by Sharon Rondeau
(Mar. 25, 2024) — At 11:06 a.m. EDT Monday, the Supreme Court of the State of New York, Appellate Division, First Judicial Department, lowered by more than half the amount of a bond ordered by New York County Judge Arthur Engoron a month ago against the Trump Organization and several of its top executives, including former president and 2024 Republican presumptive presidential nominee Donald J. Trump.
In a civil trial without a jury, Engoron had declared Trump guilty of inflating the values of his properties in various business dealings with banks, none of which filed complaints against Trump or the company. Rather, the case was brought by New York Attorney General Letitia James in what Trump claims is a completely politically-motivated action orchestrated by the Biden White House.
Trump’s attorneys had appealed the $454 million bond the Trump Organization was ordered to post by today.
The court provided a ten-day window for the company to post a $175 million bond. In its opinion, the five-judge appellate panel wrote:
Appeals having been taken to this Court from an order of the Supreme Court,
New York County, entered on or about February 16, 2024 (Case No. 2024-01134), and
from a judgment of the same Court and Justice entered on or about February 23, 2024 (Case No. 2024-1135),And defendants-appellants having moved, pursuant to CPLR 5519 (c), to stay
enforcement of the aforesaid order and ensuing judgment, pending hearing and determination of the appeals taken therefrom,Now, upon reading and filing the papers with respect to the motion, and due deliberation having been had thereon,
It is ordered that the motion is granted to the extent of staying enforcement of
those portions of the Judgment (1) ordering disgorgement to the Attorney General of
$464,576,230.62, conditioned on defendants-appellants posting, within ten (10) days of
the date of this order, an undertaking in the amount of $175 million dollars; (2)
permanently barring defendants Weisselberg and McConney from serving in the
financial control function of any New York corporation or similar business entity; (3)
barring defendants Donald J. Trump, Weisselberg and McConney from serving as an
officer or director of any New York corporation for three years; (4) barring defendant
Donald J. Trump and the corporate defendants from applying for loans from New York
financial institutions for three years; and (5) barring defendants Donald Trump, Jr. and
Eric Trump from serving as an officer or director of any New York corporation in New
York for two years. The aforesaid stay is conditioned on defendants-appellants
perfecting the appeals for the September 2024 Term of this Court. The motion is
otherwise denied, including to the extent it seeks a stay of enforcement of portions of the
judgment (1) extending and enhancing the role of the Monitor and (2) directing the installation of an Independent Director of Compliance.
In a post on TruthSocial posted within minutes of the issuance of the opinion, Trump wrote, “Judge Engoron has refused to obey the decision of the Appellate Division relative to the Statute of Limitations. This is a confrontation between a Judge and those that rule above him – A very bad situation in which to place New York State and the Rule of Law! Engoron has disrespected the Appellate Division and its very clear and precise ruling. He should be made to do so, and at the same time, release the GAG ORDER. This is the 5th time in this case that he has been overturned, a record. His credibility, and that of Letitia James, has been shattered. We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash. This also shows how ridiculous and outrageous Engoron’s original decision was at $450 Million. I DID NOTHING WRONG, AND NEW YORK SHOULD NEVER BE PUT IN A POSITION LIKE THIS AGAIN. BUSINESSES ARE FLEEING, VIOLENT CRIME IS FLOURISHING, AND IT IS VERY IMPORTANT THAT THIS BE RESOLVED IN ITS TOTALITY AS SOON AS POSSIBLE. THANK YOU!”
In a post time-stamped 12:36 p.m., Trump announced a press conference at his building on 40 Wall Street in New York City at 1:00 p.m.
Also on Monday, a separate case prosecuted by Manhattan District Attorney Alvin Bragg charging Trump with 34 counts of alleged criminality was given a trial date of April 15 by Judge Juan Merchan.
Proceedings in the case were suspended for 30 days after 100,000 pages of documentation not previously provided to Trump’s attorneys emerged.