as well as the restrictions on his other assets, it would be even more speculative to assume that defendant will have sufficient assets when all appeals are exhausted.
At the same time, the court is not convinced that defendant is incapable of obtaining a supersedeas bond. As explained above, the onus is on defendant to establish good cause for a waiver or reduction of the bond requirement. Here, defendant has merely stated without elucidation that obtaining a bond would be a hardship for him given the local bonding requirements. Such a bald statement is insufficient to constitute "extraordinary circumstances." Defendant has not explained why he could not use the value in his home to secure a supersedeas bond. He has not, for example, indicated why he could not finance the bond with a second mortgage on that property. This seems an especially plausible option as it appears that defendant has recently satisfied one of two mortgages on that property in the amount of $ 493,292, which is slightly less than the judgment in this case. The Florida homestead exemption permits an owner to "alienate the homestead by mortgage, sale or gift ... " Fla. Const. art. X, § 4(c). Thus, although plaintiff may not be able to reach the equity in defendant's home, defendant could mortgage it to fund a supersedeas bond and thereby avoid execution during the pendency of his appeal. Although a mortgage would entail the payment of interest, this court sees no reason why defendant's income of over $ 30,000 per month would not be sufficient to cover any such payments.
Defendant contends that his motion for stay should be analyzed according to the four part test set forth in J.L. v. Parham, 412 F. Supp. 141 (M.D. Ga. 1976). He asserts that his motion should be granted if he can show (1) a strong likelihood of success on the merits; (2) that he will be irreparably harmed if a stay is not granted; (3) that the plaintiff will not be irreparably harmed by a stay; and (4) that the public interest will be served by a stay. That test, however, is not applicable to a motion for stay under Rule 62(d). Parham involved a motion to stay an injunction under Rule 62(c) rather than a money judgment under Rule 62(d). In Grand Entertainment Group, Ltd. v. Star Media Sales, Inc., 1992 WL 114953 (E.D. Pa. 1992), in a decision by Judge Pollack, the court rejected the use of this test in a Rule 62(d) context, stating that "the four-factor test does not take into account the Rule 62(d) requirement of a supersedeas bond ..." Furthermore, the use of the test conflicts with the dictate that the court should dispense with the bond requirement only in "extraordinary circumstances." Id.
Even under the four-part test, however, defendant has failed to make an adequate showing. Defendant states that he may be irreparably harmed by the denial of the stay, because if he is successful on appeal, "it will be virtually impossible to recoup such monies from the plaintiff." Any such danger would of course be eliminated by the procurement of a supersedeas bond. As stated above, defendant has not provided sufficient evidence to persuade the court that posting a bond would work a significant hardship on him.
Furthermore, based on the nature of defendant's assets as described above, defendant cannot establish that there is no danger of irreparable harm to plaintiff if a stay is granted without proper security. With regard to the public interest, we agree with both parties that this private litigation does not impact the public interest. Finally, although the defendant's success on the merits is now in the hands of the Court of Appeals, this court adheres to its findings of fact and conclusions of law as well as its opinion of November 19, 1993.
For all the foregoing reasons, this court will deny defendant's request to waive the requirement of posting a supersedeas bond. Rule 62(d) is designed to protect judgment creditors. The granting of an unsecured stay under this rule must be the exceptional case. Defendant has not established compelling reasons why he should be relieved of the salutary provisions of this rule. He has not proven any significant hardship. In addition, to the extent that the court may waive the bond requirement where the judgment debtor has more than sufficient assets to pay any judgment, defendant has not met his burden in this regard. Consequently, defendant's motion for stay of judgment will be denied unless within fifteen days of the date of the order attached hereto, defendant obtains a supersedeas bond in the amount of $ 540,000.
Plaintiff has moved the court for an order pursuant to 28 U.S.C. § 1963 permitting plaintiff to register this court's judgment of August 3, 1993, in any United States District where defendant has property. That statute provides in pertinent part:
A judgment in an action for recovery of money or property entered in any district court ... may be registered by filing a certified copy of such judgment in any other district ... when the judgment has become final by appeal or expiration of the time for appeal or when ordered by the court that entered the judgment for good cause shown.