Two New York laws are about to smack Trump in the face, no matter if he plans to appeal two massive civil judgments that could wipe out all the cash in his pocket.
is just days away from getting slammed with a court judgment that could be worth hundreds of millions of dollars as a punishment for his decades ofwith the Trump Organization. And two little-known New York laws could leave Trump scrambling for cash: a requirement that he immediately front the money to appeal the decision, and a sky-high state interest rate.that he had $400 million in cash, bragging about how it’s “a lot for a developer.
“It’s not often that there are cases like this where the person’s financial ability to pay is really in question,” said N. Alex Hanley, an expert in how companies appeal enormous judgments. “These companies are pretty conservative by nature. They're not likely to get involved in something that they think will get dragged on for a long time—and potentially not get paid for it. This has never been done, so it's completely unprecedented,” Hanley said.
Then there’s the matter of Trump’s inevitable appeal. The $315 filing fee will be the least of his worries. According to New York state court rules, Trump will have only a month to front a massive appellate bond worth anywhere from 110 percent to 120 percent of the judgment. Experts who spoke to The Daily Beast said Trump has two options: pay it directly to the court system, or find a surety company that would provide the state a guarantee on his behalf.
That firm wouldn’t hand over the cash. Instead, it would merely present the court with an official document that says it’s good for the money. Trump, on the other hand, would have to pay the surety company a premium of maybe 1 percent—a tiny share that under present circumstances might translate into a whopping $5 million.
Hanley said insurance companies “on the whole” don’t accept real property as collateral, as they prefer cash or letters of credit. As such, Justice Engoron’s order might force Trump to actually scramble to sell a building or prized golf course.
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