Trump Arranges $91.6M Bond to Appeal Carroll Verdict

The judge didn’t rule on Trump’s request for a delay. On Friday he gave Carroll until Monday to file any opposition to the “form, amount or surety of the proposed bond” and said he would hold a hearing the same day on any dispute.

The bond document, signed by Trump and his lawyers on March 5, didn’t include details on how much cash or other assets he may have posted as collateral.

But a recent court filing by Trump in his appeal of the New York civil fraud verdict said he has an array of properties in the state that can be used to pay that verdict if his challenge fails, including 40 Wall Street, Trump Tower, Trump National Golf Club Hudson Valley and Trump Park Avenue.

Trump has asked the appeals court to let him post a bond of $100 million in the civil fraud case, arguing that 110% of the full verdict would hurt his finances.

Cash Crunch

The two verdicts far exceed the roughly $400 million in cash Trump has testified he has, raising questions about how he would cover the awards while he challenges them. He’s also seeking to put the civil fraud judgment on hold, telling an appeals court the verdict could force him to sell properties at a loss. He has asked to post a smaller bond in that case.

Judge Kaplan, who oversaw the Carroll trial, issued a brief order Thursday night criticizing Trump’s lawyers for taking too long to file their request to delay the verdict. The judge was unmoved by Trump’s arguments about potential financial strain.

“Mr. Trump’s current situation is a result of his own dilatory actions,” the judge said. “He has had since January 26 to organize his finances with the knowledge that he might need to bond this judgment, yet he waited until 25 days after the jury verdict” to seek the stay.

The award, levied by a jury of seven men and two women, includes $18.3 million in compensation for harm caused to Carroll’s reputation plus $65 million in punitive damages to penalize Trump and deter him from engaging in any future defamation.

The case is Carroll v. Trump, 20-cv-7311, US District Court, Southern District of New York (Manhattan).

(Credit: Bloomberg)