Former President Donald Trump was compelled by New York Judge Arthur Engoron to pay almost $355 million without delay. The ruling Thursday came with a denied request for an extension of the payment deadline.
Judge Engoron asserted that no substantial reasoning was provided by Trump’s defense for seeking additional time. The defense had sought a 30-day extension, citing a lack of opportunity to prepare a counter-judgment and accusing New York Attorney General Letitia James of hastily moving to formalize the judgment.
Judge Engoron told Clifford Robert, Trump’s defense attorney, that he anticipated the Appellate Division would safeguard Trump’s right to appeal. Contrary to the requested stay, Trump and his legal team were granted a standard 30 days to post bond and initiate an appeal. Additionally, the court has mandated a monitor to supervise the compliance of this process, particularly the management of asset transfers.
The punitive measures follow last week’s court order in which Trump was directed to pay in excess of $354 million for damages and handed a prohibition from serving as an officer or director within any New York corporation for three years.
The foundation of these rulings lies in previous determinations by Judge Engoron, which established that Trump had exaggerated his personal and business financials to secure more advantageous loan terms. Trump has consistently disputed such claims, insisting on appealing against the allegations.
Even though the required payment stands at $354.8 million, the accumulation of interest will inflate the sum owed by Trump to over $450 million. James has said she intends to initiate asset seizure actions should Trump fail to meet the financial obligations. Among potential targets for asset seizure is Trump’s prized skyscraper, 40 Wall Street.
Furthermore, Trump’s sons, Donald Trump Jr. and Eric Trump, are confronted with a two-year prohibition from engaging in business activities in New York.