The MAGA leader has posted the multi-million dollar bond, blocking his assets from being seized while he appeals to have the original verdict in the civil fraud case overturned.
- Apr 2, 2024
AceShowbiz - Former President Donald Trump has posted a $175 million bond in the civil fraud case brought against him by New York Attorney General Letitia James. The bond halts the collection of the more than $454 million Trump owes and prevents the state from seizing his assets while he appeals the judgment.
Trump's bond is backed by Knight Specialty Insurance Company, which used both cash and bonds as collateral. If the judgment is upheld, Trump will have to pay the state $454 million, plus interest. If he wins the appeal, he will get back the $175 million he put up.
Trump had initially been given 10 days to post a bond for the full amount of the judgment. However, his attorneys argued that it was impractical to secure a bond for such a large amount. The appeals court agreed and reduced the bond requirement to $175 million.
The bond pauses any action that James could take against Trump's properties until September, when the state appeals court is scheduled to hear Trump's appeal.
Trump has stated that he will use cash to cover the bond, but he also wants to preserve cash for his potential presidential campaign. He has recently faced legal expenses in other cases, including $91.6 million in a defamation case and $392,638 in a case involving The New York Times.
Trump's attorneys have argued that the fraud allegations are unfounded and that the former president did not inflate his assets to obtain better loan rates. They are confident that Trump will prevail on appeal.
