Bryan Woolston/AP
Former President Donald Trump leaves Trump Tower in New York on Thursday, Feb. 15, 2024.
CNN
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Former President Donald Trump, his adult sons, and two former Trump Organization officials have appealed the $464 million judgment entered against them in the New York attorney general’s civil fraud case.
The Trumps filed a notice of appeal with the court on Monday, the first business day after Judge Arthur Engoron made the judgment official. Donald Trump is personally on the hook for $454 million, including interest payments.
In the filing, the attorneys said they were appealing the money judgment and other relief, including the bans against the Trumps from serving as officers of New York corporations for a period of years and whether the judge “committed errors of law and/or fact, abused its discretion, and/or acted in excess of its jurisdiction.”
It was not immediately clear how Trump planned to cover the money needed for the appeal.
Trump will need to put up cash or post bond to cover the $355 million and an additional roughly $100 million in interest he was ordered to pay. His sons were each ordered to pay more than $4 million back in gains they improperly received because of the fraud.
“If he does not provide all those dollars than that interest is going to keep ticking throughout the entirety of the case,” said Jeremy Saland, a criminal defense attorney. “The bottom line is he’s in trouble.”
“He doesn’t have to put up the money to appeal. He puts up the money to stop bleeding more money. The way to cover that wound is with cash,” Saland added.
Interest accrues at an annual rate of 9% until the payment is made in full, lawyers say. If Trump posts a bond, which could be backed by properties or other assets, it stops the attorney general from seizing his property.
Trump could also ask the appeals court to stay the judgment, or ask them to not require him to post the money until later.
Some lawyers say it’s more common for companies to have to post judgments of this amount, but the sheer size of it for an individual is in some ways uncharted territory.
The Trump Organization is a private entity and much about its financial state is closely guarded. Trump said under oath last year that he had more than $400 million in excess cash.
The New York attorney general’s office said in court filing last year that in 2021 Trump had about $200 million in cash tied up in a partnership with Vornado.
If Trump were to sell a property to raise money that could take months, may require approval by the monitor put in place as a result of the investigation, and require sign off by the attorney general. It would also likely result in a large tax bill.
If Trump’s appeal is successful or the court reduces the amount of money owed, he would be able to recover money he has posted down the road.
Engoron’s signed judgment was posted to the court docket Friday, one week after he found Trump, Donald Trump Jr. and Eric Trump liable for fraud in the civil case brought by New York Attorney General Letitia James.
The judge denied a request from Trump to delay the judgment for 30 days saying they didn’t explain or justify a reason to do so. His lawyers had argued it wouldn’t harm the New York attorney general’s office and would allow for an orderly process given the “magnitude” of the decision.
CNN’s Lauren del Valle contributed to this report.
This story has been updated with additional details.
