Judge rejects Trump’s bid to postpone $355 million payment
New York Judge Rejects Trump’s Request to Delay $355 Million Payment
In a blow to former President Donald Trump, New York Judge Arthur Engoron has denied his request for a 30-day extension to pay the nearly $355 million he owes. Engoron dismissed the defendants’ claim that they needed more time to file a counter-judgment, stating that they failed to provide any valid justification for the delay.
Trump’s lawyers had argued that New York Attorney General Letitia James was rushing to finalize the judgment, but Engoron dismissed these concerns. In a letter to Trump’s defense lawyer, Engoron emphasized that the Appellate Division would protect their rights to appeal.
Under Engoron’s ruling, Trump and his legal team have 30 days to file a bond and appeal the decision. A monitor will oversee the process, including the transfer of assets.
This development follows Engoron’s previous order for Trump and his organization to pay over $354 million in damages and imposed a three-year ban on Trump serving as an officer or director of any New York corporation or legal entity. Engoron had found that Trump had inflated his net worth and that of his company to secure more favorable loan agreements, a claim Trump vehemently denies.
While the initial order required Trump to pay $354.8 million, the inclusion of interest means he will now have to pay over $450 million. Attorney General James has warned that if Trump fails to pay the full amount, she will seek a judge’s approval to seize some of his assets, including his iconic skyscraper, 40 Wall Street.
In addition to the financial repercussions, Trump’s sons, Donald Trump Jr. and Eric Trump, are also prohibited from conducting business in New York for two years.
What is the timeframe given to Trump and his legal team to file a bond and appeal the decision?
Title: New York Judge Rejects Trump’s Request to Delay $355 Million Payment
Introduction
In a significant blow to former President Donald Trump, New York Judge Arthur Engoron has dismissed his request for a 30-day extension to pay the nearly $355 million he owes. This rejection comes as a setback to Trump’s legal team, who argued that more time was needed to file a counter-judgment. However, the judge found no valid justification for the delay and denied the request.
Denial of Request and Dismissal of Concerns
Judge Engoron refuted the defendants’ claim that they required additional time to file a counter-judgment. He emphasized that the Appellate Division would protect their rights to appeal, thereby dismissing concerns raised by Trump’s lawyers that New York Attorney General Letitia James was rushing to finalize the judgment.
Ruling and Appeal Process
Under Engoron’s ruling, Trump and his legal team have 30 days to file a bond and appeal the decision. To ensure fairness, a monitor will oversee the process, including the transfer of assets. This decision follows Engoron’s previous order that Trump and his organization pay over $354 million in damages and imposed a three-year ban on Trump serving as an officer or director of any New York corporation or legal entity. The judge determined that Trump had inflated his net worth and that of his company to secure more favorable loan agreements, a claim Trump vehemently denies.
Increased Financial Obligations and Asset Seizure Warning
With the inclusion of interest, Trump’s financial obligations now exceed $450 million. New York Attorney General James has warned that if Trump fails to pay the full amount, she will petition a judge’s approval to seize some of his assets, including his iconic skyscraper, 40 Wall Street. These potential repercussions heighten the financial stakes for Trump.
Prohibition on Business Activities for Trump’s Sons
Aside from the financial consequences faced by Donald Trump, the ruling also includes a prohibition on his sons, Donald Trump Jr. and Eric Trump, conducting business in New York for two years. This additional measure reinforces the severity of the ruling and its implications for Trump and his family.
Conclusion
Judge Engoron’s denial of the request for a payment extension amplifies the pressure on Donald Trump to fulfill his financial obligations. With the inclusion of a monitor overseeing the appeal process and the possibility of asset seizure, the consequences for Trump are significant. Additionally, the prohibition on business activities for his sons further showcases the wide-ranging impact of this ruling. As the legal proceedings continue, the financial and reputational implications for the former president remain significant.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...