'A lot of money': Trump owes $87K in interest per day until he pays the fine in his civil fraud case
Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News' calculations based on the judge's lengthy ruling in the case.
Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump's net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.
Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain -- with interest accruing based on the date of each transaction -- as well as a 9% post-judgment interest rate once the court enters the judgment in the case.
Because these sorts of things never get stayed while appeals are conducted.
Doesn't he need to put up the money in order to appeal?
yes. in order to appeal this judgement, Trump would have to put up between 120-125% of the $355M judgement (to cover the judgement + interest) in order to file an appeal. He can do this in cash, or he can secure a bond by leveraging his assets as collateral. It's unclear whether he has that much liquid cash, and it's unlikely that anyone would be willing to issue a bond for him, especially since any of his assets he might use are marked for asset forfeiture by the State of New York should his appeal fail, as it most assuredly will.
FTA:
(emphasis added)
What happens if he never pays?
They start seizing property
Yes but when?
After 30 days, enforcement mechanisms can be employed. Not only seizing property, but also garnishment of wages, putting liens on other properties, etc. Trump probably doesn’t completely own all of his properties, and some of his other properties may be already mortgaged up to the hilt, so they may not bear much if they are sold. During the discovery, for all of these enforcement actions, we may all find out that Trump is actually completely broke. That would also be fun.
Wait, other debts take priority over collection by the state?
some, maybe. it’s extremely complicated. and Trump may declare bankruptcy, which would cause his repayments to get reassessed and restructured.
but one thing is certain: Trump will be made to pay. He’s extremely fucked, at least financially. There’s no way now to delay or prevent it.
No. Even says something to that effect that at the end of this article. This whole thing isn't surviving appeals anyways. Absolute shrill hyperbole over interest rates on loans, not even whether or not he'd have received the loan, but on interest rates. Value of properties is debatable....I remember when I last filled out a mortgage application and valued my possessions, valued my old bike at 5000. The loan officer erased that and wrote in 20 thou. This judge would have called that fraud, but the value really was debatable, I paid 4500 for the bike in a different province a couple years before, meanwhile people were asking 18-20k for them on the local internet sites.
Sorry, do you really think your bike is analogous to millions of dollars worth of property?
Did you have an army of accountants with which to determine an appropriate value for said bike?
Way to miss the fucking point
Well one of us sure has.
Um you are completely wrong, he does have to post bond or put the money up in order to appeal.
If you think there is no way to appeal a judgement against you without paying it first, I have a bridge to sell you. Regardless, I didn't say anything about a bond being required, I said he doesn't have to pay it to appeal. He doesn't.
At the end of the article moron.
"While Trump's appeal will prompt an automatic stay of the enforcement of Engoron's ruling, Trump needs to first put money into an escrow account or post a bond in order to appeal."
He cannot appeal unless he puts up the money, and the bitch doesn't have enough money. So his only option is getting it from someone else, which will be hard for him. Maybe Putin will help our orange wannabe dictator out though ¯\_(ツ)_/¯