A New York judge has granted Donald Trump a temporary halt on his $464 million fraud judgment, allowing him a 10-day window to secure a reduced bond of $175 million.
This development comes after Trump’s legal team indicated his inability to obtain a bond for the original amount. The deadline to secure the $464 million bond was Monday, beyond which New York authorities could have commenced seizing his assets.
However, Trump received a last-minute reprieve from an appeals court. Expressing his respect for the court’s decision, Trump announced his intention to post the new bond amount, potentially in cash, citing his sufficient personal wealth to avoid borrowing.
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By meeting the reduced bond requirement of $175 million, Trump can temporarily halt the enforcement of the fraud judgment, safeguarding his assets while he appeals the verdict. The court also deferred the implementation of additional penalties from the original judgment, including restrictions on Trump and his sons from operating businesses in New York.
Trump was previously adjudged for overvaluing his assets, a claim he contested despite his lawyers’ acknowledgment of challenges in securing a bond from 30 financial entities. Bonds typically require proof of liquidity, often in cash or stocks.
Despite this setback, New York Attorney General Letitia James emphasized that the original judgment, including interest, remains intact against Trump and the other defendants. The appellate court’s decision is seen as a win for Trump, according to Will Thomas, a business professor, who highlighted the allowance for Trump to appeal without the full bond cost. Lawyer Mitchell Epner expressed surprise at the court’s leniency, especially considering Trump’s recent claim of having $500 million in cash, which contradicted his stated inability to secure the initial bond.
