Trump’s $454 million fraud fine will be put on hold IF he pays $175million in 10 days, court rules
Donald Trump got a major legal lifeline on Monday when a New York appeals court agreed to slash the bond in his New York fraud case from $454 million to $174 million.
The ex-president now has 10 days to cover the amount in an incredible reprieve just hours before a deadline where, if missed, his bank accounts would have been frozen and buildings seized.
The development, just the latest instance of Trump pulling a legal rabbit out of a hat, came just before New York Attorney General Letitia James was expected to initiate efforts to collect the judgment.
She has threatened to seize Trump properties, which the former president on Monday called his ‘babies.’
In remarks immediately after the decision Trump called Judge Arthur Engoron a ‘disgrace’ and said ‘this should not be allowed to happen.’ He said the judge had ‘done a terrible disservice’ to the state of New York.
‘I greatly respect the decision of the Apellate Division and will post either $175 million of cash or bonds or security or whatever is necessary very quickly within the 10 days,’ he said.
Reprieve: An Appeals Court sliced Trump’s court judgement to to $175 million and gives him 10 days to pay it or post bond
James released her own statement. ‘Donald Trump is still facing accountability for his staggering fraud. The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization. The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands,’ she said.
Earlier this week, Trump’s lawyers pleaded for a state appeals court to halt collection, claiming it was ‘a practical impossibility’ to get an underwriter to sign off on a bond for such a large sum.
The ruling was issued by the state’s intermediate appeals court, the Appellate Division of the state´s trial court, where Trump is fighting to overturn a judge’s Feb. 16 finding that he lied about his wealth as he grew the real estate empire that launched him to stardom and the presidency.
The five-judge panel put a stop to what would have been complex process of James seeking to impose liens on Trump properties or otherwise try to force forfeiture.
Trump blasted Judge Arthur Engoron on the news, and said he would either put up the money or post bond within the appeals court’s 10-day period.
‘His credibility, and that of Letitia James, has been shattered. We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash,’ Trump wrote on his Truth Social site.
‘This also shows how ridiculous and outrageous Engoron’s original decision was at $450 Million. I DID NOTHING WRONG, AND NEW YORK SHOULD NEVER BE PUT IN A POSITION LIKE THIS AGAIN. BUSINESSES ARE FLEEING, VIOLENT CRIME IS FLOURISHING, AND IT IS VERY IMPORTANT THAT THIS BE RESOLVED IN ITS TOTALITY AS SOON AS POSSIBLE. THANK YOU!’
The news came while Trump was inside a Manhattan criminal courtroom for a critical hearing in the Stormy Daniels case.
James had already filed paperwork in Westchester County, New York, where Trump owns the Seven Springs estate as well as a golf course.
Trump’s lawyers have said in previous court filings that he was unable to obtain underwriting for the higher amount, calling it a practical impossibility. They said Trump tried contacting 30 firms without success.
Trump claimed in an online post last week to have $500 million in cash, and said during a deposition of his fraud trial he had $400 million.
The decision by the state appeals court came as AG Letitia James was preparing to seize Trump properties in the event he did not pay a $454 million judgment
Trump repeatedly attacked Judge Arthur Engoron Monday
Two people with knowledge of Trump’s finances said Trump should be able to secure the bond within the 10 day period, the New York Times reported.
Trump would still have to comply with Judge Arthur Engoron’s order that his companies interact with a court-appointed monitor.
But the appeals court struck down Engoron’s order barring Trump from doing business in the state.
Trump’s lifeline in the fraud case came even as Judge Juan Merchan was flashing frustration with his attorneys in the Stormy Daniels case.
‘I hear certain information and I hear your interpretation of that and it’s really different from my interpretation of it,’ the Judge Merchan told Trump’s lawyers. He said the case has ‘frankly been going on for months’.
‘You’re literally accusing the Manhattan District Attorney’s office of engaging in prosecutorial misconduct and trying to make me complicit in it and you don’t have a single cite to support that position?’ he told Trump lawyer Todd Blanche.
Other legal battle victories that Trump has notched have included having the Supreme court rule that his name appear on the Colorado ballot, setting arguments for late April in his January 6 case that could delay it further, and stunning developments in his Georgia election overturn case involving DA Fani Willis and special prosecutor Nathan Wade.
Among his setbacks: having to post $91 million while he appeals the defamation ruling in the E. Jean Carroll case.
