Appellate court gives Trump a lifeline, says he can just post a bond for $175 million for now


  • An appeals court on Monday gave Donald Trump a lifeline, cutting his bond down to $175 million.

  • He had previously told the court he could not secure a $454 million bond in his fraud case.

  • Trump will have 10 days to pay up.

An appeals court gave Donald Trump a break on Monday, allowing him to post a $175 million bond in his New York civil fraud case instead of a bond covering the $467 million he and his company now owe.
Trump will have 10 days to come up with the $175 million bond stemming from his New York civil fraud judgment.

Trump and other company executives at the Trump Organization were liable for the nearly half-a-billion dollar penalty after the court found last month they had conspired to inflate the value of their real estate assets to dupe lenders.

Trump is on the hook for the bulk of the giant judgment. As of Monday, he personally owes the state of New York $457 million.

The former president was originally given 30 days from the February 23 judgment to pay up or secure an appeal bond to cover the cost of the penalty while he fought the ruling in court.

Trump got the lifeline on Monday as he appeals the court’s ruling.

Trump had argued that securing a bond for the entire amount would have required he provide $1 billion in cash reserves. He said he was spurned by 30 companies that provide appeal bonds.

He accrues $112,000 in interest each day he delays payment, meaning his debt to the state rises another $1 million every nine days.

If he loses all appeals, he will owe the state the entire amount.

Donald Trump is still facing accountability for his staggering fraud.

The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization.

The $464 million judgment — plus interest — against Donald Trump and the other defendants still stands.

Trump, while on break from an unrelated hearing in his Manhattan hush-money case, addressed his bond.

He told reporters he’d be posting the money quickly, within the 10 days, and that he’d be paying cash.

His attorney in the fraud case, Alina Habba, also issued a written statement.

“We are extremely pleased with the ruling issued by the Appellate Division. This monumental holding reigns in Judge Engoron’s verdict, which is an affront to all Americans,” she wrote. “This is the first important step in fighting back against Letitia James and her targeted witch hunt against my client which started before she ever stepped foot in office.”

Read the original article on Business Insider



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