Judge agrees to reduce Trump fraud bond to $175m
In New York, a judge has approved Donald Trump’s plea to halt the enforcement of his $464 million fraud verdict, granting him a 10-day window to furnish a reduced sum of $175 million.
Trump’s legal team had previously asserted his inability to obtain a bond covering the entire amount from a private entity.
Originally, Trump faced a deadline until Monday to present the $464 million bond. Failure to comply would have empowered New York authorities to initiate the seizure of his bank holdings and properties.
However, on Monday, he received a last-minute reprieve from an appeals court. “I deeply respect the ruling,” he remarked. “We will honor the decision of the Appellate Division and post either a bond, equivalent securities, or cash.”
Should he furnish the reduced $175 million bond, it would defer the enforcement of the fraud verdict, safeguarding his assets while his appeal progresses.
Furthermore, the appeals court consented to postpone the enforcement of other penalties from the original verdict, such as the prohibition on Trump and his elder sons from managing businesses in New York.
Earlier this year, Trump was found liable for repeatedly exaggerating the value of his assets.
Last week his lawyers said he had been unable to cover the $464m penalty despite approaching numerous financial companies to provide a bond.
To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity, usually in the form of cash or stocks.
