(TheProudRepublic.com) – Scoring a huge win after the tireless alleged fraud accusations against his persona, an appeals court agreed to reduce former President Donald Trump’s civil fraud case bond while he appeals the ruling.
According to the Associated Press, if Trump can amass the $175 million bond within 10 days, the court will block the collection of the judgment. Trump expressed his intention to comply with the decision after the ruling.
“We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash,” Trump wrote on Truth Social. “This also shows how ridiculous and outrageous Engoron’s original decision was at $450 Million.”
Initially, Trump faced a Monday deadline to pay the large amount of $454 million bond to cover the judgment that Judge Arthur Engoron issued.
The appeals court’s decision intervened just as Trump confronted the looming threat of New York Attorney General Letitia James initiating collection efforts which could have included freezing bank accounts or seizing assets.
James started the process of seizing Trump’s assets by lodging judgments on March 6 with the Westchester County clerk’s office. Trump possesses a golf course and a private estate named Seven Springs in the county.
James filed a lawsuit in 2022 that alleged Trump misled banks and insurance companies by inflating his net worth and overvaluing his assets.
Trump’s legal team indicated in a court filing last week that he would not be able to furnish the bond, writing that “very few bonding companies will consider a bond of anything approaching that magnitude.” His attorneys sought to stall the execution of the judgment.
In response, James contended that Trump had not provided evidence to substantiate his inability to pay.
“If defendants were truly unable to provide an undertaking, they at a minimum should have consented to have their real-estate interests held by Supreme Court to satisfy the judgment,” the filing stated.
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