Former President Trump posted $175 million bail on Monday in a New York civil fraud case, blocking the state from seizing his assets pending appeal.
The New York Court of Appeals had given the former president 10 days to pay the money after a panel of judges agreed last month to reduce the amount needed to halt the execution.
If Trump wins, states won’t have to pay anything and the money they’ve invested will be returned to them.
Former President Donald Trump stands quietly after giving a short statement after attending the wake for slain NYPD officer Jonathan Diller at Massapequa Funeral Home in Massapequa, New York, on March 28, 2024. (Michael M. Santiago/Getty Images)
Until the appeals court intervened to reduce the required bail, New York Attorney General Letitia James was poised to begin efforts to recover the judgment, perhaps including seizing some of President Trump’s famous properties. James, a Democrat, filed the lawsuit on behalf of the state.
The bond that President Trump is currently filing with the court is essentially a playholder, intended to guarantee payment if the verdict is upheld. That would mean the Republican presidential candidate would have to pay the state the full amount of interest that increases each day.
The court’s decision comes after Trump’s lawyers argued that it would be “practically impossible” to get underwriters to accept the $454 million plus interest bond he owed. I put it down.
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President Trump is fighting to overturn a judge’s Feb. 16 ruling that he lied about his wealth while cultivating the real estate empire that propelled him to stardom and the presidency. The trial focused on how Trump’s assets were valued on financial statements submitted to banks and insurance companies for loans and transactions.
Trump has denied any wrongdoing, saying the statement actually belittled his fortune, came with a disclaimer, and was not taken at face value by the financial institutions that lent to him or guaranteed it. said.
The state court’s Appellate Division announced it would hear arguments in September. A specific date has not been decided. If all goes according to schedule, it will fall in the final week of the presidential election.
Donald Trump speaks after NYPD wake. (Fox News)
Under New York state law, appeals generally do not delay enforcement of a judgment. However, it will be automatically suspended if a person or entity obtains a bond guaranteeing payment of the amount owed. Sometimes, as in Trump’s case, courts will grant exceptions and reduce the amount required to stay.
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Trump’s lawyers told the appeals court that more than 30 bond companies were reluctant to accept a combination of cash and real estate as collateral for more than $454 million in bonds. Lawyers said the underwriters asked only for cash, stock and other liquid assets.
They say most bond companies require collateral to cover 120% of the debt amount.
President Trump recently claimed he had nearly $500 million in cash, along with billions of dollars worth of real estate and other assets, but said he wanted to preserve some cash for his presidential campaign.
FILE: Lara Trump, Eric Trump react on stage during Republican presidential candidate and former President Donald Trump’s election night watch party at the State Fairgrounds in Columbia, South Carolina, on February 24, 2024. Peggy McMaster, First Lady of South Carolina; (Photo by Win McNamee/Getty Images)
The former president’s son Eric Trump wrote on Truth Social that the family looks forward to “vindicating our right to appeal.”
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Recent legal debt has taken a significant chunk out of President Trump’s cash reserves.
In addition to the $175 million he had to pay in the New York case, President Trump also paid $175 million to cover his debt to author E. Jean Carroll while he appeals verdicts in two federal civil cases. He posted more than $97 million worth of bail and cash. ordeal. A jury found he sexually assaulted her in the 1990s and defamed her when he went public with her allegations in 2019, but he denies all allegations. ing.
The Associated Press contributed to this report.
