The stay is conditioned on the appeals being done by September 2024.
The Appellate Division, First Judicial Department of the New York State Supreme Court has granted a stay of enforcement on the $464 million judgment on former President Donald Trump with conditions, allowing the Trump Organization to avert having assets imminently seized by the New York attorney general.
The order came after defense attorneys argued a $464 million bond was impossible after having contracted four brokers to negotiate with more than 30 companies. Sureties don’t issue bonds that big for private individuals, and even if the Trump Organization was a public conglomerate they could issue such a bond to, it would require some $570 million in cash to cover additional premiums.
The court’s conditions for lowering the bond include President Trump posting $175 million within 10 days and the other orders on the judgment going into effect.
The judgment permanently bars former Trump Organization CFO Allen Weisselberg and comptroller Jeffrey McConney from serving in financial control of any New York business entity; permanently bars President Trump, Mr. Wesselberg, and Mr. McConney from serving as an officer or director of any New York corporation for three years; bars President Trump from applying for loans from New York financial institutions for three years; and bars Donald Trump Jr. and Eric Trump from serving as an officer or director in New York for two years.
There was no stay requested for the continuance of an independent monitor overseeing financial matters in the Trump Organization or the installation of a compliance officer, and that will continue.
The stay is conditioned on the appeals being done by September.
President Trump was attending a hearing regarding the trial date in a separate case at the time, and during the break told reporters he would be posting the $175 million “quickly.”
He also released a statement shortly after the appellate ruling, criticizing Justice Engoron and saying that the new order showed how “ridiculous” his original order was.
“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!” he stated. “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.”
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