Trump's bail in his civil fraud case reduced to $175 million by New York appeals court

A state appeals court ruled that Donald Trump and his co-defendants in the New York civil fraud case had 10 days to post $175 million bail, down from the $464 million judgment of dollars originally due Monday.

The last-minute ruling by a panel of state Appellate Division judges, all appointed by Democratic governors, is a major victory and relief for the former president, whose lawyers had said it was virtually impossible to obtain a larger bond. The ruling also means that state Attorney General Letitia James' office cannot yet begin collecting on the judgment.

“I greatly respect the decision of the Appellate Division and I will pay the $175 million in cash, bonds or guarantees or whatever is necessary very quickly within 10 days, and I thank the Appellate Division for “acted quickly,” Trump told the cameras after leaving a New York courtroom for a hearing in the hush money case.

Before Monday's ruling, Trump was on the hook for $454 million, the bulk of the fraud judgment, but the amount he owed had been growing by more than $111,000 a day because of the added interest.

Trump claimed on social media Friday that he had nearly $500 million in cash that he planned to use for his 2024 presidential campaign. The former president, however, did not use his own money for his presidential campaigns since 2016.

He also floated the idea last week of mortgaging or selling his properties, saying he would be forced to do so at fire sale prices.

His attorneys noted in court filings that bail bond companies typically require collateral of about 120 percent of the judgment amount, which in this case would total about $557 million.

Trump's lawyers said a week ago that they had been unable to secure bond at this point and believed it was a practical impossibility. They said they contacted 30 bail bond companies through four separate brokers, trying to negotiate with the world's largest insurance companies.

Other bond companies will not accept hard assets such as real estate as collateral, but will only accept cash or cash equivalents (such as marketable securities), its lawyers said.

Trump's lawyers had asked the state appeals court to either reduce the amount of money he had to pay or to suspend payment of the award without him providing any guarantees while he appealed Engoron's order.

Monday's ruling also suspends the original ruling that barred Trump from serving as a public official of a company, as well as bans imposed on Weisselberg, McConney, Donald Trump Jr. and Eric Trump.

The court did not grant Trump's requests to bar the installation of an independent monitor or to appoint an independent compliance director. The court also did not suspend the provision prohibiting defendants from borrowing from a financial institution registered or licensed in New York State.

The AG's office rejected Monday's ruling in a statement, saying: “Donald Trump still faces accountability for his staggering fraud. The court has already found that he engaged in years of fraud to falsely inflating his net worth and unjustly enriching himself, his family, and his organization. The $464 million plus interest judgment against Donald Trump and the other defendants still stands.

Trump celebrated the decision in an article on Truth Social, attacking Engoron and reiterating that he believed he had done nothing wrong. Speaking to reporters outside an unrelated hearing in his criminal case in New York, he called Engoron “a disgrace to this country.”

Alina Habba, the former president's lawyer in the civil fraud case, said in a statement: “We are extremely pleased with the decision rendered by the Appellate Division. This monumental outfit reigns in Judge Engoron's verdict, which is an affront to all Americans. This is the first important step in the fight against Letitia James and her targeted witch hunt against my client, which began before she even took office.”

On Friday, Trump told Fox News he would appeal Engoron's decision “all the way to the United States Supreme Court if necessary.” He must first go through the state's appeals process before he can challenge that decision in court.

Trump has valued his brand at more than $10 billion, but a 2021 financial statement puts his net worth at $4.5 billion. He said most of his assets were real estate and not cash or stocks, saying in a filing in the fraud case last year that he had more than $400 million. dollars in cash.

Trump may receive financial aid in the near future.

On Friday, shareholders of Digital World Acquisition Corp. voted to merge with the former president's Trump Media & Technology Group, the private company that owns his Truth Social social media platform.

Shares of the newly merged company, Trump Media, could begin trading publicly this week, and Trump reportedly owns nearly 80 million shares, worth an estimated $3 billion.

Under the terms of the merger, Trump is barred from selling shares in the combined company for at least six months, but the board, which will likely include his eldest son, Donald Trump Jr., could vote to allow him to sell shares. sooner than that.

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