Donald Trump, during his civil trial in New York for tax fraud, January 11, 2024
Failing to pay penalties of around half a billion dollars, Donald Trump, who is appealing his conviction, can obtain a type of loan called an appeal bond, the route he chose , but which he says he is unable to obtain.
This is a payment guarantee provided by one or more surety companies in the event that the defendant loses his appeal and is unable to pay the penalty. In exchange, the latter undertakes to provide the company with guarantees and to pay it a commission which can reach, according to the New York Times, 3% of the amount of the guarantee.
Earlier this week, his lawyers requested a stay of payment in the Appellate Division of the Supreme Court of the State of New York to to prevent the State from seizing its property. It is “practically impossible” for their client to provide the required guarantee, they argued in a court document, citing insurmountable difficulties.
On Wednesday, Letitia James countered that if Mr. Trump proves unable to obtain security from a single surety company, then he could try to obtain several for lower amounts from a larger number of companies.
Donald Trump's lawyers dismissed this solution out of hand on Thursday, calling it #x27;illogical, unconstitutional, impractical and unfair, according to ABC News.
According to the New York Times, the former US president's net worth comes mainly from his real estate, a type of asset rarely accepted as collateral by surety companies.
At the end of February, a judge of the court of appeal had already refused to grant the Republican candidate a delay for the implementation of the financial judgment, just as he had rejected his request to lower the bail to 100 million dollars.
Interest will increase by approximately $112,000 per day until the penalties are paid.
These do not correspond to a fine, but to the estimated value of the money earned thanks to the fraud scheme over a period of ten years.
The two eldest sons of Donald Trump, Donald Trump Jr. and Erik Trump, who were also prosecuted, were for their part sentenced to pay a total sum of approximately 4 million each.
Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116