In the ongoing civil fraud case in New York, spearheaded by State Attorney General Letitia James, former President Donald Trump has posted a $175 million bond. This move effectively halts any action James could take against Trump’s properties in response to the judgement, at least until September. The state appeals court has scheduled to hear Trump’s appeal against the $464 million verdict at that time.
The bond, underwritten by California-based Knight Specialty Insurance, does not disclose the collateral Trump used for securing it. Trump, in a previous news conference, stated his intention to use cash for covering the bond. He also expressed a desire to use cash for his potential reelection campaign. However, when questioned about injecting personal funds into his campaign, Trump responded, “First of all, it’s none of your business,” before adding, “I might do that. I have the option.”
After Trump’s attorneys argued that covering the full bond on the $464 million verdict was not feasible, the bond amount was reduced by several hundred million dollars by a state appeals court last month. The $464 million verdict includes the disgorgement for his adult sons Don Jr. and Eric, with Trump himself ordered to pay $454 million.
In January, Judge Arthur Engoron fined Trump and his co-defendants, including his adult sons and his company, $464 million. The judge found that they had fraudulently inflated the value of the former president’s assets to secure better loan rates. Trump was given 30 days to post the bond for the full amount of the judgement while he appealed, as mandated by state law. His attorneys, however, claimed that they could not find an insurance company to underwrite such a large bond. This led James to prepare for seizing Trump’s assets if he failed to post bond.
When the 30-day deadline arrived, the New York appeals court intervened, reducing the bond to $175 million and granting Trump an additional 10 days. “As promised, President Trump has posted bond,” stated Trump’s attorney Alina Habba. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
In addition to this, Trump posted a $91.6 million bond last month in the E. Jean Carroll defamation case while he appeals that verdict against him. This story will be updated as further developments occur.