criminal defense attorney, stressed the urgency for Trump to address the financial aspects, noting, "If he does not provide all those dollars, then that interest is going to keep ticking throughout the entirety of the case. The bottom line is he's in trouble."
While Trump is not compelled to immediately produce the funds for the appeal, the move to secure the necessary finances is seen as a strategic effort to stem further financial losses. The options for covering this substantial amount include posting a bond, potentially backed by properties or assets, or seeking a stay on the judgment from the appeals court.
The significant judgment faced by an individual raises questions about the financial health of the Trump Organization. Trump's financial standing, guarded with secrecy, was revealed in a court filing by the New York attorney general's office, stating that in 2021, Trump had about $200 million in cash tied up in a partnership with Vornado.
As the legal saga unfolds, the potential necessity for Trump to consider selling properties to meet the financial obligations adds another layer of complexity. Such a move would entail a lengthy process, requiring approvals and potentially resulting in considerable tax implications.
If the appeal proves successful or leads to a reduction in the owed amount, Trump may find relief in the potential recovery of funds in the future.
