Much to the chagrin of Donald Trump, a federal appeals court has dashed the president's hopes to withhold the implementation of a subpoena regarding his financial records, setting a schedule for oral arguments in the aforesaid case. This will give prosecutors enough time to get their hands on the president's tax returns.

Trump's lawyers had requested an emergency stay, or hold on the subpoena hours before the Second Circuit Court of Appeals announced the ruling. Earlier, Manhattan District Attorney Cyrus Vance postponed the enforcement of the subpoena for seven days following the district court's verdict, but that deadline is slated to end next week.

The Second Circuit Court of Appeals scheduled oral arguments to decide if it should grant a stay for Sept. 1, and make it possible for Trump's financial records and tax returns to be submitted to prosecutors ahead of the hearing, unless the president decides to take the case up to the Supreme Court, or if Vance's office decides to wait until the appeals court passes a decision.

US District Judge Victor Marrero tossed up the president's amended lawsuit and challenged the subpoena on Thursday, triggering a whirlwind of court filings including the latest ruling. This is the latest rejection of Trump's efforts to prevent prosecutors from obtaining his financial records and tax returns from his accountant Mazars USA.

Vance's office subpoenaed the global accounting company in a bid to obtain eight years of Trump's personal and business records, as well as tax returns. Prosecutors claim the documents are an important part of their investigation into the Trump Organization.

Regardless of when the subpoena is enforced, Trump's business and tax return records will not be made available to the public because they are guarded by grand jury secrecy rules. They are only likely to become public if there was a trial.

The president's lawyers issued an emergency request, urging the appeals court to stop the subpoena for his tax returns and financial documents until the higher court investigates the matter. Trump's lawyers told the Second Circuit that it would lead to "quintessential irreparable harm" without a stay as it would allow the subpoena for the records to proceed.

The filling was followed by a ruling by US District Judge Victor Marrero, who turned down Trump's request to hold his decision to dismiss the lawsuit and give his team time to appeal. Vance's office has been investigating whether Trump or the Trump Organization were involved in hush money payments made to women claiming to have an affair with the president.