Donald Trump thinks he is too rich to pay a large financial bond to appeal a defamation ruling against him. He made the argument and has become a laughing stock because of it.
According to Trump’s argument, he should not have to lodge $91 million to appeal the defamation ruling against E. Jean Carroll. Not because he does not have the funds. But because he is too wealthy for the bond to be a deterrent for him.
The bill stems from January when a court ordered the former president to pay $83.3 million for defaming Carroll, on top of a $5 million sexual assault and defamation verdict last year in a case brought by the former Elle columnist.
On Reddit, one user joked: “I’m gonna try this at the end of the month when my landlord swings by. Might even put on a suit.” Another said: “Not sure that’s how it works,” while one quipped, “If too rich to get bond, then just put up the cash without bond, lol.”
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Of course, not everyone thinks Trump is being crazy. There are others who disagree and say Trump’s lawyers were right to make the argument. “It’s not as crazy as it sounds,” one person said. Another added: “The argument was that he is sufficiently wealthy that a bond is unnecessary to protect the claimant.”
Carroll has “effectively conceded that she is adequately secured” because she told the jury during the civil trial that Trump’s wealth “greatly exceeds the amount of the judgment,” Trump’s legal team said in a recent filing requesting an unsecured stay.
The 45th president would not have to pay any money when a stay is in place. “Having argued to the jury that President Trump has great financial resources, Plaintiff is in no position to contradict herself now and contend that she requires the protection of a bond during the brief period while post-trial motions are pending,” the motion said.
In New York, Trump has until March 9 to pay the bond, which amounts to 110 percent of the judgment. This means Trump would need more than $91 million to appeal against the defamation penalty.
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The legal team behind the former president said Trump could post an “appropriate” bond of $24.475 million. But only because “there is a strong probability that the disposition of post-trial motions will substantially reduce, if not eliminate, the amount of the judgment.”
Essentially, the lawyers want the court to allow Trump to post a lower bond based on a future judgment on the appeal. Judge Lewis Kaplan refused the request to give Carroll “a meaningful opportunity” to share her thoughts.
Carroll’s lawyers had until February 29 to file a response, and then Trump has until March 2 to reply. Trump owes further payments in New York thanks to a civil fraud trial judgment Judge Arthur Engoron imposed on him.
Trump has to pay a pre-interest fine of just under $355 million. It also now includes past interest, meaning the full judgment was over $454 million. The value is rising every day because of interest. Trump can’t take out bank loans in New York. He also can’t serve as a company director for three years after he is found guilty of business fraud.
A suit brought by New York Attorney General Letitia James alleged that Trump, his two adult sons, Donald Jr. and Eric, plus The Trump Organization and two firm executives, Allen Weisselberg and Jeff McConney, fraudulently overstated the value of assets to deceive lenders.
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Trump and his co-defendants have denied any wrongdoing, and attorneys filed a notice of appeal on February 26. However, the notice did not mention how Trump would post the roughly $400 million bond to stop collections.
His lawyer, Alina Habba, says they will pay the “full amount” of the bond. Meanwhile, Trump still keeps saying the suit and judgment are politically motivated.
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