solvency through the appellate process." See Avirgan, 125 F.R.D. at 187 (quoting 7 James Wm. Moore et al., Moore's Federal Practice, § 62.06, at 62-34 (2d ed. 1987)); see also Federal Prescription Serv., 636 F.2d at 761 (allowing a waiver where the judgment debtor's net worth was 47 times the amount of the judgment, and the debtor's ability to pay was unquestioned). No such showing has been made here. Madamba has neither proposed an alternative means of security nor has he offered a reduced amount payable from a stable source of funds. Indeed, Madamba has offerred no details of any kind concerning his assets, income or liabilities. Yet the simple fact remains that Madamba is a police officer, and nothing in the record suggests that he could satisfy a judgment which, as to him, exceeds three quarters of a million dollars.
Madamba's bankruptcy argument by itself might not convince this court to waive or modify the bond requirement. See Avirgan v. Hull, 125 F.R.D. 185, 187 (S.D. Fla. 1989)(denying waiver based on precarious financial position alone), aff'd, 932 F.2d 1572 (11th Cir. 1991), cert. denied, 502 U.S. 1048, 112 S. Ct. 913, 116 L. Ed. 2d 813 (1992); Kurtz, 528 F. Supp. at 1115 (noting that an unsupported allegation that the appellant is financially unable to post a bond, without any proposal of an alternate arrangement, is insufficient to trigger a discretionary waiver); Schreiber, 839 F. Supp. at 1161 (denying request to waive bond even where value of assets exceeded the judgment because appellant failed to show satisfy his burden to show significant hardship). However, the strong likelihood that enforcement of this judgment would push him into bankruptcy is a factor which informs the court's discretion.
d. Good Cause
In the case at bar, the court is satisfied that Madamba has shown good cause why a stay of execution of judgment should be granted without a bond. First, the judgment against Atlantic City provides some protection for the plaintiff that the judgment will be satisfied.
Second, there remains the possibility that Atlantic City will indemnify Madamba given the current promise to do so, despite this court's finding that the current "promise" to indemnify may not, as it now stands, be legally binding. Third, although the meaning of "officers" in the New Jersey rule is uncertain, it does not exclude Madamba on its face. Fourth, Madamba has submitted to the court that he would face bankruptcy if execution is allowed. Although bankruptcy itself would not be enough to support a bond waiver, it is relevant as one factor in the good cause showing. See supra Part II.B.2.c. Finally, we do not want to undermine Madamba's efforts in appealing this judgment as we recognize the importance of appellate review in a case where the award of damages and counsel fees exceeds $ 1,500,000. Therefore, this court will grant a stay without a bond pursuant to Rule 62(f).
The court's award of a stay without a bond carry two conditions. First, during the pendency of this appeal Madamba may not make any gifts or transfer any real or personal property without adequate consideration. In addition, the plaintiffs shall have the right pursuant to N.J. Ct. R. 4:59-1(e), notwithstanding the stay, to conduct supplementary proceedings concerning Madamba's assets and income. These conditions will serve both to protect the plaintiff against dissipation of assets and also to uncover the extent of those assets so as to permit a further application should the court's conclusions about Madamba's financial condition be erroneous.
For the above reasons, the court will grant the ACPD's and Madamba's motion for a stay of execution of the judgment and will waive the bond requirement pursuant to Fed. R. Civ. P. 62(f). The waiver of Madamba's bond is contingent upon his refraining from any gifts or transfers of real or personal property without adequate consideration during the pendency of the appeal and upon his cooperation with any supplementary proceedings conducted by plaintiff pursuant to N.J. Ct. R. 4:59-1(e). An appropriate order will issue.
Dated: November 6, 1996
JOSEPH E. IRENAS, U.S.D.J.