A recent New York appellate court decision permits former President Donald Trump to post a reduced bond to cover his $464 million civil fraud judgment. The Appellate Division, First Department, stated that Trump could furnish a bond “in the amount of $175 million” to meet the judgment.
Trump’s legal team argued that obtaining a bond for the full $464 million was deemed a “practical impossibility.” Furthermore, the panel of five judges opted to delay the enforcement of the $464 million judgment by ten days.
This development comes as Trump and his sons faced a looming deadline to pay or secure a bond by Monday, risking New York Attorney General Letitia James initiating the process of seizing the former president’s prized assets. “We got what we wanted,” commented a source close to Trump.
The ruling comes as Trump and his sons faced a Monday deadline to pay or secure a bond or risk New York Attorney General Letitia James beginning the process of seizing the former president’s prized assets.
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Addressing reporters during a hearing for his hush money criminal case, Trump expressed his gratitude for the ruling, remarking, “I greatly respect the decision of the Appellate Division, and I’ll post either $175 million in cash or bonds or security or whatever is necessary very quickly within the 10 days, and I thank the Appellate Division for acting quickly.”
Trump, addressing reporters during his appearance Monday at a hearing in his hush money criminal case, thanked the appellate court for the ruling. Trump’s legal team had encountered resistance in securing a bond from thirty bond companies, who declined to cover the full $464 million judgment. Instead, they awaited the appellate court’s decision.
However, the New York attorney general’s office maintains that the judgment against Trump and others remains intact, emphasizing accountability for fraudulent activities.
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Trump’s attorney, Alina Habba, expressed satisfaction with the ruling, calling it a significant step in challenging Judge Engoron’s verdict, which was perceived as an affront. Another attorney for Trump, Christopher Kise, highlighted the importance of upholding the rule of law over political agendas.
Judge Arthur Engoron had previously found Trump and his sons guilty of a decade-long fraud, resulting in a $354 million penalty plus interest. Trump, who has consistently denied any wrongdoing, is currently appealing the ruling.
Since then, his legal team has actively sought to delay the enforcement of the financial penalty, as well as another judgment of $83.3 million in a defamation case.
Despite these challenges, Trump’s lawyers managed to secure a $91 million bond for the defamation case. However, New York Attorney General Letitia James has taken steps to potentially seize Trump’s assets, such as golf courses and estates in New York’s Westchester County.
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In summary, the recent decision by the appellate court represents a significant development in Trump’s legal battles, offering a temporary reprieve while his legal team pursues further appeals and maneuvers to mitigate the financial penalties imposed.
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