An appeals court judge ruled on Wednesday that President Donald Trump must obtain the entire amount to cover the $454 million verdict in his civil fraud trial.
Trump could still get loans from a New York bank, as the judge temporarily lifted the restriction on his ability to do so.
Due to the restrictions on loan issuance, Trump's attorneys had offered to post a $100 million bond, about one-fourth owed, as collateral.
“The judgment order unprecedented and punitive disgorgement of nearly $460 million and overbroad permanent injunctive relief against Appellants in the absence of legal authority or factual support,” Trump’s attorneys stated Wednesday in a filing.
The office of the New York attorney general opposed the offer, saying it requires a posting of the entire sum. Trump is not prohibited from obtaining a bond from an insurer, according to court documents. However, one of Trump's attorneys claimed that the issue involving bonds necessitated cash.
Trump has less than 30 days to post the funds in order to stop the office of the New York attorney general from taking steps to ensure the judgment, including potentially attempting to seize properties.
Trump was, however, granted a temporary delay of his 3 year ban from conducting business in New York.
The New York attorney general argued in a letter that there is no justification for a stay because Trump can appeal a bond and automatically stay the judgment.
