Democrat New York State Attorney General Letitia James had set a deadline for former President Donald Trump’s $454 million bond, but an appeals court postponed it.
After alleging that the ex-president had exaggerated the worth of his assets, James successfully got a civil fraud verdict against him in February. Trump was ordered to pay a fine, and to appeal the decision, he had to post a bond.
James set the deadline to pay the unusually steep bond for March 25th. James could have used her authority to forfeit and auction off Trump’s assets if he had failed to make the payment.
A state appeals court ruled that the former president needed to pay $175 million, ending any attempt to seize his assets. The new bail was due in 10 days, according to the court. According to the decision, his $175 million bond will be valid until September.
When a reporter outside the courthouse asked about it, Trump said he would pay it in cash.
According to reports, Trump’s attorneys pushed for a $100 million bond to appeal, claiming that the former president could not have gotten James’s original amount since over 30 surety firms could not handle the ask. According to Trump’s attorneys, the corporations demanded that Trump, whose fortune is primarily made up of real estate, display cash reserves close to $1 billion. The legal team said that neither Trump nor the Trump Organization had that amount of cash on hand.
The appeals court stayed Engoron’s decision to prohibit Trump from holding officer or director positions in any New York corporation for a period of three years. They also stayed an order that Trump and the business defendants in the lawsuit could not apply for loans in New York. Additionally, the two-year injunction that Engeron had issued on Trump’s sons, prohibiting them from holding positions of authority in New York-based businesses, was likewise postponed.
The appeals court upheld Engeron’s decision to place a financial watchdog he had set up to monitor the Trump Organization’s financial dealings.
On Truth Social, Trump accused Biden and his political goons of committing a felony crime against him by utilizing Engoron.
