Donald Trump could be forced to shell out hundreds of millions of dollars, dealing a “huge hit” to his wallet, even if he appeals his defamation verdict in New York and one looming in his civil fraud trial, experts said .
The former president will be forced to pay $370 million when a Manhattan judge issues a verdict this month in the fraud case brought by New York Attorney General Letitia James over the Trump Organization’s business dealings.
Last month, a federal jury in Manhattan ordered him to pay sexual assault accuser E. Jean Carroll $83 million for defamation.
But even if Trump, 77, challenges the verdicts and appeals, he would still face a potential total of $453 million as a “compromise,” or guarantee, in both cases, according to legal experts.
“If we are to believe Trump’s claims about his wealth, releasing a project of this magnitude (plus interest) while the appeal is pending should not be a problem for him, financially speaking,” the New York civil attorney told The Post. Melissa Levin. Wednesday.
“However, if we consider the actual figures and facts we know about how much he is really worth,” Levin added, “this could be a serious blow to the viability of his business and his personal financial stability.”
Donald Trump will likely have to shell out hundreds of millions of dollars in two civil cases in New York, even as he appeals. AP
Under New York law, Trump – if he challenges the verdict as his lawyers have indicated he will – would, for example, have to hand over the entire amount he owes Carroll so that a court can hold him in custody until resolve the appeal.
You would also have to pay a high interest rate if you ultimately lost your appeal.
Both Levin and another Big Apple civil lawyer, Imran Ansari, said Trump could request a surety bond to help cover the money, but it won’t be cheap.
“Given the enormous amount of the judgment, this would be a substantial bond, backed by surety, and would be burdened with significant fees and interest,” Ansari said.
Trump received a large $83 million sentence for defaming E. Jean Carroll. William Farrington
If Trump had trouble coming up with the cash or securing a bond, he could also seek bankruptcy protection.
“What complicates that choice, however, and may make it unlikely for Trump at this point, is that filing for bankruptcy opens the books on Trump’s finances, including assets and debts, and he may not want to. that that detailed information is there as he is running for another presidential term in the 2024 elections,” Ansari said.
James claimed during the civil fraud trial that for a decade the real estate mogul exaggerated his net worth by billions in annual financial statements to obtain better loan and insurance terms.
Manhattan Supreme Court Justice Arthur Engoron is expected to deliver a verdict in the bench trial in mid-February.
Before the trial, the judge had already found Trump liable for one of the attorney general’s main fraud allegations and revoked the business license of the family real estate empire. That part of Engoron’s decision was put on hold pending appeal.
Trump faces another $370 million fine when Judge Arthur Engoron issues his verdict in the fraud case against the former president and his real estate empire. AFP via Getty Images
In addition to the $83 million Trump received for defaming the “Ask E. Jean” advice columnist in public statements in June 2019, an independent jury last year ordered the 45th president to pay $5 million to Carroll after declare him responsible for sexual abuse. and defamation for statements he made in October 2022.
Trump has an appeal pending in the first Carroll case.
The embattled former commander in chief also faces four criminal cases in separate states, the first of which is scheduled to begin in Manhattan on March 25 over alleged “hush money” payments.
Trump has maintained his innocence and claimed that the criminal and civil cases against him are politically motivated and a “witch hunt.”
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Source: vtt.edu.vn