Judge Arthur Engoron of the New York State Supreme Court, who ordered former President Donald Trump to pay a substantial $354 million in fines and nearly $100 million in interest in his civil fraud case, has rejected a delay request from Trump’s legal team.
Engoron to Finalize Judgment on Trump
In a Thursday email to both Trump’s lawyers and representatives from the New York Attorney General’s Office, Judge Engoron expressed his intention to endorse a judgment proposed by the state, thereby finalizing his decision.
No Justification for Stay
Addressing Trump attorney Clifford Robert, he stated, “You have failed to explain, much less justify, any basis for a stay,” and confidently added, “I am confident that the Appellate Division will protect your appellate rights.”
Ruling Hits Trump Hard
Judge Arthur Engoron’s recent ruling imposes significant financial penalties and restrictions on Donald Trump and the Trump Organization, totaling $453.5 million in fines and interest for a fraud scheme lasting a decade.
Trump Banned from NY Loans
The ruling not only demands hefty payments but also institutes a three-year ban on obtaining New York loans and holding corporate officer or director positions in the state for Trump.
Additionally, it requires a monitor for the Trump Organization for three years.
Political Motives in Trump Case?
Trump’s response has been to promise an appeal and to sharply criticize both Judge Engoron and Attorney General Letitia James, suggesting political motives behind the case.
Trump’s Scathing Reaction
In a scathing reaction, Trump labeled Judge Engoron as “crooked” and AG James as “corrupt,” accusing them of partisan bias and using their positions to unjustly target him and his business, calling the entire situation a witch hunt and an instance of election interference.
Lawyer Criticizes Judgment
This Tuesday saw the attorney general’s office propose a judgment detailing the penalties from Engoron’s order. Trump’s lawyer, Robert, criticized this move, calling it an “improper, unilateral submission” in a letter, claiming it denied them a fair chance to respond.
Engoron Stands Firm
Trump’s legal team sought a 30-day delay for the judgment’s enforcement, arguing for a more systematic approach due to its significant implications.
However, Engoron, in his email response, affirmed that the judgment mirrors his original decision both in spirit and letter, and he planned to sign and process it immediately.
No Compelling Argument
Trump’s lawyer Robert requested a brief pause in the judgment’s enforcement on Thursday, claiming it would cause considerable harm to the defendants and that there was no immediate need for it.
The judge, however, rejected this plea, stating that Robert failed to present a compelling argument for the delay.
Legal Expert Weighs in
To challenge this decision, Trump must post a bond equal to the $354 million fine, as explained by John Coffee, a legal expert at Columbia University.
Potential Asset Sales
Commenting on the financial implications of Trump’s situation, John Coffee told CBS MoneyWatch, “That will be costly.
He explained that while some banks might agree to post the bond for Trump, they would demand a significant fee and readily liquidatable security, potentially leading to the sale of some of Trump’s assets.
AG James Readies for Asset Seizure
In a recent ABC News interview, Attorney General James stated her readiness to request asset seizure if Trump fails to pay the $354 million penalty, emphasizing her commitment to ensuring New York receives the payment.
Enforcing the Judgment
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James stated during the interview with ABC News’ Aaron Katersky.
No Victims?
Attorney General James refuted Trump’s claim of victimless allegations, asserting the importance of her case in guaranteeing equitable treatment for New Yorkers in financial markets.
Trump’s String of Setbacks in Court
With Trump’s recent legal setbacks, including two civil case losses against columnist E. Jean Carroll, the Georgia election interference charges, and now the defeat in the case led by James, the New York AG wrapped up her interview with a telling comment, “Someone once told me if you want something done, give it to a woman.”
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